The Reporting of Irregular Items in a Multiple-Step Income Statement

The single-step format consists of just two groupings: revenues and expenses. Expenses are deducted from revenues to arrive at net income or loss, hence the expression “single- step.”Registered companies, since end of the 70’s, are governed by a “conceptual framework” that sets the objectives and qualities of the information contained in the “financial reporting”, which reflects the essence of creating the Multiple-Step Format, i.e. make financial reporting to proprietors, investors and other external users more meaningful in decision making.