7.6 Disclosures That Apply to All Discontinued Operations
The disclosures in ASC 205-20-50-1 below are required in periods in which a
discontinued operation is classified as held for sale or has been otherwise disposed
of, including disposals of equity method investments and newly acquired businesses
or nonprofit activities classified as held for sale at acquisition.
ASC 205-20
50-1 The following shall be disclosed in the notes to financial statements that cover the period in which a discontinued operation either has been disposed of or is classified as held for sale under the requirements of paragraph 205-20-45-1E:
- A description of both of the following:
- The facts and circumstances leading to the disposal or expected disposal
- The expected manner and timing of that disposal.
- If not separately presented on the face of the statement where net income is reported (or statement of activities for a not-for-profit entity) as part of discontinued operations (see paragraph 205-20-45-3B), the gain or loss recognized in accordance with paragraph 205-20-45-3C.
- Subparagraph superseded by Accounting Standards Update No. 2014-08
- If applicable, the segment(s) in which the discontinued operation is reported under Topic 280 on segment reporting.