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discontinued operations


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The operations of a reporting entity that has been sold or permanently closed down in a period or before the earlier of three months after the commencement of the subsequent period and the date on which the financial statements are approved. According to Financial Reporting Standard 3, if the sale or termination has a material effect on the reporting entity’s operations and the assets, liabilities, and results are clearly distinguishable, the profit and loss account should show the results of these operations separately. For UK listed companies International Financial Reporting Standard 5, Non-current Assets Held for Sale and Discontinued Operations now applies.

Subjects: Accounting.


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