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Reporting of Discontinued Operations
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Denise Dickins, PhD, CPA, CIA, Dennis O'Reilly, PhD, Mark McCarthy, PhD, CPA, and Douglas Schneider, PhD, CPA
In April 2014, FASB issued Accounting Standards Update (ASU) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which is effective for fiscal years beginning after December 15, 2014. Its primary effect is to tighten the requirements for treating the disposal of a component of a business as a discontinued operation. It also increases disclosure requirements for discontinued operations and for other disposals of significant components of a business that do not otherwise qualify for treatment as a discontinued operation. This article examines how changes in the accounting for discontinued operations have impacted reporting in the past and proposes how ASU 2014-08 may impact accounting for discontinued operations in the future.
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