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Proposed Accounting Update from the FASB Elimination of Extraordinary Items

Wednesday, August 13, 2014

The Financial Reporting Committee (FRC) of IMA (Institute of Management Accountants) submitted a letter to the Financial Accounting Standards Board (FASB) to express views on their proposed accounting standard update on simplifying an income statement presentation by eliminating the concept of extraordinary items. The FASB issued the proposed accounting standard update as part of its simplification initiative.

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