What is an extraordinary item? An extraordinary item can be a - TopicsExpress



          

What is an extraordinary item? An extraordinary item can be a gain or a loss, but it must have all of the following characteristics: unusual in nature, and infrequent in occurrence, and significant in amount. As a result of this requirement, extraordinary items are very rare. Recent issues of Accounting Trends & Techniques published by the AICPA showed that of the 500 financial reports surveyed in each year there were usually less than four companies reporting extraordinary items.
Posted on: Tue, 06 May 2014 07:30:00 +0000

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