Problem:
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?