Question

Which of the following items does IFRS require to be disclosed but not necessarily presented on the income​ statement?

A.

income of associates

B.

finance costs

C.

turnover

D.

litigation settlements

2.

Which of the following is not a characteristic that must be considered when determining that a business activity is a component of an entity for purposes of classifying that activity as a discontinued​ operation?

A.

The activity comprises operations and cash flows.

B.

The activity can be clearly distinguished for financial reporting purposes.

C.

The activity is a portion of the entity.

D.

The activity constitutes a strategic advantage.

Answer 1

Ans: The correct option for the answer is option D i.e. Litigation statements

These statements needs to be disclosed but not to be necessarily presented on the income statement

Ans: The correct option for the answer is option D i.e. The activity constitutes a strategic advantage.