APB No. 30--Extraordinary items
- What criteria must be met in order for a gain or loss to be considered extraordinary? Explain each criteria in detail.
- What role does the environment play in the determination of extraordinary items?
- What factors are included in the environment?
- In absence of evidence, a gain or loss should be considered ordinary or extraordinary?
- In APB Opinion No. 30, the Accounting Principles Board moved closer to which income concept?
- How should a material event or transaction that fails to meet one or the other of the criteria for an extraordinary item, but not both, reported in the financial statements? Explain in detail.
- What is the position taken in the IFRS's with regard to extraordinary items?
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