Question
FRS requires the reporting of extraordinary items with other revenue and expenses.US GAAP was recently changed to eliminate the concept of extraordinary items. However, GAAP
FRS requires the reporting of extraordinary items with other revenue and expenses.US GAAP was recently changed to eliminate the concept of extraordinary items.
However, GAAP still requires disclosure (either as a line item component of continuing operations or in the notes to the financial statements) of material events or transactions that are either unusual in nature or infrequent in occurrence.
Do you agree with the elimination of the concept of extraordinary items?Have users of financial statements prepared in accordance with GAAP lost any material information due to the change?
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