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assume there is impairment loss on assets, whether it be inventory, property,plant and equipment, where in the income statement does impairment loss go? in the statement of income or statement of comprehensive income?
and if in the statement of income , under what category of expense?The statement of Comprehensive Income is made up two parts: the income statement and the statement of other comprehensive income.
To answer your question, it goes to the income statement part as part of cost of goods sold.
The statement of Comprehensive Income is made up two parts: the income statement and the statement of other comprehensive income.
To answer your question, it goes to the income statement part as part of cost of goods sold.
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