You can contact us via kgt@pr.gt.com. Profit for the year 204 48. P/L for prior periods should be restated so that all operations that have been classified as discontinued by the end of the current reporting period are presented according to IFRS 5 requirements (IFRS 5.34). At the same time, the profitability of the rest of group A is overstated, because it does not take into account contribution made by X in earning the revenue. In IFRS, the guidance related to noncurrent assets held for sale and discontinued operations is included in IFRS 5, Non-current Assets Held for Sale and Discontinued Operations. b. Under the same conditions but where the component has been sold, the business must report the results of operations of the component for current and prior periods… if an entity ceases to classify a component as held for sale, the results of that component previously presented in discontinued operations must be reclassified and included in income from continuing operations for all periods presented [IFRS 5.36] The column ‘A+X’ shows consolidated results of the group A without X being treated as a discontinued operation. represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations or. Discontinued Operations is the total amount of net income attributable to discontinued operations (Xpressfeed DO) in year t scaled by common equity as of the beginning of year t. RegimeShift is an indicator variable that is equal to zero for fiscal years 1995–2000 and one for 2002–2007. This line includes also the impact of the measurement to fair value less costs to sell or of the disposal of the assets/disposal group constituting the discontinued operation (IFRS 5.33(a)). There must be a single amount on the face of the statement of comprehensive income (or income statement) for the total of: 1. the post-tax profit or loss for the period from the discontinued operations, and 2. the post-tax gain or loss on disposal (based on the fair value minus costs to sell of the asset or disposal group). A company may report discontinued operations under GAAP as long as two conditions are met. Such events include reporting a discontinued operation, a change in reportable segments, or a change in accounting principle for which retrospective application is either required or elected. In April 2014, FASB issued Accounting Standards Update (ASU) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which is effective for fiscal years beginning after December 15, 2014. A breakdown of this one line needs to be provided, and usually it is provided in the notes (IFRS 5.33(b) and (d) and EPS in IAS 33.68). Here are the IFRS 5 Non-current Assets Held for Sale and Discontinued Operations specifies the accounting for assets held for sale and presentation and disclosure of discontinued operations. Information about discontinued operations (both discontinued and “held for sale”) must be presented in the statement of comprehensive income or in a note to the financial statements. Company C has income from continuing operations of USD 700 million. transactions with external parties and intragroup transactions, as a discontinued operation presented in one line. The segment earned revenue of USD 200 million and incurred costs of USD 150 million. . ... so the disclosures relating to discontinued operations in the prior period relate to all discontinued operations up to the current period. See page 45 and Notes 2, 3 and 11 for a full explanation. Our white paper, Discontinued operations: Identification, presentation and disclosure, provides detailed discussion and examples related to application of the discontinued operations guidance in Subtopic 205-20, Presentation of Financial Statements – Discontinued Operations, of the FASB’s Accounting Standards Codification. Classification: The classification and presentation requirements for all assets held for sale classified under IFRS 5 apply to all non-current assets (or disposal groups). b. the change should be reported in current and future years. presentation and disclosure of discontinued operations. X –  a subsidiary of the group A, Note: you can scroll the table horizontally if it doesn’t fit your screen. Presentation ZETA COMPANY Income Statement Year ended December 31, 2013 Sales Cost of sales Gross income Expenses 000, 000) Income before tax 500, 000 Income tax expense Income from continuing operations Income from discontinued operation, net of tax 510, 000 Net Income 5, 000, 000 (2, 500,000) 2, 500, 000 (1, 1, (480,000) 1, 020, 000 1, 530, 000 Paragraph IFRS 5.31 further clarifies that a component of an entity will have been a CGU while being held for use or a separate subsidiary (IFRS 5.36A). Find out more. Add the income or loss from operations and the income tax benefit or expense together to calculate income from discontinued operations, net of taxes. On January 31, 2012, Rocket's fiscal year-end, the following information relative to the discontinued division was accumulated: D. 125000 On November 1, 2011, Jamison Inc adopted a plan to discontinue its barge division, which qualifies as a separate component of the business according to GAAP regarding discontinued operations. Entities sometimes intend to sell their long-lived assets and/or their operations. IFRIC did not issue any interpretation, but it noted that IFRS 5 cannot override consolidation requirements of IFRS 10, therefore Approach #2 from the example above should be adopted. Additionally, net cash flows attributable to the operating, investing and financing activities of discontinued operations should also be disclosed (IFRS 5.33(c)). This line includes also the impact of the measurement to fair value less costs to sell or of the disposal of the assets/disposal group constituting the discontinued operation (IFRS 5.33(a)). 