The APB’s study of these reporting abuses and its general review of the overall nature of income resulted in the release of APB Opinion No.9,”Reporting the Results of Operations.” This opinion look a middle position between the current operating performance and all-inclusive concepts by stating that net income should reflect all items of profit and loss recognized during the period, with the exception of prior period adjustments. In addition, the APB’s prescribed statement format included two income figures:net income from operations and net income from operations plus extraordinary items. APB Opinion No. 9 required preparers of financial statements to determine whether revenues and expenses and gains and losses were properly classified as normal recurring items, extraordinary items, or prior period adjustments according to established criteria. In general, the opinion’s provisions specified that all items were to be considered normal and recurring unless they met the all items were to be considered normal and recurring unless they met the stated requirements for classification as either extraordinary items or prior period adjustments (discussed later in the chapter)