Читать книгу Wiley GAAP: Financial Statement Disclosure Manual - Joanne M. Flood - Страница 27

In fiscal year 20X7, we expanded into container shipping services as a new business sector to provide related transportation logistics services to customers in the United States and in Canada. We have signed cooperation agreements with ShipCo Canada to provide freight logistics services and container shipping services to them in the United States. To ensure effective and high‐quality services provided to our customers in the United States, we established a joint venture, LRB Shipping Center Corp., in the second quarter of fiscal 20X7 with a U.S. local freight forwarder, Meta Global Logistics Inc. The joint venture ended in December 20X7 and we continue to operate shipping business through our other subsidiaries. Since LRB Center's operating revenue was less than 1% of the Company's consolidated revenue and the termination did not constitute a strategic shift that would have a major effect on the Company's operations and financial results, the results of operations for LRB Center was not reported as discontinued operations in the financial statements.