Denoting entries printed above the horizontal line on a company's profit and loss account, separating profit (or loss) from entries showing profit distribution.
Exceptional items refer to costs or income that affect a company's profit and loss account and fall within the ordinary activities of the reporting entity, but require separate disclosure due to their exceptional size or incidence.
Extraordinary items are costs or income affecting a company's profit and loss account that do not derive from the ordinary activities of the company, are not expected to recur, and, if undisclosed, would distort the normal trend of profits. These items are now treated as exceptional items under current rules.
Detailed exploration of one-off items, their significance, and impact on financial statements.
