Chaitanyaa (Student) (166 Points)
28 December 2023
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 28 December 2023
Indas 1.87 it cannot be shown nor disclosed
Chaitanyaa
(Student)
(166 Points)
Replied 28 December 2023
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 28 December 2023
In January 2015, the Financial Accounting Standards Board (FASB) eliminated the concept of extraordinary items.
Chaitanyaa
(Student)
(166 Points)
Replied 13 January 2024
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 15 January 2024
In AS we usually put extraordinary item line item after taxes because it has a tax relief. But in IFRS, indas, what is the loss or gain you have to report it in a normal classification.
Example:
Due to floods your warehouse inventory is rotted- treat it normally as
Dr. Inventory writeoff
Cr. Inventory
Due to some bad debt written off guy returning the money back to you
Dr. Bank
Cr. Bad debt written off guy
So transactions will fall into the headings of indas 1 standard. You don't have to make a seperate line item for this nor notes.
Just treat it like a normal transaction
CAclubindia
