GASB requires both extraordinary and special items to be reported separately after other financing sources and uses in the General and Special Revenue fund financial statements

Question

Quizplus · Accepted Answer

Extraordinary and special items are reported separately after other financing sources and uses on the Statement of Revenues, Expenditures and Changes in Fund Balance. Extraordinary items are significant transactions or other events that are both unusual and infrequent. Special items are significant transactions or other events that are either unusual or infrequent but within the control of management.

GASB Requires Both Extraordinary and Special Items to Be Reported