A multiple-step Income Statement is consistent with International Financial Reporting Standards.

Question

Quizplus · Accepted Answer

A multiple-step income statement, which separates operating revenues and expenses from non-operating revenues, expenses, gains, and losses, is consistent with International Financial Reporting Standards (IFRS) as it provides a detailed view of a company's financial performance, although IFRS does not mandate a specific format.

A Multiple-Step Income Statement Is Consistent with International Financial Reporting