Title

Use of the Extraordinary Item

Publication Type

Journal Article

Publication Date

2-2012

Abstract

At its March 10, 2010, board meeting, FASB affirmed its prior tentative decision that a company should not present the effects of extraordinary, unusual, and infrequently occurring events and transactions as a functional category in the statement of comprehensive income, as has been required under the Accounting Standards Codification (ASC) Subtopic 225-20, Income Statement—Extraordinary and Unusual Items (originally issued as Accounting Principles Board [APB] Opinion 30). While ASC 225-20 is not superseded as of the writing of this article, the board has moved one step closer to permanently eliminating extraordinary item reporting. The International Accounting Standards Board (IASB) already prohibits reporting extraordinary items.

Discipline

Accounting | Corporate Finance

Research Areas

Corporate Reporting and Disclosure

Publication

CPA Journal

Volume

82

Issue

2

First Page

26

Last Page

31

ISSN

0732- 8435

Publisher

New York Society of CPAs