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diluted EPS 39 4.7 Applying the five-step approach 42. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. agenda decision, IFRS 5 Non-current Assets Held for Sale and Discontinued Operations — How to present intragroup transactions between continuing and discontinued operation (IFRIC Update September 2015). us improve KPMG Executive Education. The aim of AASB 5 is to enable users to understand the performance of the continuing business. operations 38 4.6 Step 5: Identify dilutive POSs and determine . This course is designed to provide participants with a working knowledge of the basic accounting requirements for discontinued operations. Digital Self-Studies. KPMG professionals discuss the accounting under ASC 205-20. 5 Consideration of specific instruments 45. If you did not attend the live webcast, but are interested in earning CPE credit for participating in this webcast, visit KPMG Executive Education. There is obviously a great incentive for entities with loss making businesses to classify them as discontinued operations and to present a much better set of results from continuing operations. In reality, the thrust of the standard is intended to restrict which assets can be classified as held for sale, and which operations can be shown as being discontinued. Determining if disposed-of or held-for-sale, Determining if the strategic shift test is met. Guidance, updates and news covering financial reporting impacts of COVID-19. This course is designed to provide participants with a working knowledge of the basic accounting requirements for discontinued operations. The Deloitte IFRS Global Office has published an IAS Plus Guide to IFRS 5 Assets Held for Sale and Discontinued Operations. Ask about our group discounts too. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. This self-study is also mobile-compatible. For questions regarding course content, customized training, 11. Alternatively, an entity may present the analysis in the statement. Once this webcast has been presented, it will be available as a CPE-Eligible Self-Study. related to discontinued operations as a result of new interpretive guidance should be backwards traced to discontinued operations. This self-study is also mobile-compatible. Share‑based payment arrangements 39 12. Coca-Cola annual income from discontinued operations for 2019 was $0B, a NAN% decline from 2018. We are pleased to present A Roadmap to Impairments and Disposals of Long-Lived Assets and Discontinued Operations.This Roadmap provides Deloitte’s insights into the guidance in ASC 360-10 1 and ASC 205-20 on impairments and disposals of long-lived assets and presentation of discontinued operations. © 2020 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. Topics include: scope of ASC Topic 205-20 determining the component determining if disposed-of or held-for- Financial reporting impacts of coronavirus. For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance. Use our Accounting Research Online website for financial reporting resources. KPMG does not provide legal advice. 8:00 AM to 6:00 PM Eastern Time. ... KPMG works with you to determine how you can best transform your organization in response to changes in today’s world and your organization’s strategy. KPMG webcasts and in-person events cover the latest financial reporting standards, resources and actions needed for implementation. August 2016 kpmg.com.au KPMG Financial Reporting Insights KPMG’s review of 45 ASX200 entities Operating Segment disclosures 5.1 How to read this section 45 5.2 Ordinary shares issued in full for cash 48 5.3 Partly paid ordinary shares 49 5.4 Stock, scrip or share dividends 53 Similarly, showing an asset as held for sale can give a… No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. * Get a 10% discount on KPMG Executive Education digital self-studies when you purchase four or more courses in a single transaction. Our comprehensive handbooks include discussion and analysis of significant issues for professionals in accounting and financial reporting. We provide Q&As and examples, and discuss the impact of … The amendments apply prospectively. Discontinued operations Derivatives and hedging Remuneration Impairment Common adjustments by relative size (%) of total adjustments – 2015 Partner, Dept. New York, NY 10154-0102. 3:44: Held-for-sale—overview. KPMG Executive Education has developed and delivered over 1,000 internal and external programs on trending topics and emerging issues in the accounting and finance industry, taught by KPMG leaders, industry specialists, and highly regarded academics from prestigious universities. KPMG in-depth guides. CocaCola annual income from discontinued operations for 2018 was $0B, a NAN% decline from 2017. Delivering value up and downstream. For more details on the new standard, you can read the FASB in Focus and watch a video featuring FASB member Tom Linsmeier and project manager Phil Hood. By continuing to browse this site, you consent to the use of cookies. For more information, call 201-505-6062 or email us-kpmglearning@kpmg.com. Employee benefits 42. Read more. KPMG’s professionals have a vast industry knowledge and breadth of experience to help organizations improve their business performance and achieve bottom-line savings. Podcast contents. 01:20 – What CFOs and controllers should be thinking about if considering bankruptcy; 03:30 – Pre-bankruptcy, including debt arrangements; 06:00 – When a sold business should be reclassified as a discontinued operation; 08:00 – During bankruptcy and financial reporting considerations under Chapter 11 protection; 13:35 – Post-bankruptcy, including fresh start accounting Individuals who register for any 2 KPMG Executive Education in-person seminars can save! Topics include: By the end of this course, participants should be able to: Keywords: ASC 205-20, Discontinued Operations, Discontinued Ops, Accounting. We use cookies to personalise content and to provide you with an improved user experience. special promotions, or general inquiries, please contact us as follows: Phone: +1 (201) 505-6062 Overview of a logical and … We look forward to hearing from you! https://home.kpmg/xx/en/home/misc/governance.html, determining if disposed-of or held-for-sale, determining if the strategic shift test is met. Hours of Operation: Monday through Friday. FRS 5 will replace FRS 135 2004, Discontinuing Operations, when it becomes effective. 