Extraordinary Item

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August 25, 2024 4 min read Definitions

Extraordinary Item: Definition and Explanation

Finance Accounting Extraordinary Item Nonrecurring Occurrence Financial Reporting Shareholders Financial Conditions

An extraordinary item is a nonrecurring occurrence that must be explained to shareholders in an annual or quarterly report. Examples include the write-off of a division, acquisition of another company, sale of a large amount of real estate, or uncovering employee fraud that negatively affects the company's financial condition.

August 24, 2024 3 min read Definitions

Extraordinary Item: Definition, Mechanism, and Historical Requirements

Accounting Finance Historical Facts Extraordinary Item Income Statement GAAP Financial Reporting Accounting Standards

An in-depth examination of extraordinary items, their historical usage in financial reporting, and the implications of their removal from GAAP standards in 2015.