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FASB issues ASU on extraordinary items

  • FASB document Image

Jan 09, 2015

The FASB has issued ASU 2015-01, “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.”

The Board released the new guidance as part of its simplification initiative, which is intended to “identify, evaluate, and improve areas of [U.S.] GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements.”

The ASU is effective for annual periods beginning after December 15, 2015, and interim periods within those annual periods.

For more information, see Deloitte's Heads Up newsletter as well as the ASU on the FASB’s Web site.

Correction list for hyphenation

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