The primary subject manner of this case concerns the proper financial reporting of gains or losses on discontinued operations
per Generally Accepted Accounting Principles (GAAP).
standards in accounting for discontinued operations
In 1991, PerfectData bought a modem manufacturer, but discontinued operations
in 1995 when it couldn't compete with rivals whose lower-priced products sported more advanced features.
Net Profit for Q4, including discontinued operations
, of $50m (Q4 05: $16m)
For financial reporting presentation purposes, the operating results in Brazil are excluded from many of the statements in this announcement because the Company's recent determination to exit Brazil has resulted in discontinued operations
One, Disposal of Non-current Assets and Presentation of Discontinued Operations
, proposes that assets a company expects to sell and that meet specific criteria should be measured at the lower of carrying amount and fair value less selling costs, should not be depreciated and should be presented separately in the balance sheet.
Management is reviewing the impact of these transactions and December results and will revise 2006 earnings guidance for discontinued operations
and consolidated UIL upon completion of its review.
EPS for discontinued operations
, extraordinary items and the cumulative effect of an accounting change must be disclosed in the income statement or in the notes to the financial statements.
The Company is considering the precise extent of the restatement, but expects that the restatement will relate primarily to the reporting of certain of the transactions between the Company and Afinsa, the totality of which had been reported in its financial statements as "related-party sales" and which are now part of the Company's discontinued operations
, as described below.
Net income from discontinued operations
for the third quarter of 2014 included the recognition of an after-tax gain on the sale of Private Brands of $123.
This month's column discusses recent consensuses reached by the Financial Accounting Standards Board emerging issues task force (EITF) concerning consolidation of special-purpose entity lessors by lessees and the accounting for discontinued operations
of a business segment subsequently retained.
41) Per Common Unit and Net Income from Discontinued Operations