How should an unusual item not meeting the criteria for an extraordinary item be disclosed in the financial statements?
A)Shown as a separate item in operating revenues or expenses if material and supplemented by a note if deemed appropriate.
B)Shown in operating revenues or expenses if material but not shown as a separate item.
C)Shown net of income tax after ordinary net earnings but before extraordinary items.
D)Shown net of income tax after extraordinary items but before net earnings.

Question

Quizplus · Accepted Answer

An unusual item not meeting the criteria for an extraordinary item should be disclosed as a separate item in operating revenues or expenses if material and supplemented by a note if deemed appropriate. This ensures transparency and clarity for users of the financial statements.

How Should an Unusual Item Not Meeting the Criteria for an Extraordinary