3) A client incurred an unusual and non-recurring loss from tornado damage. The client planned to record an extraordinary loss net of tax on a separate line on the income statement. The audit partner on the engagement has the unhappy task of telling the client that this treatment is no longer available under GAAP. To assist the audit partner, you need to identify the Accounting Standards Update (ASU) that changed the accounting for extraordinary items. REQUIRED: Determine the specific authoritative reference that the audit partner needs for his meeting with the client. How will the tornado damage loss be reported on the income statement