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Simplifying income statement presentation by eliminating extraordinary items

The objective of this project is to reduce the cost and complexity of income statement presentation by eliminating the concept of extraordinary items while maintaining or improving the usefulness of the information provided to the users of financial statements.

 

Meeting minutes

  • October 29, 2014 — The Board decided to issue a final Accounting Standards Update (ASU).
  • May 28, 2014 — The Board decided to add this project to its agenda and made tentative decisions.

 

Current status

The FASB issued a final ASU on January 9, 2015.

 

Project milestones

DateDevelopmentsComments
May 28, 2014 Added to the FASB's agenda.
July 15, 2014 Proposed ASU, Income Statement — Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. Comments due September 30, 2014.
January 9, 2015 FASB Accounting Standards Update No. 2015-01 — Income Statement — Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. Effective December 15, 2015.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.