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

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)?

Guidelines:

·      Essay must be typed in a Word document with the following parameters:     12 pt font, standard spacing and margins.

·      Do NOT rewrite/include the original question above.

·      Essay must be a minimum of 1.5 pages in length.

·      Essays will be turned in via a link on Blackboard and evaluated using “turn-it-in”.  Any essay with more than a 25% match will not be graded.  Make sure to summarize the factual points from the update.  (Do not cut and paste any text from the update directly.)

·      Essays will be graded for content, grammar and clarity of ideas.