Reporting Financial PerformanceThe main abuse of SSAP related to the treatment of extraordinary items, particularly redundancy, reorganization and restructuring costs. Any such costs classified as extraordinary were excluded from the earnings per share number under SSAP/.The treatment of extraordinary items was thus often “EPS-driven”.Main chargesThe main charges introduced by financial reporting...
Sunday, January 9, 2011
Friday, January 7, 2011
(231)-EXTRAORDINARY ITEMS AND PRIOR YEAR ADJUSTMENTS
Extraordinary Items and Prior Year AdjustmentsPrior Year AdjustmentsPrior year adjustments are those material adjustments applicable to prior year arising from changes in accounting policies or from the correction of fundamental errors. They do not include normal recurring corrections or adjustments of accounting estimates made in prior years.Changes in accounting policyExamples could include policy...
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