Under IAS 1 Presentation of financial statements which of the following items could be disclosed as...
Under IAS 1 Presentation of financial statements which of the following items could be disclosed as an extraordinary item:
Write-downs resulting from expropriation of assets by a foreign government
Loss from the settlement of public and product liability lawsuits
Claims paid by a train company as a result of a crash
None of them - Extraordinary items are not allowed
Homework Answers
IAS 1 Presentation of Financial Statements prohibits presentation of any item as Extraordinary item in the financial statements or in the notes.
Therefore, the answer is none of the items in the question can be presented as Extraordinary items.
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