Therefore, in the past, FASB has mandated that businesses separately record these transactions on the income statement. In addition, the notion of an unusual item is absent from International Financial Reporting Standards (IFRS).Īdditionally, they are unpredictable and do not frequently happen. Hence the information that follows is historical. A transaction or event deemed extraordinary in accounting is unrelated to routine business operations and unlikely to happen again soon.Īccording to Generally Accepted Accounting Principles ( GAAP), extraordinary items are no longer used formally.
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