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The FASB issued ASU 2015-01, Income Statement—Extraordinary and Unusual Items: Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. The amendments in ASU 2015-01 eliminate from GAAP the concept of extraordinary items. Entities still must report as a separate component of income from continuing operations a material event or transaction that an entity considers to be of an unusual nature or of a type that indicates infrequency of occurrence, or both.
The amendments in ASU 2105-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption.