Does IFRS allow for the presentation of extraordinary items or gains and losses as a separate element of the income statement and the inclusion of "deferred tax assets/liabilities under current assets and current liabilities?
A)Yes,Yes
B)Yes,No
C)No,Yes
D)No,No

Question

Quizplus · Accepted Answer

IFRS does not allow for the presentation of extraordinary items in the income statement, as it considers all items to be part of ordinary activities. Additionally, deferred tax assets and liabilities are not classified as current under IFRS but are presented as non-current items.

Does IFRS Allow for the Presentation of Extraordinary Items or Gains