![]() ![]() 9 (December 1966) sought to provide answers to some of these questions. You can view it online here: pb./llfinancialaccounting/?p=262ĪPB Opinion No. ![]() Should net income include only the revenues and expenses related to normal operations? Or should it include the results of discontinued operations and unusual, nonrecurring gains and losses? And further, should the determination of net income for this year, include an item that can be clearly associated with a prior year, such as additional federal income taxes for last year? Or should such items, including corrections of errors, be carried directly to retained earnings? How are the effects of making a change in accounting principle to be reported?Ī YouTube element has been excluded from this version of the text. \)Īccounting has long faced the problem of what to include in the net income reported for a period. ![]()
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