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    FASB and EITF Pronouncements

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    Several FASB and Emerging Issues Task Force (EITF) pronouncements deal with accounting for extraordinary items.

    If you should search the Financial Accounting and Reporting Section (FARS) database and the Financial Accounting Standard Board (FASB) Web site to identify the FASB and EITF pronouncements dealing with extraordinary items.

    REQUIRED:
    (1)Could you Summarize at least two pronouncements dealing with extraordinary items.

    (2)Could you say what is your opinion about whether either FASB /or EITF has correctly dealt with the accounting treatment of extraordinary item?

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    Accounting/Financial

    Several FASB and Emerging Issues Task Force (EITF) pronouncements deal with accounting for extraordinary items.

    If you should search the Financial Accounting and Reporting Section (FARS) database and the Financial Accounting Standard Board (FASB) Web site to identify the FASB and EITF pronouncements dealing with extraordinary items.

    REQUIRED:
    (1)Could you Summarize at least two pronouncements dealing with extraordinary items.

    One is FASB EITF No. 01-13 that states that an entity may use judgment when classifying business interruption insurance recoveries in the income statement as long as the classification elected does not violate the present generally accepted accounting principles. Also, the EITF No. 01-13 asserts that for business interruption ...

    Solution Summary

    This explanation provides you a comprehensive argument relating to FASB and EITF pronouncements

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