The FASB's Conceptual Framework Classifies Gains and Losses Based on Whether

question 65

Short Answer

The FASB's conceptual framework classifies gains and losses based on whether they are related to an entity's major ongoing or central operations. These gains or losses may be classified as

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Definitions:

Plaintiff

The party who initiates a lawsuit by filing a complaint against the defendant in a court of law.

Mediation

A form of alternative dispute resolution where a neutral third party helps disputing parties reach a mutually agreeable solution.

Early Neutral Case Evaluation

A process in which parties to a dispute receive an assessment of their case by an impartial expert early in the litigation process.

Dispute Resolution

A process or methods used to resolve conflicts or disputes between parties, including negotiation, mediation, arbitration, or legal proceedings.