Accounting · Financial Statements

Standard Group publishes consolidated financial statements annually to 31 March. On 1 February 20X5, Standard Group formally committed to a plan to sell its entire 'Vega' segment, which represents a separate major geographical area of operations. The segment was still active and contributing to results up to the board's commitment date. The sale is highly probable and expected to complete by 30 June 20X5. The 'Vega' segment's post-tax profits were: Year ended 31 March 20X4: $1,200,000 1 April 20X4 to 31 January 20X5: $900,000 On 31 March 20X5, the segment's assets and liabilities met the held for sale criteria, and a post-tax impairment loss on measurement of $150,000 was recognized for the segment's disposal group. What amounts should be presented as 'Profit for the period from discontinued operations' in Standard Group's consolidated statement of profit or loss for the year ended 31 March 20X5 and the comparative year ended 31 March 20X4, respectively?