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This draft Opinion provides more definitive criteria for determining whether an event or transaction should be reported as an extraordinary item. To be reported as extraordinary, an event or transaction must be clearly unrelated to the ordinary activities of the entity in the context of the environment in which it operates and must be of a type that is not expected to recur in the foreseeable future. Material unusual events or transactions which do not qualify as extraordinary items are, nevertheless, to be fully disclosed.
Disclosure in accounting; Financial statements -- Standards -- United States; Corporations -- Accounting -- Standards -- United States
Accounting | Taxation
American Institute of Certified Public Accountants. Accounting Principles Board, "Proposed APB opinion : Reporting the effects of extraordinary events and transactions;Reporting the effects of extraordinary events and transactions" (1972). Statements of Position. 345.