3. 1Headline: In addition to statutory reporting, the Group reports on a headline basis except for balance sheet and cash-flow. Excerpts from IFRS Standards come from the Official Journal of the European Union (© European Union, https://eur-lex.europa.eu). Example. When a company discontinues an operation and disposes of the discontinued operation (component), the transaction should be included in the income statement as a gain or loss on disposal reported as: a) a prior period adjustment. Let’s discuss two approaches to presentation of consolidated P/L with subsidiary X presented as a discontinued operation. Its primary effect is to tighten the requirements for treating the disposal of a component of a business as a discontinued operation. c. However, if it is probable that a sale will occur within one year of when the assets or liabilities meet the held-for-sale criteria and the sale is expected to qualify for recognition as a completed sale, we believe that it is appropriate to classify all assets and liabilities of a discontinued operation as current in the current-period balance sheet when the determination of held-for-sale is met, even though they were classified as noncurrent in prior periods. If that’s the case, then you should present 2015 exactly as the last year, i.e. A discontinued operation is a component of an entity that (IFRS 5.32): IFRS 5 sets out specific requirements for presentation and disclosure of discontinued operations. A board decision after year-end, by itself, is not enough. Discontinued operation 203 47. If the preceding conditions are met and a component is held for sale, the business must report the results of operations of the component for current and prior periods in a separate discontinued operations section of the income statement. Earnings per share 30 Employee benefits 32 11. On 18 September 2015 the Group announced the proposed disposal of United Drug Supply Chain Services, United Drug Sangers, TCP Group and MASTA for an aggregate cash consideration of €407.5 million before adjustments in respect of working capital, taxation and costs. Acquisition of subsidiary 214 52. c. the cumulative effect of the change should be reflected on the income statement as of the beginning of the next year. Prior to 2002, the rules for discontinued operations were described in Accounting Principles Bulletin (APB) 30. Approach #2 favours full elimination of intragroup transactions. 3. Question: Execucomp Corporation S Financial Statements In The Current Year Show A Loss From Discontinued Operations, A Prior Period Adjustment, And An Extraordinary Gain. 6.2.1 Requirements of FRS 102 An entity shall also disclose on the face of the income statement (or statement of comprehensive income if presented) an amount comprising the total of: (a)the post-tax profit or loss of discontinued operations; and For example, certain entities reclassify these assets and liabilities on the prior-year balance sheet to conform prior-year balance sheet presentation to the presentation required on the current-year balance sheet. Discontinued Operations Accounting summary 2017 - 04 1 Objective The objective of this IFRS is to specify the accounting for assets held for sale, and the presentation and disclosure of discontinued operations. Discontinued Operations Under GAAP . Disposal of Long-Lived Assets and Discontinued Operations ASPE: 3475 Disposal of Long-Lived Assets and Discontinued Operations ASPE: 3475 Scope This section does not apply to the following assets:the disposal of goodwillinvestments, including equity method accounted investmentsfinancial assets, financial liabilities Definition A disposal group is a group of assets to be… Entities may want to provide additional information in the notes that would highlight the impact of intragroup transactions between continuing and discontinued operations. Limiting discontinued operations presentation to disposals of components representing a strategic shift could significantly decrease the number of disposals qualifying for discontinued operations presentation. Operating segments 18 6. The post-tax profit or loss of discontinued operations is presented as a single amount in the P/L and OCI. Prior to 2002, the rules for discontinued operations were described in Accounting Principles Bulletin (APB) 30. The guidance in ASC 205-20-45-10, Presentation of Financial Statements: Discontinued Operations, states that: “In the period (s) that a discontinued operation is classified as held for sale and for all prior periods presented, the assets and liabilities of the discontinued operation shall be presented separately in the asset and liability sections, respectively, of the statement of financial position.”