Accounting for Discontinued Operations: Criteria and . . . The accounting treatment for discontinued operations involves several nuanced steps to ensure accurate financial reporting Initially, companies must measure the assets and liabilities of the discontinued segment at the lower of their carrying amount or fair value less costs to sell
Offsetting financial assets and financial liabilities - KPMG In addition, the IASB has published Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32) These Amendments clarify the offsetting criteria in IAS 32 to address inconsistencies in their application
Derecognition of Financial Liabilities (IFRS 9) Derecognition is the process of removing a previously recognised financial liability from an entity’s statement of financial position This occurs when the obligation is discharged, cancelled, or expires
Reclassification: Reclassification: Shifting Accounts for . . . This process involves reviewing the existing classifications of assets, liabilities, income, and expenses, and making necessary adjustments to align with the appropriate accounting standards and the company's financial reporting framework The goal is to provide stakeholders with a transparent view of the company's financial health and performance
FASB exposes financial statement element definitions - KPMG The proposals aim to clarify and improve the definitions of financial statement elements by: Clearly identifying the right or obligation that gives rise to an asset or a liability; Eliminating terminology that purports to make the definitions of assets and liabilities difficult to understand and apply
Disclosure of Changes in Liabilities Arising from Financing . . . in disaggregating liabilities arising from financing activities, and cash and non-cash changes in those liabilities, an entity applies paragraph 44B of IAS 7 and paragraph 30A of IAS 1 Presentation of Financial Statements