Income Statements Prepared According to Both U

question 1

True/False

Income statements prepared according to both U.S. GAAP and International Accounting Standards require the separate reporting, as an extraordinary item, of material gains and losses from events that are both unusual and infrequent.

---

Definitions:

Comparable Units

Units or measures that are similar enough in key aspects to be used in comparisons or evaluations.

Certificates of Deposit

A savings certificate with a fixed maturity date and specified fixed interest rate that is issued by banks and is insured by the Federal Deposit Insurance Corporation (FDIC) up to a certain amount.