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Funding a business
financial statements disclosures discontinued operation
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[QUOTE="Yakub02, post: 309943, member: 94426"] These disclosures may be presented in the notes or on the face of the financial statements. These disclosures are not required for disposal groups that are newly acquired subsidiaries that are classified as held for sale on acquisition Comparatives must be restated for these disclosures so that the disclosures relate to all operations that have been discontinued by the reporting date for the latest period presented. Presentation in the statement of financial position Non-current assets classified as held for sale must be disclosed separately from other assets in the statement of financial position. Similarly, assets and liabilities that are part of a disposal group held for sale must be disclosed separately from other assets and liabilities in the statement of financial position. This also applies to the assets and liabilities of a discontinued operation. In the statement of financial position, the comparative figures for the previous year are not restated. The amount for discontinued operations in the previous year does not include discontinued items for the current year. The presentation in the statement of financial position therefore differs from the presentation in the statement of profit or loss. Sometimes there is a need to adjust amounts previously presented in discontinued operations that are directly related to the disposal of a discontinued operation in a prior period. For example, circumstances in which these adjustments may arise include the resolution of uncertainties [/QUOTE]
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