If a loss resulting from an earthquakeis classified as extraordinary,which of the following disclosures meets the minimum requirements in Canada?
A) Two earnings per share figures, one before and the other after the net of tax effect of the extraordinary loss.
B) One earnings per share figure that ignores the extraordinary loss.
C) One earnings per share figure, net of the before-tax effect of the extraordinary loss.
D) One earnings per share figure, net of the after-tax effect of the extraordinary loss.

Question

Quizplus · Accepted Answer

In Canada, when an extraordinary loss occurs, it is required to disclose two earnings per share figures: one before and one after the net of tax effect of the extraordinary loss. This provides a clear picture of the impact of the extraordinary event on earnings.

If a Loss Resulting from an Earthquakeis Classified as Extraordinary,which