Title: Discontinued Operations and Non‐Current Assets Held for Sale
Abstract: This chapter highlights the circumstances under which an asset is categorized as either a discontinued operation or held for sale, and the related accounting. A discontinued operation is a component of an entity that has either already been disposed of or is held for sale. If circumstances prolong the sale period to beyond one year, it is still acceptable to use the held for sale designation, as long as the cause of the delay is beyond the entity's control and the entity remains committed to selling the asset. If an asset no longer meets the criteria for being designated as held for sale, then it is advisable to stop classifying it as such. If an asset or disposal group is no longer classified as held for sale, it is important to describe the reason for the change, and the effect of the change on the results of operations for both the current period and prior periods presented in the financial statements.
Publication Year: 2012
Publication Date: 2012-01-02
Language: en
Type: other
Indexed In: ['crossref']
Access and Citation
Cited By Count: 3
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