Deloitte
Accounting Research Tool
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Chapter 1 — Overview and Scope

1.1 Overview

1.1 Overview

In August 2001, the FASB issued Statement 144, which provided accounting and reporting guidance on long-lived assets to be (1) held and used, (2) disposed of by sale, and (3) disposed of other than by sale. FASB Statement 144 also provided accounting and reporting guidance on discontinued operations and broadened the presentation to include more disposal transactions than previous guidance. The guidance in Statement 144 was subsequently codified into ASC 360-10 and ASC 205-20.