Which of the Following Transactions Qualify as a Discontinued Operation

Choice b is correct. Correct the planned and approved sale of a segment qualifies as a discontinued operation.

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In 2002 FASB adopted SFAS 144 which greatly expanded the scope of transactions that might qualify for discontinued operations accounting.

. 1 Armadillo Industries plans to cancel one of its pressurized container products due to a lack of sales. Planned and approved sale of a segment. Give citations from the ASC to justify your answer.

Which of the following transactions qualify as a discontinued operation. It is a component of an entity b. The following are examples of the accounting for discontinued operations.

Changes related to technological improvements. The product is part of a larger product group for which cash flows are tracked. Which of the following transactions qualifies as a discontinued operation.

Planned and approved sale of a segment. A disposal transaction qualifies for reporting as a discontinued operation if all of the following criteria are met. The 20x8 income statement reported 7000 of net income.

Under the previous guidance in ASC 205-20-45-1 the results of operations of a component of an entity were classified as a discontinued operation if all. Changes related to technological improvements are not the discontinuation of a component of the entity and does not qualify as discontinued operations. The results of a discontinued operations are presented in the statement of profit or loss 256 Chapter 4 a.

On January 1 Year 2 Dart Inc entered into an agreement to sell the assets and product line of its Jay Division. Changes related to technological improvements. Approach 1 treats the whole subsidiary X ie.

In each of the following circumstances determine whether the disposal would qualify as a discontinued operation. Changes related to technological improvements D. The 20x7 income statement reported income from continuing operations IFCO of 6000.

Planned and approved sale of a segment. An entity manufactures and sells consumer products that are grouped into five major product. None of these held for sale ial statements C d.

Transactions with external parties and intragroup transactions as a discontinued operation presented in one line. Determine the following two amounts. The planned and approved sale of a segment qualifies as a discontinued operation.

Examples of Discontinued Operations. Consequently continuing operations of group A include intragroup expenses incurred with X. Question 6 AICPA110574FAR Which of the following transactions qualify as a discontinued operation.

Disposal of part of a line of business. All companies are calendar year companies and the transactions are occurring in 2017. For a component to qualify as a discontinued operation at the balance sheet date it must meet the criteria in ASC 205-20-45-1B which states the component must either be disposed of eg through sale abandonment or spin-off or meet the held-for-sale criteria of ASC 205-20-45-1E.

Under ASU 2014-08 a disposal transaction meets the definition of a discontinued operation if all of the following criteria are met. Which of the following transactions qualify as a discontinued operation. Planned and approved sale of a segment C.

Disposal of a group of assets that are fully depreciated and have no remaining useful life. Phasing out of a production line. Changes related to technological improvements.

The 480000 answer does not include the operating loss. The two amounts 120000 and 480000 are disclosed separately but together comprise the total loss on the discontinued operation. The component earned 400 in 20x7 but lost 100 negative income in 20x8.

The disposal group constitutes a component of an entity or a group of components of an entity see Section 22. 66 Phasing out of a production line. Phasing out of a production line.

Planned and approved sale of a segment. Disposal group is a component of an entity or group of components refer to section 21. A and b d.

The operations and cash flows of a component have been eliminated from the ongoing operations of the entity as a result of a disposal transaction The entity continues to have a significant continuing involvement in the operations of a component after the disposal transaction The entity outsources the manufacturing operations of a component and sells the. Changes related to technological improvements. Phasing out of a production line.

A discontinued operation is defined as an entitys component that is categorized as held for sale or has been disposed of by sale and that represents a strategic change which will have a noteworthy impact on the financial results and operations of an entity Morris and Velanand 2. APB 30 required that discontinued operations be reported as a separate line item on the income statement net of tax effects but not as an extraordinary item. The 600000 total loss from discontinued operations is the sum of the operating loss 120000 and the loss on disposal 480000.

The disposal was completed before the end of 20x8 and resulted in a 300 disposal gain. In effect the line presenting discontinued operations includes intragroup revenue earned by X. Disposal of part of a line of business B.

300000 should be included in the determination of income or loss from operations of a discontinued component. According to PFRS 5 a disposal group may qualify as discontinued operation if a. Which of the following transactions qualify as a discontinued operation.

Disposal of part of a line of business. Meets the held for sale dassification criteria under PFRS 5. Elevate the threshold for a disposal transaction to qualify as a discontinued operation since too many disposal transactions were qualifying as discontinued operations under existing guidance.

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