FAR — Quick Sheet
Balance Sheet & Income Statement Preparation
Read time: ~5 minutes
One-minute revision
- Current = converted/settled within 1 year or operating cycle, whichever is longer
- Multi-step order: Sales → Gross profit → Operating income → Income before tax → Continuing ops → Net income
- Discontinued ops = strategic shift with major effect, reported net of tax, below continuing operations
- EPS required for: continuing operations, discontinued operations, net income