Update 2015-01 eliminates the concept of extraordinary items, to be tested 10/15

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  • August 21, 2015 at 8:54 pm #196299
    Anonymous
    Inactive

    “Update 2015-01 eliminates the concept of extraordinary items, to be tested 10/15.”

    Hey Jeff, Ive been seeing this message on many of the FAR Mcq answers in your testbank. What does this mean exactly?

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  • August 21, 2015 at 10:15 pm #687979
    WaitingonScoreRelease
    Member

    cdwolf,

    Obviously I'm not Jeff, but I think they're getting rid of the Extraordinary Items classification on the Income Statement and the lack of extraordinary items will be testable beginning in October.

    Hope this helps.

    Aud: 99. (May)
    Bec: 89. (April)
    Far: 84. (Feb)
    Reg: 79. (July)

    August 21, 2015 at 10:27 pm #687980
    greg2015
    Member

    You might want to read this post, which discussed this very topic.

    https://www.another71.com/cpa-exam-forum/topic/extraordinary-item

    AUD: 99
    FAR: 95
    BEC: 89
    REG: 87

    AICPA Ethics: 91

    Licensed Illinois CPA

    August 22, 2015 at 6:13 pm #687981
    Anonymous
    Inactive

    Okay, thanks

    August 22, 2015 at 6:23 pm #687982
    Anonymous
    Inactive

    I have heard about this too, but I recently got an update from Becker and there is no mention of this happening. The extraordinary information is still the same. Does anyone know for sure? It is kind of an important part

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