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CALIFORNIA CORPORATE & SECURITIES LAW

A Not So Frequently Asked Question – When Is An Event Infrequent?

Last January, the Financial Accounting Standards Board, which is better known as the FASB, issued Accounting Standards Update 2015-01.  The update eliminates the concept (and definition) of “extraordinary item”.  According to the FASB, the update is part of its “initiative to reduce complexity in accounting standards”.  I wish the FASB the best of luck in that Sisyphean task. Although…

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