Extraordinary Items

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1 Types

August 31, 2024 3 min read Definitions

Extraordinary Items: Non-Recurring Financial Events

Finance Accounting Extraordinary Items Financial Reporting Accounting Standards Exceptional Items IFRS

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.

August 25, 2024 3 min read Definitions

Nonrecurring Charge: One-time Expense or Write-off in Financial Statements

Finance Accounting Nonrecurring Charges Extraordinary Items Financial Statements Write-Offs Accounting Procedures

A comprehensive guide to Nonrecurring Charge, an extraordinary charge appearing in a company's financial statement due to one-time events such as major fire, theft, or changes in accounting procedures.