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Reporting the results of operations. I. Net income and the treatment of extraordinary items and prior period adjustments. II. Computation and reporting of earnings per share ;
OPINIONS OF THE ACCOUNTING PRINCIPLES BOARD
Reporting the Results of Operations
I — Net Income and the Treatment of Extraordinary Items and Prior Period Adjustments
II — Computation and Reporting of Earnings Per Share
CONTENTS Paragraph
Numbers
Introduction 1-5
Applicability 6
I. Net Income and the Treatment of Extraordinary Items and Prior Period Adjustments —
Discussion 7-16
Opinion —
Summary 17-19
Income statement presentation 20
Criteria for extraordinary items related
to current period 21-22
Criteria for prior period adjustments 23-25
Disclosure of prior period adjustments and
restatements of reported net income 26
Historical summaries of financial data 27
Capital transactions 28
Illustrative statements 29
Issued by the Accounting Principles Board of the American Institute of Certified Public Accountants
Copyright 1967 by the American Institute of Certified Public Accountants, Inc. 666 Fifth Avenue, New York, New York 10019
9
DECEMBER 1966
