Although a company has considerable flexibility in reporting income from continuing operations, the presentation order of these two is mandated as follows: 23 22 In fact, these are the only two events that are allowed to be reported below continuing operations. There are two types of events that, if they have a material effect 21 on the income statement, require separate reporting and disclosure: (1) discontinued operations and (2) extraordinary items. Toward this end, users should be made aware of events reported in the income statement that are not likely to occur again in the foreseeable future. The information in the income statement is useful if it can help users predict the future. Please change your browser preferences to enable javascript, and reload this page. You must have javascript enabled to view this website.
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