[Luna]

I heard that extraordinary items were removed from income statement, I also reviewed the book and I didn’t find anything, Where are them now? In footnotes? Or just disappear?

Thank you

[Biff-1955-Tannen]

Somebody correct me if I'm wrong, but it will just be classified under other income or expenses

AUD 93 Jan 16
BEC 83 Feb 16
FAR 83 Apr 16
REG 84 May 16

99% Ninja MCQ only

[monikernc]

I pulled this from page 10 here: https://www.fasb.org/resources/ccurl/147/382/ASU%202015-01.pdf
Unusual or Infrequently Occurring Items
225-20-50-3 The nature and financial effects of each event or transaction that is unusual in nature or occurs infrequently, but not both, or both shall be disclosed on the face of the income statement presented as a separate component of income from continuing operations or, alternatively, disclosed in notes to the financial statements.

there is probably more about when it appears in income statement versus disclosure but i fell asleep before i found it…

the F in FASB stands for Fascinating. don't you think?

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Anonymous]

It's such a coincidence that I am currently studying (BEC) exceptional items that are included in the performance reports.

https://www.investinganswers.com/financial-dictionary/financial-statement-analysis/exceptional-item-3006

[Jeff01234567]

In one of the lectures for FAR, I think they said the idea of extraordinary items was gone and assimilated into income from continuing operations. Correct me if I'm wrong, I haven't looked at FAR since January

BEC - 83 Oct 23
FAR - 84 Jan 8
AUD - 81 Feb 26
REG - 84 May 23

[Spartans92]

@Jeff, I think that is correct. Vaguely remember but I do recall it going into the IDA mnemonic.

BEC- PASS

[Skynet]

The “Extraordinary Items” are currently studying for and taking the CPA Exams.

They will be come even more “Extraordinary” once they received those 3 letters.

[jeff]

From NINJA Notes (formatting is messed up from cut & paste)

Unusual or Infrequent Items

o Formerly Extraordinary Items
o Two Options for Reporting

-Income Statement
• Above Income from Continuing Operations
-Footnotes to Financial Statements
o Change: No longer net-of-tax

o Treatment in Financial Statements
-Retrospective or Prospective Treatment
• Additional disclosures required for
previous extraordinary classifications

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[monikernc]

who copied and pasted from a ninja note?
oh, it was jeff. i see how that works. it is a top ninja supa powa
look ma! no CAPS. ooops. careless use of kryptonite.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[jeff]

😉

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[monikernc]

Busted. 😉

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Skynet]

My definition is better : p

[Biff-1955-Tannen]

@Skynet lol wow

I bet you're awesome at dad jokes

AUD 93 Jan 16
BEC 83 Feb 16
FAR 83 Apr 16
REG 84 May 16

99% Ninja MCQ only

[monikernc]

things are better with Skynet. things go better with Skynet. Skynet is just better at things.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[monikernc]

come to think of it, Skynet is an extraordinary item and we would never reduce him to unusual or infrequent or ban him to the notes.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Author]

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