From my studies I recall it depending on how the securities are classified - in fact I wrote to Wave two years ago concerning how the SSP shares were classified thinking it represented a shift in how they were viewing the investment (from holding to trading). The response from Wave was that their auditors told them to classify it this way. I won't quibble about Feeney but I wouldn't give a pass to the auditors and their advice and the level of attention they pay to Wave. If indeed they didn't look or peer review their work until after Wave published the statements, then that's pretty sloppy.
On a positive note, it's nice to practice the entries for operating income in advance (like a proforma) leading up to the time when Wave actually has to record something in those spaces on the income statment. (LOL)
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