Use of the Extraordinary Item
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 While ASC 225-20 is not superseded as of the writing of this article, the board has moved one step closer to permanently eliminating extraordinary item reporting.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.
Accounting | Corporate Finance
Corporate Reporting and Disclosure
New York Society of CPAs
RANASINGHE, Tharindra; NOLAND, Thomas; GAMBLE, George; and DHOLE, Sandip.
Use of the Extraordinary Item. (2012). CPA Journal. 82, (2), 26-31. Research Collection School Of Accountancy.
Available at: http://ink.library.smu.edu.sg/soa_research/911