United States

FASB Eliminates Extraordinary Items Concept

Jan 15, 2015
From the Financial Reporting View

This edition of Defining Issues reports that the FASB recently issued an Accounting Standards Update (ASU) that eliminates the concept of extraordinary items from U.S. GAAP as part of its simplification initiative. The ASU does not affect disclosure guidance for events or transactions that are unusual in nature or infrequent in their occurrence.

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