[Anonymous]

I just want to make sure my study materials are updated with correct information:
GASB still allows and uses Extraordinary items, but FASB does not, right?

Could someone kindly please explain the “unusual or is it and infrequent” change from FASB?
It’s a separate line item, I understand but keep confusing the words on this.

[jombe]

In December 2014 and January 2015, the FASB issued updated standards on private company intangibles in a business combination and extraordinary items. Notably, extraordinary items will no longer be included in financial statements prepared according to GAAP, bringing GAAP more into alignment with IFRS in this case. Both these standards are eligible for early adoption, and would normally therefore be eligible to appear on the exam as early as July 2015. However, the AICPA made a statement in May that extraordinary items will not be removed from the FAR Content Specification Outline (CSO) until Q1 2016. In other words, extraordinary items will remain on the exam through the rest of 2015. Beginning in January 2016, it will be gone.

oh and for GASB, yes, I don't think there has been an amendment to GASB yet to eliminate Extraordinary Items.
GASB Extraordinary = unusual AND infrequent
GASB Special = unusual OR infrequent

FAR - 94 (10/4/15), Local Prep Online Lectures, BISK & NINJA MCQ
AUD - 99 (1/19/16), Local Prep Online Lectures, BISK & NINJA MCQ
REG - 96 (4/19/16), Local Prep Online Lectures, BISK & NINJA MCQ
BEC - 91 (7/19/16), Local Prep Online Lectures, BISK & NINJA MCQ

581 days of listening to lectures, reading texts & 10,000+ MCQs...

[Anonymous]

Oh, thank you, this helped me a lot.

[Author]

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