How should employee walkout be presented in IFRS or GAAP FS?

Question

If a strike occurs that have financially impacted the company. How should it be treated under IFRS and GAAP Standards?

- Could they (and where should they) be separately reported?
- If they couldn't be separately reported, could they be disclosed in notes to financial statements?


Thanks

Answer 1

This loss is not an extraordinary item, since it is not unusual in nature. However, it can appear as a separate line item in the main portion of the income statement. It will be reported at its gross amount (not *** of the tax savings).