Joined: 06 Sep 2006 Location: United States
Online Status: Offline Posts: 138
Posted: 20 Dec 2008 at 03:41 | IP Logged
Does a single-step income statement violate GAAP?
I couldn't find
anything stating that it wasn't in my Becker book, but when I look at
annual reports, they're all presented as multi-step, which makes me
think multi-step is GAAP and single-step is not. This may be picky but
I know the examiners are pedantic.
__________________ EY Bay Area
USC Grad Student '09
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My Bisk book stated that both the multi step and single step formats may be used. It further stated that the "presentation of income from continuing operations in a single step format is often used for publicly issued statements". Therefore, it is an allowable reporting format and does not violates GAAP.
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Topic: Does a single step I/S voilate GAAP?
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