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In this episode, we go back to basics to talk about discontinued operations. It’s an area that’s recently seen an increase in questions, so we’re taking a closer look at when discontinued operations accounting applies and how it may impact financial statement users. 

Topics include:

• 0:37: Discontinued operations—overview. We start with an overview of the purpose of discontinued operations presentation and why it’s meaningful to users of the financial statements.
• 3:10: Held-for-sale—overview. The held-for-sale impairment model is critical to assessing discontinued operations. We highlight how a component would meet the held-for-sale criteria as of the balance sheet date, and then look at the financial reporting implications.
• 0:00: Held-for-sale—FAQs. We examine the most common questions we hear when preparers are working through evaluating the criteria for held-for-sale.
• 0:00: Discontinued operations—the  criteria. How does the held-for-sale model interact with the discontinued operations model? We explain.
• 0:00: Discontinued operations—  presentation and disclosure. We close by talking through the impacts to the financial statements, as well as share final reminders and where listeners can find more information.

Beth Paul is a partner and topical team leader in PwC’s National office. In this role, Beth is responsible for a team of consultants that specialize in business combinations and related areas such as consolidations, disposals, impairments, and segment reporting. Prior to this role, Beth was the Strategic Thought Leader in PwC’s National office working closely with firm leadership to determine PwC’s position on emerging trends in auditing, accounting, and financial reporting matters.

Steve Dolph is a director in PwC’s National office, specializing in accounting for business combinations and related areas, including asset acquisitions, disposals, and impairments. Prior to joining the National Office, Steve had more than 10 years of experience as a member of PwC's Private Company Services group, focusing on private company accounting issues and business solutions.

Heather Horn  is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.