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w1977

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tT
发表于 2011-7-13 16:16 | 只看该作者
IFRS does not permit firms to treat transactions as extraordinary in the income statement. Does anyone know what happens to extraordinary transactions under IFRS?

Also, are there any differences in treatment of Goodwill under IFRS and US GAAP? Is treatment of negative goodwill different from positive goodwill?

This has been bothering me for a while as I have seen questions in which IS is presented to ask the questions related to standard followed in the IS. I am worried because if I am not able to figure out from IS which standard they followed while preparing the IS, it's going to be very hard to answer the question. Most of the questions I have seen are either related to extraordinary items, interest/dividend treatment or goodwill. Other areas are pretty clear but these two are not presented in their entirety.
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eagles_dare13

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2#
发表于 2011-7-13 16:16 | 只看该作者
In IFRS extraordinary item such as loss from destruction of property in a fire would most likely be classified as continuing operation

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spartanag07

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3#
发表于 2011-7-13 16:16 | 只看该作者
To the best of my knowledge the differences are as follows:
Extraordinary transactions are "prohibited" under IFRS and therefore show up as an above the line item

Difference in treatment of Goodwill under IFRS & US GAAP:

Recording value initially
Impairment testing - ! step (IFRS) vd 2 Step (USGAAP)

Negative differences. Negative Goodwill is actually a positive as _ve goodwill is the acquisiton price is less than the FV and is charged to P&L under both.

Hope this helps.

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