We start with an overview of the purpose of discontinued operations presentation and why it’s meaningful to users of the financial statements. Accounting for Income Taxes Considerations of Final Regulations page 2 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. 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 … 5 Consideration of specific instruments 45. FRS 5 will replace FRS 135 2004, Discontinuing Operations, when it becomes effective. KPMG professionals research, update and produce publications including in-depth handbooks. Alternative performance measure 54. 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. 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. 14. Volume Discount! 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. Discontinued operations Derivatives and hedging Remuneration Impairment Common adjustments by relative size (%) of total adjustments – 2015 345 Park Avenue Podcast contents. The Deloitte IFRS Global Office has published an IAS Plus Guide to IFRS 5 Assets Held for Sale and Discontinued Operations. related to discontinued operations as a result of new interpretive guidance should be backwards traced to discontinued operations. * ... acquisitions, discontinued operations, share-based compensation, leases, bonds, securitizations, and equity investments. 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 Topics include: By the end of this course, participants should be able to: Keywords: ASC 205-20, Discontinued Operations, Discontinued Ops, Accounting. For questions regarding course content, customized training, For more detail about the structure of the KPMG global organization, please visit https://home.kpmg/xx/en/home/misc/governance.html. CocaCola income from discontinued operations for the twelve months ending September 30, 2020 was $0M, a NAN% increase year-over-year. Overview of a logical and … 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. Coca-Cola income from discontinued operations for the twelve months ending June 30, 2020 was $0M, a NAN% increase year-over-year. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. We use cookies to personalise content and to provide you with an improved user experience. This self-study is also mobile-compatible. Our comprehensive handbooks include discussion and analysis of significant issues for professionals in accounting and financial reporting. 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. Financial reporting impacts of coronavirus. special promotions, or general inquiries, please contact us as follows: Phone: +1 (201) 505-6062 Receive timely updates on accounting and financial reporting topics from KPMG. Digital Self-Studies. KPMG in-depth guides. KPMG explains ASC 230 cash flow classification issues and noncash disclosure requirements in detail. 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. 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. 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 We provide Q&As and examples, and discuss the impact of … 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 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. Similarly, showing an asset as held for sale can give a… August 2016 kpmg.com.au KPMG Financial Reporting Insights KPMG’s review of 45 ASX200 entities Operating Segment disclosures We look forward to hearing from you! Adjusted earnings before interest, tax, This course is designed to provide participants with a working knowledge of the basic accounting requirements for discontinued operations. Individuals who register for any 2 KPMG Executive Education in-person seminars can save! 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. of Professional Practice, KPMG US, Senior Manager, Dept. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. 0:37: Discontinued operations—overview. Determining if disposed-of or held-for-sale, Determining if the strategic shift test is met. If you did not attend the live webcast, but are interested in earning CPE credit for participating in this webcast, visit KPMG Executive Education. 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. Operations. Guidance, updates and news covering financial reporting impacts of COVID-19. Discontinued operation 31 7. Share‑based payment arrangements 39 12. For questions related to the KPMG Executive Education website or accessing a digital self-study, please contact our Help Desk. 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. By continuing to browse this site, you consent to the use of cookies. KPMG professionals discuss the accounting under ASC 205-20. Course Agenda. explain accounting for discontinued operations. 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. The designated results of operations must be reported as a discontinued operation within the financial statements if both of the following conditions are present: 11. ... 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. Delivering value up and downstream. Email: us-kpmglearning@kpmg.com, KPMG Executive Education PwC serves some of the world’s largest national and international oil and gas companies. Use our Accounting Research Online website for financial reporting resources. 8:00 AM to 6:00 PM Eastern Time. Topics include: scope of ASC Topic 205-20 determining the component determining if disposed-of or held-for- Employee benefits 39. 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 13. This course is designed to provide participants with a working knowledge of the basic accounting requirements for discontinued operations. 3:44: Held-for-sale—overview. 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. Revenue 33 8. © 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. Sharing our expertise and perspective. © 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. 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). Audit Standards Update - August, 2014 Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity * Get a 10% discount on KPMG Executive Education digital self-studies when you purchase four or more courses in a single transaction. All rights reserved. ASC 360-10 specifies the accounting and reporting for long-lived assets that are being … No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. us improve KPMG Executive Education. diluted EPS 39 4.7 Applying the five-step approach 42. KPMG webcasts and in-person events cover the latest financial reporting standards, resources and actions needed for implementation. New York, NY 10154-0102. Net finance costs 36 10. CocaCola annual income from discontinued operations for 2018 was $0B, a NAN% decline from 2017. Hours of Operation: Monday through Friday. Income taxes 47. Income and expenses 34 9. Earnings per share 37. Income taxes 47. 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. The held-for-sale impairment model is critical to assessing discontinued operations. For more information, call 201-505-6062 or email us-kpmglearning@kpmg.com. 1 The KPMG Guide: FRS 2, Share-based Payment and FRS 5, Non-current Assets Held for Sale and Discontinued Operations Partner, Dept. Energy. 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. Delivering insights to financial reporting professionals. Once this webcast has been presented, it will be available as a CPE-Eligible Self-Study. is a subsidiary acquired exclusively with a view to resale. For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance. This self-study is also mobile-compatible. We have consulted with, and this letter represents the views of, the KPMG network. Alternatively, an entity may present the analysis in the statement. Employee benefits 42. 2016) Sale and Discontinued Operations. presentation and disclosure of discontinued operations. operations 38 4.6 Step 5: Identify dilutive POSs and determine . 6. All rights reserved. of Professional Practice, KPMG US. * Discounts cannot be combined and must be applied at time of initial registration. Ask about our group discounts too. CocaCola annual income from discontinued operations for 2019 was $0B, a NAN% decline from 2018. Your feedback or suggestions about our website and training courses will help Advance Preparation: There is no advance preparation for this course. Coca-Cola annual income from discontinued operations for 2019 was $0B, a NAN% decline from 2018. Informing your decision-making. The amendments apply prospectively. KPMG does not provide legal advice. The aim of AASB 5 is to enable users to understand the performance of the continuing business. Coca-Cola annual income from discontinued operations for 2018 was $0B, a NAN% decline from 2017. 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