Overview

extraordinary items


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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. Such items are disclosed after the normal trading profit or loss has been shown. A wider definition of ordinary activities was introduced by Financial Reporting Standard 3, Reporting Financial Performance, with the result that virtually all previously extraordinary items are now treated as exceptional items.

Subjects: Financial Institutions and Services — Accounting.


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