You are preparing an income statement for your company. You have no ideas about how to...
You are preparing an income statement for your company. You have no ideas about how to disclose the information regarding the discontinued operations. Use the FASB Accounting Standards Codification to find the relevant information and list the codification (e.g., 740-10-25-3).
Homework Answers
Discontinued operations are that part of entities for which there is a formal plan to eliminate or discontinue its operation.
FASB accounting standards codification is applied to non governmental entities.
Under FASB, Non current assets held for sale and discontinued operations are shown under disclosures in the books of accounts.
As per 740-270, interim.period income tax is apportioned between continued operations, discontinued operations.
740-270-45-3, discontinued operations and extraordinary items are shown as net of tax expenses in the books of accounts.
740-270-45-4, shows or requires the manner of reporting of taxes related to discontinued operations in the books of accounts.
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