Write a discussion of the recent FASB update regarding the presentation of Extraordinary Items

 

Write a discussion of the recent FASB update regarding the presentation of Extraordinary Items (Income Statement-Extraordinary Gain and Unusual Items-subtopic 225-20).

 

Explain YOUR OPINION of the change considering both the potential advantages and disadvantages of such a standard.

 

In addition, discuss the overall theme of transparency in financial reporting.  Does the recent FASB update affect transparency for users (in your opinion)

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