Les comparto otro escrito de:

Charles Hall, the author of CPA-Scribo.com.

 

The Financial Accounting Standards Board (FASB) just released Accounting Standards Update No. 2015-01 titled Income Statement–Extraordinary and Unusual Items.

Presently (and for many years) a transaction was assumed to be ordinary unless it was unusual in nature (possessing a high degree of abnormality) and infrequent in occurrence (not reasonably expected to recur in the foreseeable future).

With this standard (ASU 2015-01) FASB is eliminating the option to report a transaction as extraordinary; the new standard states the following:

Eliminating the concept of extraordinary items will save time and reduce costs [my bold for emphasis] for preparers because they will not have to assess whether a particular event or transaction event is extraordinary (even if they ultimately would conclude it is not). This also alleviates uncertainty [my bold for emphasis] for preparers, auditors, and regulators because auditors and regulators no longer will need to evaluate whether a preparer treated an unusual and/or infrequent item appropriately.

Effective Date

ASU 2015-01 states:

The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted  provided that the guidance is applied from the beginning of the fiscal year of adoption. The effective date is the same for both public business entities and all other entities.