Under IFRS, which of the following would be included in income from continuing operations on the income statement?

        I.      a large loss from a foreign currency translation.

     II.      a union strike that shuts down operations for three months.

   III.      a foreign government takes possession of a company’s only plant.

  IV.      damage to a factory due to an earthquake in an area that had not previously experienced earthquakes.

1. I,II
2. III,IV
3. I,II,IV
4. I,II,III,IV

Choice d is correct. Under IFRS, all of these items would be included in income from continuing operations. Note that under U.S GAAP, Items III, & IV would be classified as extraordinary items. IFRS does not permit the reporting of extraordinary items.

My Question, Shouldn't we charge No.1 "a large loss from a foreign currency translation" in PUFE (Foreign currency items). Please can any one tell me that where should we report FOREIGN CURRENY TRANSLATION GAIN/LOSS.

THANKS

thanks Divia

Nice explanation. got it what you mean

and so great to see you here Divya!  ;-)