A reporting entity that disposes of a component or has a component that qualifies as held for sale may meet the criteria for presentation as a discontinued operation in accordance with ASC 205-20, Presentation of financial statementsDiscontinued operations. The guidance applies to business entities and not-for-profit entities. However, oil and gas properties that are accounted for using the full-cost method of accounting are not in the scope of the guidance. Once determined to be within the scope of ASC 205-20, the discontinued operations disclosure requirements should be followed in lieu of, and not in addition to, other disclosure requirements.
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