Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question About about IFRS 5: Non current assets held for sale What is the presentation of termination of business segments in the statement of income

Question About about IFRS 5: Non current assets held for sale

What is the presentation of termination of business segments in the statement of income and other comprehensive income of the company? A. Discontinued operations are presented as a deduction or addition to Retained Earnings Balance. B. Amounts arising from discontinued operations are detailed based on the income and expense categories. C. The entity presents termination of business segments as a single amount on the Income Statement and other comprehensive income with analysis on notes to the financial statements or portions of the income statement separate from continuing operations. D. Discontinued operations are presented one line below the gross profit and the tax expense arising from the transaction are presented as income tax expense.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Audit Quality Developing A Quality Assurance And Improvement Program

Authors: Sally-Anne Pitt

1st Edition

1118715519, 978-1118715512

More Books

Students also viewed these Accounting questions

Question

How do you add two harmonic motions having different frequencies?

Answered: 1 week ago