7.4.3 Allocation of Interest to Discontinued Operations 107 7.4.4 Allocating Direct Expenses (but Not Indirect Expenses) to Discontinued Operations 107 7.4.5 Allocating the Cost of Shared Assets to Discontinued Operations 108 7.4.6 Intercompany Sales Between an Entity and a Discontinued Operation 108 7.4.7 Transition Services 109 Energy. © 2020 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. presentation and disclosure of discontinued operations. of Professional Practice, KPMG US. 14. explain accounting for discontinued operations. Net finance costs 36 10. of Professional Practice, KPMG US, Senior Manager, Dept. Accounting for Income Taxes Considerations of Final Regulations page 2 Adjusted earnings before interest, tax, Income and expenses 34 9. Amendments to FRS 7 Statement of Cash Flows: Disclosure Initiative The amendments require an entity to provide evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. Advance Preparation: There is no advance preparation for this course. Income taxes 47. The held-for-sale impairment model is critical to assessing discontinued operations. Informing your decision-making. Audit Standards Update - August, 2014 Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ASC 360-10 specifies the accounting and reporting for long-lived assets that are being … Volume Discount! * Discounts cannot be combined and must be applied at time of initial registration. This live webcast will be converted to a CPE-eligible self-study and is available for a nominal fee through KPMG Executive Education. Disclosing discontinued operations Once this webcast has been presented, it will be available as a CPE-Eligible Self-Study This live webcast will be converted to a CPE-eligible self-study and is available for a nominal fee through KPMG Executive Education. Coca-Cola annual income from discontinued operations for 2018 was $0B, a NAN% decline from 2017. KPMG's 30th Annual Accounting & Financial Reporting Symposium is designed to help financial executives stay on top of this year's important developments and get a glimpse of what's next.The Symposium offers informative and interactive content to 1 The KPMG Guide: FRS 2, Share-based Payment and FRS 5, Non-current Assets Held for Sale and Discontinued Operations Sharing our expertise and perspective. Alternative performance measure 54. Employee benefits 39. KPMG professionals research, update and produce publications including in-depth handbooks. The Group has elected to disclose a single amount of post‑tax profit or loss of discontinued operations in the statement of profit or loss and OCI, and has analysed that single amount into revenue, expenses and the pre‑tax profit or loss in Note 6. Discontinued operation 31 7. Course Agenda. The standard described Discontinued operations as such component of an entity (understand: a cash-generating unit or a group of cash-generating units) that either has been disposed of or is classified as held for sale, and at the same time: Represents a separate major line of … * ... acquisitions, discontinued operations, share-based compensation, leases, bonds, securitizations, and equity investments. Earnings per share 37. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. Delivering insights to financial reporting professionals. CocaCola annual income from discontinued operations for 2019 was $0B, a NAN% decline from 2018. Discontinued operations are the results of operations of a component of an entity that is either being held for sale or which has already been disposed of. We start with an overview of the purpose of discontinued operations presentation and why it’s meaningful to users of the financial statements. The designated results of operations must be reported as a discontinued operation within the financial statements if both of the following conditions are present: Your feedback or suggestions about our website and training courses will help PwC serves some of the world’s largest national and international oil and gas companies. All rights reserved. KPMG explains ASC 230 cash flow classification issues and noncash disclosure requirements in detail. Receive timely updates on accounting and financial reporting topics from KPMG. Income taxes 47. Operations. 0:37: Discontinued operations—overview. 13. 6. Revenue 33 8. Email: us-kpmglearning@kpmg.com, KPMG Executive Education A discontinued operation is a component of an entity that (IFRS 5.32): has been disposed of, or is classified as held for sale, represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations or. 2016) Sale and Discontinued Operations. is a subsidiary acquired exclusively with a view to resale. 345 Park Avenue Coca-Cola income from discontinued operations for the twelve months ending June 30, 2020 was $0M, a NAN% increase year-over-year. All rights reserved. CocaCola income from discontinued operations for the twelve months ending September 30, 2020 was $0M, a NAN% increase year-over-year. For questions related to the KPMG Executive Education website or accessing a digital self-study, please contact our Help Desk. Discontinued operations is also an issue the FASB addressed as it kicks off its simplification initiative (mentioned in the last issue) to reduce complexity in accounting rules. Our white paper, Discontinued operations: Identification, presentation and disclosure, provides detailed discussion and examples related to application of the discontinued operations guidance in Subtopic 205-20, Presentation of Financial Statements – Discontinued Operations, of the FASB’s Accounting Standards Codification. For more detail about the structure of the KPMG global organization, please visit https://home.kpmg/xx/en/home/misc/governance.html. We provide a full range of assurance, tax and advisory team members who understand the industry and the issues that oil and gas companies face. We have consulted with, and this letter represents the views of, the KPMG network. This webcast has been presented, it will be converted to a CPE-Eligible self-study Get... 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