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:

Operating Departments

These are divisions within a business that are directly involved in carrying out the operations central to the business's purpose.

Indirect Expenses

Costs that are not directly attributable to the production of goods or services, such as administrative and selling expenses.

Square Feet

A unit of area measurement equal to a square that measures one foot on each side, commonly used in the United States for measuring real estate and room sizes.

Total Costs

The sum of all expenses and costs incurred by a business in the production or offering of its goods or services.