Which of the following is required to be disclosed, pursuant to GAAP?
A) operating income or loss from discontinued component reported on the income statement
B) a description of facts and circumstances leading up to the sale of a discontinued component within the notes of the financial statements
C) all gains or losses from sale of the component reported on the income statement or in the footnotes
D) All of these answer choices are correct.

Question

Quizplus · Accepted Answer

Under GAAP, all of these elements are required to be disclosed when dealing with discontinued operations. This includes the operating income or loss from the discontinued component, a description of the facts and circumstances leading up to the sale, and all gains or losses from the sale of the component. These disclosures ensure transparency and provide a clear understanding of the financial impact of discontinued operations.

Which of the Following Is Required to Be Disclosed, Pursuant