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FASB discusses discontinued operations

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Jan 16, 2014

At its meeting yesterday, the FASB reviewed the comments received on the proposed ASU, "Reporting Discontinued Operations," and redeliberated (1) the effective date for nonpublic entities, (2) conduit bond obligors, and (3) disclosures.

The following decisions were made during the meeting:

  • Nonpublic entities should apply the guidance in the final ASU prospectively to all disposals (or classifications as held for sale) that occur within annual periods beginning on or after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015, with earlier application permitted.
  • Conduit bond obligors will have the same effective date as public entities.
  • The FASB will allow the option to disclose either (1) the total operating and total investing cash flows of a discontinued operation or (2) the depreciation and amortization, capital expenditures, and significant noncash items.

For more information, see Deloitte's Accounting Journal Entry and the meeting minutes on the FASB's Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.