Extraordinary and Unusual Items, ASU 2015-01

FASB issued an Accounting Standards Update, ASU 2015-01, in January 2015

Topic: Income Statement – Extraordinary and Unusual Items (asc 225-20)

  • The concept of extraordinary items was eliminated.
  • Unusual or infrequently occurring items are
    • presented as a separate component of income from continuing operations or
    • disclosed in the notes to financial statements

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