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of <h1>New Accounting Standard AS 24 Mandates Detailed Disclosures for Discontinuing Operations in Financial Statements</h1> The Accounting Standard (AS) 24 on Discontinuing Operations outlines the principles for reporting information about discontinuing operations to enhance financial statement users' ability to project an enterprise's financial position. It applies to all discontinuing operations, defining them as components of an enterprise being disposed of, either entirely or piecemeal, as part of a single plan. The standard requires disclosure of initial events, recognition, measurement, and presentation of financial data related to discontinuing operations. It mandates detailed disclosures in financial statements, including assets, liabilities, revenue, expenses, and cash flows, and requires updating these disclosures as necessary until the discontinuance is completed.
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