Which of the following is required to be disclosed, pursuant to GAAP?
A) operating income or loss from discontinued component reported on the income statement
B) a description of facts and circumstances leading up to the sale of a discontinued component within the notes of the financial statements
C) all gains or losses from sale of the component reported on the income statement or in the footnotes
D) all of these

Question

Quizplus · Accepted Answer

All of these options are required to be disclosed under GAAP. The operating income or loss from a discontinued component must be reported on the income statement, a description of the facts and circumstances leading up to the sale of a discontinued component must be included in the notes to the financial statements, and all gains or losses related to the sale of the component must be reported either on the income statement or in the footnotes to the financial statements.

Which of the Following Is Required to Be Disclosed, Pursuant