Chapter 1 Section 5: Extraordinary Items Flashcards
1
Q
What are the two requirements for extraordinary items?
A
Unusual and infrequent
2
Q
What if it only meets one requirement?
A
If material, list separately on the income statement as part of income from continuing operations (gross of tax)
3
Q
How does IFRS report extraordinary items?
A
It does not do any extraordinary items.