. If you looked at the accounts of Communicorp, they would most likely show those two stations as discontinued operations for that year. When a change in depreciation method occurs: a. prior years' financial statements should be changed to reflect the newly adopted method. For example, certain entities. Non-cash transactions 221 53. In effect, the line presenting discontinued operations includes intragroup revenue earned by X. Consequently, continuing operations of group A include intragroup expenses incurred with X. 3:44: Held-for-sale—overview. A non-current asset (or disposal group) shall be classified as held for sale when its carrying amount will be recovered principally through a sale transaction rather than through continuing use. Financial reporting generally focuses on the results of continuing operations. c. the cumulative effect of the change should be reflected on the income statement as of the beginning of the next year. Our financial reporting guide, Financial statement presentation, details the financial statement presentation and disclosure requirements for common balance sheet and income statement accounts.It also discusses the appropriate classification of transactions in the statement of cash flows, and addresses the requirements related to the statements of stockholders’ equity and other … Approach #1 treats the whole subsidiary X, i.e. In certain situations, such a disposal should be reported as a discontinued operation under U.S. Generally Accepted Accounting Principles (GAAP). Commitments 222 55. The entity didn’t have any significant continuing involvement in the operations of the component after the disposal transaction. A discontinued operation is a part of an entity that has either been disposed of or is classified as held-for-sale, and: 1. represents a separate major line of business or geographical area of operations 2. is part of a single co-ordinated plan to dispose of separate major lines of business or geographical area of operations, or 3. the subsidiary was acquired exclusively with a view to resale. The disadvantage of this approach is that it does not faithfully present results of both operations. Alternatively, Disposal of subsidiary 212 51. additional catch-up depreciation) are included in current year P/L of continuing operations (IFRS 5.28). Net finance costs 29 10. In contrast, prior comparative periods would not be recast to reflect as current all of the assets and liabilities of a now discontinued operation. Discontinued operations -presentation SLFRS 5-Non Current Assets Held for Sale and Discontinued Operations 27th June 2012 • A single amount in the statement of comprehensive income comprising post‐tax profit/loss of operation and profit/loss on measurement … 58. [IAS 35.29] What to disclose. occurrence of discontinued operations after year‐end, or as a result of a change in segment reporting after year‐ end.1 The Staff indicates that revised financial statements, as well as affected disclosures, must be on file for incorporation by reference into a Form S‐3 prior Operating lease arrangements 222 56. Earnings per share from continuing operations, discontinued operations, and net income should be disclosed on the face of the income statement. When operations are discontinued, prior periods are restated for the sake of comparability and taxes must be allocated to both continuing and discontinued operations… Contingent liabilities 221 54. b. the change should be reported in current and future years. A company's income statement summarizes the revenues, expenses and profits for an accounting period. We use data from the year before to ensure that we capture a full year of pre-tax income for the discontinued operation. A discontinued operation is a separate major business division or geographical operation that the company has disposed of or is holding for sale. Treat expenses and losses as negative numbers. That is, we believe that current and noncurrent classification of the assets and liabilities in the prior comparative periods should not change. In certain situations, such a disposal should be reported as a discontinued operation under U.S. Generally Accepted Accounting Principles (GAAP). Those assets and liabilities did not meet the held-for-sale criteria in the prior periods, even though the held-for-sale criteria was subsequently met, and they are presented as current assets and liabilities in the current balance sheet. Component of an entity is defined as operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity (IFRS 5.Appendix A). The disadvantage is that some intragroup transactions are not eliminated on consolidation as required by IFRS 10. Discontinued operations include income from operations of the discontinued segment plus a gain or loss on disposal. A discontinued operation is a separate major business division or geographical operation that the company has disposed of or is holding for sale. Fair presentation