As part of its efforts to simplify financial statement reporting, the FASB recently streamlined its treatment of extraordinary items. Entities will no longer have to separately classify, present and disclose extraordinary events or transactions.
Accounting Standards Update No. 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items addresses the difficulty and costs reported by stakeholders in applying current practice in order to determine if a transaction or event is infrequent and unusual.
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