Material gains and losses are classified as “extraordinary” on the income statement when they are both “unusual” and “infrequent.” Extraordinary items are reported at the bottom of the income ...

In January, the FASB adopted a final Accounting Standards Update that eliminates the requirement that preparers report events that meet the criteria for extraordinary classification separately in an ...

In a decision sure to stir disbelief, a task force of the Financial Accounting Standards Board has determined that the terrorist attack of Sept. 11 was not an "extraordinary" event -- at least as the ...