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FASB, IASB Define "Discontinued Operations"

Tammy Whitehouse | September 30, 2008

The Financial Accounting Standards Board and the International Accounting Standards Board issued separate but converged proposals on defining when an operation is “discontinued” and therefore subject to the related disclosure and accounting requirements.

FASB published proposed staff position FAS 144-D Amending the Criteria for Reporting a Discontinued Operation to establish disclosure requirements for all the pieces and parts of an entity that are either disposed of or considered for sale. The guidance would define continued operations as an operating segment that has been disposed of or is held for sale, or a business or non-profit activity that meets the criteria to be classified as held for sale on acquisition.

IASB says its proposed guidance likely will result in fewer...

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