Extraordinary Items IFRS VS US GAAP
Definition
Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence.
(a) Unusual nature.
重庆python培训(b) Infrequency of occurrencehsdpa是什么意思
Rules
US GAAP
45-1 Judgment is required to gregate in the income statement the effects of events or transactions that are extraordinary items(as required by paragraphs 225-20-45-10 through 45-11). An event or transaction shall be presumed to be an ordinary and usual activity of the reporting entity, the effects of which shall be included in income from operations, unless the evidence clearly supports its classification as an extraordinary item as defined in this Subtopic.IFRS
Items cannot be prented as 'extraordinary items' in the financial statements or in the notes. --IAS 1.87
be prented as 'extraorItems cannot be prented as 'extraordinary items' in the financial statements or in the notes. [IAS 1.87]dinary items' in the financial statements or in the notes. [IAS 1.87]ary items' in the financial asdfasor in the notes. [IAS 1.
Reasons for the Difference
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US GAAP
The purpo of extraordinary items is to parate the profit or loss that aris from events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence.IFRS
●“Extraordinary items” result
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from the normal business
risks for business entities.style是什么意思啊
●Different income and
expen in income
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丢卒保车statement are distinguished
by the nature or the function
of the transactions, instead
of the frequency
Reporting/Prenting
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●Extraordinary items
should be prented
parately
●After the results of
ordinary operations in the
income statement
●Along with disclosure offlaw
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the nature of the items IFRS
“Items currently classified as ‘extraordinary income’ are only a subt of the items of income and expen”
