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Unformatted text preview: disclosure note. If the component is held for sale but not sold by the end of the reporting period, the income effects will include income (loss) from operations and an impairment loss if the fair value less costs to sell is less than the book value of the components assets. The income (loss) from operations of the component is reported separately in discontinued operations on prior income statements presented for comparative purposes. Question 4-9 Extraordinary items are material gains and losses that are both unusual in nature and infrequent in occurrence, taking into account the environment in which the entity operates. Question 4-10 Extraordinary gains and losses are presented, net of tax, in the income statement below discontinued operations, if any....
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- Spring '10