Extraordinary items

A material transaction or event that is both unusual and infrequent in occurrence.   (e.g. losses from an expropriation of assets, uninsured losses from natural disasters)

Extraordinary items are reported separately in the income statement, net of tax, after income from continuing operations.

Classification of extraordinary items is prohibited under IFRS.  For reporting periods after December 2015, extraordinary items is also prohibited under US GAAP.

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