in accordance with GAAP is accomplished by: ... Fiscal years beginning on or after January 1, 20112 Financial statements are prepared on a ... except for losses associated with discontinued operations that are included in the results of discontinued operations. GAAP Income (loss) from continuing operations totaled $(1.1 billion), versus pro forma GAAP Income (loss) from continuing operations of $(11) million in the year-ago period. Plant, and Equipment, and the guidance related to discontinued operations is included in ASC 205-20, Presentation of Financial Statements – Discontinued Operations. FRS 5 will replace FRS 135 2004, Discontinuing Operations, when it becomes effective. The total amoun… Discontinued operations are presented both under US GAAP and IFRS. This pronouncement established formal reporting requirements for various events, including the effects of a disposal of a business segment. Use at your own risk. associated with discontinued operations on the balance sheet. See page 45 and Notes 2, 3 and 11 for a full explanation. Next, we explain the effects of these assumptions in greater detail (we learned the prior period adjustment earlier but will review its presentation here). The profit for the year from discontinued operations is fully attributable to the equity holders of the company. In addition, the Company has presented earnings before income from discontinued operations, net of taxes, interest, taxes, depreciation and amortization and … Results of operations of a discontinued component should be disclosed immediately before income from continuing operations. In producing this revenue, it incurs expenses with external parties. January 2016 IFRIC update discusses presentation of intragroup transactions between continuing and discontinued operations. Kevane Grant Thornton Puerto RicoLtd. 58. We can see that X provides an input to operations of group A and has only intragroup revenue. (Last updated: 9/30/2009) Certain events that occur after the end of a fiscal year will require retrospective revision of that year’s financial statements (the “pre-event financial statements”) if they are reissued after financial statements covering the period during which the event occurred have been filed. In 2016, inventory for discontinued operation will be 0. 3 Underlying modifies headline performance to adjust prior year to reflect an equivalent period of ownership for divested businesses, excludes the effects of foreign exchange and acquisitions, and adds back the depreciation and amortisation of discontinued operations for comparability purposes. Currently, there is diversity in practice regarding the presentation of assets and liabilities. Dividends 208 49. If an entity ceases to classify a component of an entity as held for sale, the results of operations of the component previously presented in discontinued operations are reclassified and included in income from continuing operations for all periods presented (IFRS 5.36). When a change in depreciation method occurs: a. prior years' financial statements should be changed to reflect the newly adopted method. There is a group A containing a subsidiary X, which at some point is classified as a discontinued operation under IFRS 5. This pronouncement established formal reporting requirements for various events, including the effects of a disposal of a business segment. Questions or comments? Start studying Accounting 303 Final Ch.4. For example, under existing GAAP, a discontinued operation may include a reportable segment, operating segment, reporting unit, subsidiary, or an asset group. Discontinued operations is an accounting term that refers to parts of a company’s core business or product line that have been divested or shut down. Home, instructions how to enable JavaScript in your web browser, Presentation of discontinued operations in a classified balance sheet, whether a reporting entity should present those assets and liabilities as current and noncurrent in a classified balance sheet, how to determine which assets and liabilities should be classified as current, whether there should be changes to the prior comparative-period classifications of assets and liabilities now that the held-for-sale criteria are met for a discontinued operation. 6.2.1 Requirements of FRS 102. As a result, only transactions with external parties of X are presented as a discontinued operation. ... Events or circumstances may extend the period to complete the sale beyond one year… Revenue 26 8. Operating EBITDA was $1.4 billion, flat with pro forma operating EBITDA (1) in the prior year. Income and expenses 27 9. a. c. the cumulative effect of the change should be reflected on the income statement as of the beginning of the next year. Its book value was USD 100 million. Net finance costs 29 10. 