Extrodanary loses.txt

• items that are
• 1) material in nature
• 2) significantly different than normal business activity
• 3) and not expected to recure in the foreseeable future and
• 4) not normally considered in evaluating the ordinary operating results of an enterprise
• the important word in the above items is And

• they are discolsed in the income statement net of any related tax effects, after discontinued operations
• this is the "E" in the IDEA mnomic.

becuase they are unsual and infrequent and not part of normaal operations they would be considered extraodinary.

Items of income that are either unusual or infrequent are not extraordinary. Therefore, if material, these items should be reported as a separate line item as part of income from continuing operations. The nature of the items and the financial effects should be disclosed on the face of the income statement in non operating income or in the footnotes.