The FASB has defined three items that need to be separated from the regular earnings of a business: discontinued operations,other income and expenses,and extraordinary items.

Question

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The FASB (Financial Accounting Standards Board) no longer requires the separation of extraordinary items in financial statements, as per the update issued in 2015. Now, only discontinued operations and other income and expenses need to be separately reported.

The FASB Has Defined Three Items That Need to Be