46. No adjustments to comparative data are made for the assets and liabilities in the statement of financial position. The results of the Alcon business are reported as discontinued operations. And now, in 2016, you don’t have any discontinued operation as it’s gone, so you’re asking how to present 2015? Operating segments 18 6. Prior year balances in the statement of financial positions are … Disclose the results from discontinued operations on the income statement or in accompanying notes. Adjustments in the current period to amounts previously presented in discontinued operations that are directly related to the disposal of a discontinued operation in a prior period should also be classified separately as discontinued operations. Use of judgements and estimates 16 Performance for the year 18 5. The held-for-sale impairment model is critical to assessing discontinued operations. If that’s the case, then you should present 2015 exactly as the last year, i.e. Financial reporting generally focuses on the results of continuing operations. Events after the reporting period 224 57. Note the restatement of prior-year results to conform with current year presentation. Some stakeholders felt that too many disposals, including routine disposals of small groups of assets, qualified for discontinued operations presentation under the previous guidance. Net income, including a loss of €0.3 billion from discontinued operations, was €0.7 billion compared to €1.9 billion in Q2 FY 2019, which benefited from income of €0.2 billion from discontinued operations as well as a lower tax rate; basic earnings per share (EPS) declined to €0.80 Earnings per share 208 50. In particular, the IFRS requires assets that meet the … For full functionality of this site it is necessary to enable JavaScript. Post them on our Forum, Presentation and disclosure of discontinued operations, Intragroup transactions with discontinued operations, subsidiary acquired exclusively with a view to resale, has been disposed of, or is classified as. The standard was published in March 2004 and is effective from 1 January 2005. Revenue 26 8. When a change in depreciation method occurs a. prior years' financial statements should be changed to reflect the newly adopted method. 6.2 Presentation of discontinued operations . associated with discontinued operations on the balance sheet. The post-tax profit or loss of discontinued operations is presented as a single amount in the P/L and OCI. Example: Treatment of intragroup transactions with discontinued operations. The guidance in ASC 205-20-45-10, Presentation of Financial Statements: Discontinued Operations, states that: “In the period(s) that a discontinued operation is classified as held for sale and for all prior periods presented, the assets and liabilities of the discontinued operation shall be presented separately in the asset and liability sections, respectively, of the statement of financial position.”. 58. Grant Thornton uses cookies to monitor the performance of this website and improve user experience. Functional and presentation currency 16 4. In 2016, inventory for discontinued operation … c) an amount after continuing operations. b) an extraordinary item. in loss from discontinued operations, were $656 thousand, and $2.588 million in 2017 and 2016, respectively. But sometimes businesses sell (or retire) a product line, asset group or another component. And now, in 2016, you don’t have any discontinued operation as it’s gone, so you’re asking how to present 2015? Group’s reported financial data for the current and prior years into “continuing” “discontinued” and operations. The impacts relating to measurement of assets and liabilities (e.g. Starting in 2015, the rules changed, limiting the scope of … To find out more about cookies, what they are and how we use them, please see our privacy notice, which also provides information on how to delete cookies from your hard drive. 13110.6 Form 10-K/A ordinarily should not be used to file retrospectively revised financial statements that reflect a subsequent change in accounting principle, discontinued operations or change in segment presentation. Earnings per share 30 Employee benefits 32 11. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Examples of such adjustments are given in paragraph IFRS 5.35. Functional and presentation currency 16 4. 1 The KPMG Guide: FRS 2, Share-based Payment and FRS 5, Non-current Assets Held for Sale and Discontinued Operations . 0:37: Discontinued operations—overview. Discontinued operation 25 7. The advantage of this approach is that it faithfully presents results of both operations. 13110.1Reissuance of the pre … In this example, add $50,000 in income and the -$10,000 tax expense to get $40,000 in income from discontinued operations, net of taxes. Group’s reported financial data for the current and prior years into “continuing” “discontinued” and operations. Discontinued Operations Accounting summary 2017 - 04 1 Objective The objective of this IFRS is to specify the accounting for assets held for sale, and the presentation and disclosure of discontinued operations. But sometimes businesses sell (or retire) a product line, asset group or another component. Presentation and disclosure of discontinued operations. Disclose the results from discontinued operations … Under ASPE 3475, a long-lived asset is defined as any asset that is not current (i.e. Income and expenses 27 9. Discontinued operation 25 7. The following must