A loss from a hurricane in Florida could be classified as an extraordinary item.

Name: A loss from a hurricane in Florida could be classified as an extraordinary item.
Brand: Quizplus
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Question

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As of the guidance issued by the Financial Accounting Standards Board (FASB) in 2015, extraordinary items are no longer classified separately in financial statements. Losses from events like hurricanes would be considered within the scope of regular business activities, even if they are infrequent or unusual.

A Loss from a Hurricane in Florida Could Be Classified