![]() ![]() 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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