The ASU notes that “[e]xamples of a strategic shift that has (or will have) a major effect on an entity’s operations and financial results could include a disposal of a major geographical area, a major line of business, a major equity method investment, or other major parts of an entity.”
The ASU also requires entities to expand their disclosures about discontinued operations to include more information about assets, liabilities, income, and expenses. In addition the ASU would also require entities to disclose the pre-tax income attributable to a disposal of “of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements.”
The new standard is effective in the first quarter of 2015 for public organizations with calendar year-ends. For most nonpublic organizations, it is effective for annual financial statements with fiscal years beginning on or after December 15, 2014. Early adoption would be permitted for any annual or interim period for which an entity’s financial statements have not yet been made available for issuance.
For more information, see Deloitte's Heads Up newsletter and the press release, ASU 2014-08, and FASB in Focus, on the FASB's Web site.