What is the required reporting for discontinued operations?
A) The results of discontinued operations should be reported as an extraordinary item.
B) The gain or loss on the disposal should be reported in comprehensive income.
C) 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.
D) 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.

Question

Quizplus · Accepted Answer

The operating results of discontinued operations should be reported separately from continuing operations and any gain or loss on disposal should also be disclosed separately from continuing operations. This is in accordance with the guidance provided in ASC 205-20-45-1. The gain or loss on disposal should not be reported in comprehensive income, as it is not considered an other comprehensive income item. Discontinued operations should not be reported as extraordinary items, as this category has been eliminated under U.S. GAAP.

What Is the Required Reporting for Discontinued Operations