Financial Reporting and Ethics - The Institute of Chartered ...

ACCOUNTING STANDARDS(v)Actions required to complete the plan should indicate thatit is unlikely that significant changes to the plan will bemade or that the plan will be withdrawn.(d)(e)(f)(g)A discontinued operation is a component of an entity that eitherhas been disposed of or is classified as held for sale; and(i) represents a separate major line of business orgeographical area of operations;(ii) is part of a single coordinated plan to dispose of a separatemajor line of business or geographical area of operation;or(iii) is a subsidiary acquired exclusively with a view to resale.IFRS 5 requires an entity to disclose a single amount on the faceof the income statement comprising the total of;(i) the post-tax profit or loss of discontinued operations, and(ii) the post-tax gain or loss recognized on the measurementof fair value less cost of selling or on the disposal of theasset.An analysis of the single amount in (e) into:(i) the revenue, expenses and pre-tax profit or loss ofdiscontinued operation;(ii) the related tax(iii) the gain or loss recognized in the measurement of fairvalue less cost of selling or on the disposal of thediscontinued operation;The net cash flows attributable to the activities of the discontinuedoperations.5.2.15 Operating SegmentsRelevant Standards are:(a)(b)(a)(b)Statement of Accounting Standard 24: Segment ReportingInternational Financial Reporting Standard 8:OperatingSegmentsActivities of many organisations cut across different classes ofbusiness and geographical boundaries. It is expected that theirfinancial reports should give reasonable information about theclasses and geographical boundaries of their businesses, wheresuch businesses are significantly affected by the different classesor geographical boundaries.Financial statements are a means of communicating informationon the resources, obligations, and performances of a reporting109