GASB Requires Both Extraordinary and Special Items to Be Reported

question 49

True/False

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.

---

Definitions:

Federal Independent Agencies

Agencies that exist outside of the federal executive departments (those headed by a Cabinet secretary) and are designed to enforce and regulate specific matters.

Board of Commissioners

A group of elected or appointed members who oversee the administrative and legislative functions of a county or local government.

Issuing Permits

The administrative process of granting official permission for activities that are regulated, such as construction or business operations.

Conducting Research

The systematic investigation into and study of materials and sources in order to establish facts and reach new conclusions.