Changes brought about by new accounting standards have expanded the income statement reporting of extraordinary items.
BT: Knowledge

Question

Quizplus · Accepted Answer

Changes brought about by new accounting standards have actually narrowed the reporting of extraordinary items on the income statement. Extraordinary items are now limited to unusual and infrequent events or transactions, and are no longer reported separately on the income statement as a line item. Instead, they are included in the income from continuing operations net of tax.

Changes Brought About by New Accounting Standards Have Expanded the Income