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Umer Aziz
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Accounting for Extraordinary Items
Definition and Meaning of Extraordinary Items   An
extraordinary item is an event or transaction that meets two criteria: It must
be both unusual in nature and infrequent in occurrence. Otherwise, an event or
transaction is generally presumed to be either a...
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Examples of DISCONTINUED OPERATIONS GAAP
EXAMPLES OF DISCONTINUED OPERATIONS. APB
Opinion No. 30 states that the discontinuance of a part of a segment of a
business, that is the phasing out of a product line or class of service, or a
shift in production or marketing emphasis or location is inciden...
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International Pronouncements on financial statements presentation
An
enterprise reports its results of operations in a set of financial statements
that includes an income statement. The format of the income statement and its
components of income have been the subject of controversy, and as a result
numerous pronouncements...
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Accounting For Discontinued Operations
DISCONTINUED OPERATIONS In
general, the term discontinued operations refers to the operations of a “segment of a business” which has
been or is planned to be abandoned or otherwise disposed of. The term segment of a business is defined as
a component of an ...
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