Question

The fasb's conceptual framework classifies gains and losses based on whether they are related to an entity's major ongoing or central operations. these gains or losses may be classified as?

Answer 1

These gains and losses may be described or classified as either operating or nonoperating, depending on their relation to an entity's major ongoing or central operations.

What does Conceptual Framework say about profit and loss?

• The Exposure Draft proposed that, because profit or loss is the primary source of information about an entity's financial performance for the period, the framework should include a presumption that all income and all expenses will be included in that statement.
• The FASB's conceptual framework classifies gains and losses based on whether they are related to an entity's major ongoing or central operations.
• Nonoperating are “other” gains and losses.

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