Discontinued operations and extraordinary items should be reported in the financial statements "net of tax."

Name: Discontinued operations and extraordinary items should be reported in the financial statements "net of tax."
Brand: Quizplus
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Question

Quizplus · Accepted Answer

This is because the tax effects of these items are typically included in the income tax expense or benefit reported on the income statement. Reporting them net of tax provides a more accurate picture of the financial impact of these items on the company's overall performance.

Discontinued Operations and Extraordinary Items Should Be Reported in the Financial