FASB - Definition of “discontinued operations” revised 

April 18:  The FASB recently issued accounting guidance that will change the definition of “discontinued operations” for U.S. GAAP purposes.

While the new U.S. GAAP definition of “discontinued operations” is closer to IFRS guidance, the two standards are not converged.


The accounting standard update (ASU) generally is not effective until 2015, although early application is permitted for those disposals (or classifications as held-for-sale) that have not been reported in financial statements previously issued or available for issuance.


Read an April 2014 report [PDF 475 KB] prepared by KPMG LLP: Defining Issues: FASB Changes Discontinued Operations Definition




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