What is the required reporting for discontinued operations? The results of disco

Question

What is the required reporting for discontinued operations? The results of discontinued operations should be reported as an extraordinary item. The operating results of discontinued operations should be reported as part of continuing operations and any gain or loss on disposal should be disclosed separately from continuing operations. The gain or loss on the disposal should be reported in comprehensive income. The operating results of discontinued operations should be reported separately from continuing operations and any gain or loss on disposal should be also be disclosed separately from continuing operations.

Explanation / Answer

Answer:

The required reporting for discontinued operations are the operating results of discontinued operations should be reported separately from continuing operations and any gain or loss on disposal should be also be disclosed separately from continuing operations.

(1) Results of continuing operations should be reported separately from discontinued operations; (2) Any gain or loss from disposal of a segment of a business should reported in conjunction with the related results of discontinued operations and not as an extraordinary item.

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