APB No. 30--Extraordinary items
        1. What criteria must be met in order for a gain or loss to be considered extraordinary?  Explain each criteria in detail.
        2. What role does the environment play in the determination of extraordinary items?
        3. What factors are included in the environment?
        4. In absence of evidence, a gain or loss should be considered ordinary or extraordinary?
        5. In APB Opinion No. 30, the Accounting Principles Board moved closer to which income concept?
        6. 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.
        7. What is the position taken in the IFRS's with regard to extraordinary items?

    Return to Review Questions
    Return to Topical Outline
    .Return to Contemporary Accounting Issues