Income statements prepared under IFRS contain which of the following sections or categories, depending on the nature of a firm's earnings for the period?
A)income from continuing operations
B)income, gains, and losses from discontinued operations
C)separate disclosure of material income items
D)all of the above
E)none of the above

Question

Quizplus · Accepted Answer

Income statements prepared under IFRS can include all three sections/categories listed in the question, depending on the nature of the firm's earnings for the period. Income from continuing operations refers to the ongoing earnings from the business's normal operations, while income, gains, and losses from discontinued operations are from businesses or segments that the company has sold or plans to sell. Separate disclosure of material income items refers to providing additional details about significant earnings items.

Income Statements Prepared Under IFRS Contain Which of the Following