KPMG Comments on FASB Proposal about Income Statement Presentation of Extraordinary and Unusual Items
Oct 06, 2014
From the Financial Reporting Network
KPMG LLP recently commented on the proposed FASB ASU, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, which would eliminate the concept of extraordinary items, but not the requirement to determine whether an event or transaction is unusual in nature or infrequent in occurrence. KPMG supports the proposal to eliminate the concept of extraordinary items because it is rare in practice for a transaction or event to meet the requirements to be presented as an extraordinary item and because users do not find the presentation helpful. KPMG also suggested changes that would strengthen the proposal.