Question

FASB ASC 6‐4 Discontinued Operations The revised definition of discontinued operations is contained in the FASB...

FASB ASC 6‐4 Discontinued Operations The revised definition of discontinued operations is contained in the FASB ASC. Find this definition, cite the paragraph, and copy it.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

As per FASB ASC 205-20 discontinued operations were redefined as a component or group of components of an entity that (1) has been disposed of by sale or other than by sale in accordance with ASC 360-10-45-15, or is classified as held for sale, and (2) “represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.” According to the ASU, a strategic shift that has (or will have) a major effect on an entity’s operations and results includes the disposal of any of the following:

  • A major geographical area.
  • A major line of business.
  • A major equity method investment.
  • Other major parts of an entity.

Reference:

https://www.iasplus.com/en/publications/us/heads-up/2014/disc-ops

https://www.fasb.org/cs/ContentServer?c=Document_C&cid=1176163965758&d=&pagename=FASB%2FDocument_C%2FDocumentPage

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The concept of matching is discussed in several places in the FASB ASC. Find three references...
The concept of matching is discussed in several places in the FASB ASC. Find three references to matching, cite the paragraph numbers, and copy your findings.
For each of the following research cases, search the FASB ASC database for information to address...
For each of the following research cases, search the FASB ASC database for information to address the issues. Copy and paste the FASB ASC paragraphs that support your responses. Then summarize briefly what your responses are, citing the paragraphs used to support your responses. FASB ASC 1-1 Variable Interest Entities In this chapter, we discussed how Enron and other companies used special?purpose entities (SPEs) to keep the effects of transactions and events off corporate balance sheets. Accounting for SPEs is...
In this assignment you will analyze the performance of actual company divisions. FASB ASC 280 (formerly...
In this assignment you will analyze the performance of actual company divisions. FASB ASC 280 (formerly SFAS 131) requires publicly traded companies to disclose segment information in the notes to the financial statements. You will use Excel to create visually appealing data tables and bar charts to analyze division performance, and then comment on the results.    Due Date: Tuesday, May 1, 2018.   Submit as an attachment in Blackboard in the Module 24 Assignment. SECTION I The link is to...
Set Operations In questions 7 and 8 Let A = {0, 2, 4, 6}, B =...
Set Operations In questions 7 and 8 Let A = {0, 2, 4, 6}, B = {0, 1, 2, 3}, and C = {4, 5, 6}. U = {x∈ℤ| 0≤x≤10} 7. Find (A ∪ B) – C’. 8. Find C ∩ (A’ ⊕ B’) Venn Diagrams Draw Venn diagrams for the following set operations. Show each step and label the sets as well as what the diagram is showing Ex: if the Venn diagram is showing C’, label the rectangle...
Consider the following. n = 8 measurements: 4, 3, 7, 7, 5, 5, 4, 6 Calculate...
Consider the following. n = 8 measurements: 4, 3, 7, 7, 5, 5, 4, 6 Calculate the sample variance, s2, using the definition formula. (Round your answer to four decimal places.) s2 = Calculate the sample variance, s2 using the computing formula. (Round your answer to four decimal places.) s2 = Find the sample standard deviation, s. (Round your answer to three decimal places.) s =
Scenario 4: Definition of a Liability CON 6 includes the following guidance defining liabilities. Liabilities 35....
Scenario 4: Definition of a Liability CON 6 includes the following guidance defining liabilities. Liabilities 35. Liabilities are probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events. Characteristics of Liabilities 36. A liability has three essential characteristics: (a) it embodies a present duty or responsibility to one or more other entities that entails settlement by...
Scenario 4: Definition of a Liability CON 6 includes the following guidance defining liabilities. Liabilities 35....
Scenario 4: Definition of a Liability CON 6 includes the following guidance defining liabilities. Liabilities 35. Liabilities are probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events. Characteristics of Liabilities 36. A liability has three essential characteristics: (a) it embodies a present duty or responsibility to one or more other entities that entails settlement by...
Consider the following data: x 3 4 5 6 7 P(X=x)P(X=x) 0.2 .1 .2 .2 0.3...
Consider the following data: x 3 4 5 6 7 P(X=x)P(X=x) 0.2 .1 .2 .2 0.3 Copy Data Step 2 of 5: Find the variance. Round your answer to one decimal place. Step 3 of 5: Find the standard deviation. Round your answer to one decimal place. Step 4 of 5: Find the value of P(X>6)P(X>6). Round your answer to one decimal place. Step 5 of 5: Find the value of P(X≤5)P(X≤5). Round your answer to one decimal place.
Consider the following data: x −7 −6 −5 −4 −3 P(X=x) 0.2 0.1 0.2 0.2 0.3...
Consider the following data: x −7 −6 −5 −4 −3 P(X=x) 0.2 0.1 0.2 0.2 0.3 Copy Data Step 1 of 5: Find the expected value E(X). Round your answer to one decimal place. Step 2 of 5: Find the variance. Round your answer to one decimal place. Step 3 of 5: Find the standard deviation. Round your answer to one decimal place. Step 4 of 5: Find the value of P(X>−5). Round your answer to one decimal place. Step...
Exercise 6-4 Variable costing income statement LO P2 Kenzi Kayaking, a manufacturer of kayaks, began operations...
Exercise 6-4 Variable costing income statement LO P2 Kenzi Kayaking, a manufacturer of kayaks, began operations this year. During this first year, the company produced 1,025 kayaks and sold 775. at a price of $1,025 each. At this first year-end, the company reported the following income statement information using absorption costing.    Sales (775 × $1,025) $ 794,375 Cost of goods sold (775 × $450) 348,750 Gross margin 445,625 Selling and administrative expenses 240,000 Net income $ 205,625 Additional Information...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT