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 While ASC 225-20 is not superseded as of the writing of this article, the board has moved one step closer to permanently eliminating extraordinary item reporting.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
Citation
RANASINGHE, Tharindra; NOLAND, Thomas; GAMBLE, George; and DHOLE, Sandip.
Use of the Extraordinary Item. (2012). CPA Journal. 82, (2), 26-31.
Available at: https://ink.library.smu.edu.sg/soa_research/911
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