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In a recent meeting with its auditor, Counting Crows management argued that the company should be able to prepare a pro forma income statement with
In a recent meeting with its auditor, Counting Crows management argued that the company should be able to prepare a pro forma income statement with some one-time administrative expenses reported similar to extraordinary items and discontinued operations. Is such reporting consistent with the qualitative characteristics of accounting information as discussed in the conceptual framework? Explain
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