![]() How Unusual or Infrequent Items Are Treated All results are disclosed as revenues, finance costs, post-tax gains or losses, or results from associates and joint ventures. Under IFRS, there is no special distinction for extraordinary items either.Under GAAP, unusual or infrequent transactions must be reported either on the income statement or disclosed in the financial statement footnotes.GAAP no longer requires the reporting of extraordinary items separately from irregular items, only as nonrecurring items.Irregular items can include discontinued operations, lawsuits, damage from natural disasters, and restructuring costs.Reporting irregular items helps investors and analysts determine the current and future performance of a business.The purpose of identifying unusual or infrequent items on a financial statement is to separate income or expenses that are not related to the core business. ![]()
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