1. How does the GASB define extraordinary and special items? Compare the definitions and recognition of these items to FASB requirements. 2. Distinuish among appropriations, expenditures, encumbrances, and expenses.

1. How does the GASB define extraordinary and special items? Compare the definitions and recognition of these items to FASB requirements. 2. Distinuish among appropriations, expenditures, encumbrances, and expenses.

Entrepreneurial Finance

6th Edition

ISBN:9781337635653

Author:Leach

Publisher:Leach

Chapter13: Other Financing Alternatives

Section: Chapter Questions

Problem 16DQ

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Question

1. How does the GASB define extraordinary and special items? Compare the definitions and recognition of these items to FASB requirements.

2. Distinuish among appropriations, expenditures, encumbrances, and expenses.

Expert Solution

Step 1

The GASB defines extraordinary and special items as those of FASB that is unusual and infrequent but it also specifies an additional category-special items. Special items are those that are unusual and infrequent and and are within the control of management.

The FASB also defines the extraordinary and special items as those that are unusual and infrequent.

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