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FASB redefines discontinued operations

  • FASB (US Financial Accounting Standards Board) (lt blue) Image

Apr 10, 2014

Today, the FASB issued Accounting Standards Update (ASU) No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity."

Under the ASU, only disposals that represent a strategic shift that has (or will have) a major effect on the entity’s results and operations would qualify as discontinued operations. In addition, the ASU (1) expands the disclosure requirements for disposals that meet the definition of a discontinued operation, (2) requires entities to disclose information about disposals of individually significant components, and (3) defines “discontinued operations” similarly to how it is defined under IFRS 5, "Non-current Assets Held for Sale and Discontinued Operations."

For more information, see Deloitte's Heads Up newsletter and the press release, ASU 2014-08, and FASB in Focus, on the FASB website.

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