be disclosed: [IAS 35.27 and IAS 35.31] a description of the discontinuing operation; the business or geographical segment(s) in which it is reported in accordance with IAS 14; the date that the plan for discontinuance was announced; Definitions of headline metrics, and information about the adjustments to statutory measures, are provided in note 3 to the financial statements 2FY2018 has been restated for IFRS 15 and the Smiths Medical reclassification as discontinued operations 3Underlying modifies headline performance to adjust prior year to reflect an equivalent period of ownership for divested businesses an… Our white paper, Discontinued operations: Identification, presentation and disclosure, provides detailed discussion and examples related to application of the discontinued operations guidance in Subtopic 205-20, Presentation of Financial Statements – Discontinued Operations, of the FASB’s Accounting Standards Codification. occurrence of discontinued operations after year‐end, or as a result of a change in segment reporting after year‐ end.1 The Staff indicates that revised financial statements, as well as affected disclosures, must be on file for incorporation by reference into a Form S‐3 prior During the year it disposed-off one of its segments Segment A for USD 120 million. 10 Financial information for the year prior to the first recognition of the discontinue operation is obtained from the financial statements, which are required to be split between continuing and discontinued operations for the current and prior years. The total of the post-tax profit or loss of the discontinued operation, and the post-tax gain or loss recognised on the measureme… However, the guidance in ASC 205-20 does not address: When a discontinued operation is classified as held-for-sale, we believe that, subject to the following discussion, those existing classifications should continue but should be condensed into four balance-sheet line items: current assets held-for-sale, noncurrent assets held-for-sale, current liabilities held-for-sale, and noncurrent liabilities held-for-sale. Revenue and expenses of A and X are given in the table below. b. the change should be reported in current and future years. A – the whole group except X Presentation and Disclosure. in the split between continuing (13 000) and discontinued (7 000) operation. The information provided on this website is for general information and educational purposes only and should not be used as a substitute for professional advice. IFRScommunity.com is an independent website and it is not affiliated with, endorsed by, or in any other way associated with the IFRS Foundation. For official information concerning IFRS Standards, visit IFRS.org. The guidance, found in Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, is intended to help ensure that financial statements faithfully represent a company’s discontinuation of operations while reducing … The standard was a result of stakeholders informing the FASB that too many disposals qualify for discontinued operations presentation, including routine disposals of small groups of assets. In our example, it seems as if X is a loss making subsidiary, which obviously is not true. First, the … Our financial reporting guide, Financial statement presentation, details the financial statement presentation and disclosure requirements for common balance sheet and income statement accounts.It also discusses the appropriate classification of transactions in the statement of cash flows, and addresses the requirements related to the statements of stockholders’ equity and other … While the new U.S. GAAP definition of discontinued operations is closer to IFRS guidance, the standards are not converged.2 Discontinued operations presentation described in Accounting Principles ( GAAP ) Alcon business are reported discontinued.... so the disclosures relating to measurement of assets and liabilities discontinued operations prior year presentation split... Loss making subsidiary, which at some point is classified as a discontinued operation under IFRS 5, https //eur-lex.europa.eu... C has income from continuing operations ( IFRS 5.28 ) operations of the component after disposal. 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Advantage of discontinued operations prior year presentation approach is that it faithfully presents results of the change be! Adjustment was made this year 2016, inventory for discontinued operations under GAAP as long as conditions! Balance sheet to conform with current year P/L of continuing operations these assets and liabilities ( e.g occurs a.. Is fully attributable to the equity holders of the assets and liabilities e.g! Of group a and X are presented as a discontinued operation will be.. Ebitda was $ 1.4 billion, flat with pro forma operating EBITDA was $ 1.4 billion, with. Horizon, September 14, 2017 not eliminated on consolidation as required by IFRS 10 a for USD million! The scope of … a prior period relate to all discontinued operations is presented as a single in... C has income from continuing operations, when it becomes effective, such a disposal of a of.