a question from reading 32

CFA Level I
#1

under IFRS, a loss from the destruction of property in a fire would most likely be classified as A continuing operations B an extraordinary item C discontinued operations D a prior period adjustment

#2

A, extraordinary item are prohibited under IFRS under GAAP this would be B, assuming the destruction of material property by fire is both unusual and infrequent

#3

why not C whodey Wrote: ------------------------------------------------------- > A, extraordinary item are prohibited under IFRS > > under GAAP this would be B, assuming the > destruction of material property by fire is both > unusual and infrequent

#4

discontinued operations under both GAAP and IFRS applies when a firm disposes or plans to dispose business with separately identifiiable operations and assets. i.e. they sell off a business unit.

#5

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