Why did one member of the Board dissent?

With a small group of students, go to the library and locate Statement of Financial Accounting Standards No. 4, “Reporting Gains and Losses from Extinguishing of Debt”, published by the Financial Accounting Standards Board. Write a report to your instructor giving the highlights of the standard. Why are these gains and losses treated as extraordinary items? Why did the Board act on this topic? Why did one member of the Board dissent?

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