Which of the Following Items Does IFRS Require to Be

question 74

Multiple Choice

Which of the following items does IFRS require to be presented on the income statement that U.S. GAAP does not require?

• A) litigation settlements
• B) finance costs
• C) after-tax profit or loss on discontinued operations
• D) restructuring costs

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Definitions:

Entrepreneurial Employees

Employees who exhibit entrepreneurial characteristics within an organization, including innovation, risk-taking, and proactiveness, contributing to the company's growth.

Flexible

The ability to easily adapt to new, different, or changing requirements and situations.

Agency Problem

arises in situations where there is a conflict of interest between the principals (owners) and agents (managers) of an organization, leading to potential difficulties in aligning their goals.

Conflict of Interest

A situation where a person's personal interest could potentially interfere with their professional duties or responsibilities, leading to compromised decision-making.