Sample Essay

It is a requirement within the Financial Reporting standards that a single amount of the total of post tax profit or loss of discontinued operations and the post tax-gain or loss recognized on the measurement to fair value less costs to sell or on the disposal of the assets or disposal group constituting the discontinued operations to be shown on the income statements.

It follows therefore that for the period after the earthquake the operations on the affected stores had to cease for some time. Also to be included are litigation settlements. The amount received in the insured damage plus tax benefits directly related to the losses are to be considered as litigation settlements and are also to be shown on the income statement with accompanying notes.

This will be essential in giving the clear net value of the company at the close of the financial period and also give clear guidance when budget for the following financial period.

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