FAS #144 expanded the
discontinued operation provisions so that more disposal situations would likely trigger the display of
discontinued operations.
A company that does not report a
discontinued operation but reports an extraordinary item or cumulative effect of an accounting change should report basic EPS for net income before extraordinary items or net income before accounting change and net income on the face of the income statement.
Included in net income for the
discontinued operation for the quarter and nine months ended July 31, 1994 was revenue related to a $1.
A) -- All periods prior to the sale of Massey Ferguson, effective April 30, 1994, reflect the Company's former farm equipment segment as a
discontinued operation.
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 accounting.
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.
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.
