[I'm, Ron Burgundy?]

Hello everyone. I just found some updated information on the Wiley Test Bank in regard to Discontinued Operations/Exit&Disposal Activities. I thought it would be helpful to all…

Potential Q1 and Q2 2015 Testing Versus Normal Q3 2015 Testing Due to Early Adoption

(1) Modifies the definition of discontinued operations by requiring only those component disposals representing strategic shifts/major operating impacts to be reported as a discontinued operation. This modification eliminates the potential of routine disposals of small groups of assets being classified as discontinued operations which was possible under the prior guidance.

(2) Requires additional disclosures related to:

(a) Major classes of line items comprising the discontinued operation profit/loss/change in net assets for not-for-profit.

(b) Either (a) total operating and investing cash flows or (b) depreciation, amortization, capital expenditures, and significant operating and investing noncash items;

(c) Applicable non-controlling interest profit/loss;

(d) Asset/liability reconciliation between note disclosures and financial statement presentations;

(e) Profit/loss reconciliation between note disclosures and financial statement presentations.

(3) Requires disclosures related to disposals that do not qualify for discontinued operations.

(4) Requires expanded disclosures related to significant involvement with discontinued operations.

(5) Effective prospectively for public business and not-for-profit securities issuer (conduit bond obligor) entities for the following:

(a) All disposals of components occurring for annual periods beginning after December 15, 2014 (including interim periods) and

(b) All business or nonprofit activities, classified as held for sale at acquisition, occurring within annual periods beginning on or after December 15, 2014 (including interim periods).

(c) Early adoption is permitted only for disposals that have not been previously reported in financial statements.

(d) Other entities apply the same annual period time but interim reporting is delayed until interim periods within annual periods beginning on or after December 15, 2015.

Question 1:

"If you're going through hell, keep going"
- Winston Churchill

"I've missed over 9,000 shots in my career. I've lost over 300 games. 26 times I've been trusted to take the game winning shot, and missed. I've failed, over and over and over again in my life. And that is why, I succeed."
- Michael Jordan

BEC: (54), (72), 80 (losing credit on 02/02/15 - nervous)
AUD: 78
REG: (74), 91
FAR: (71)

[Lidis]

Thank you Ron

[Author]

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