Extraordinary Items

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Definition

Extraordinary Items are events and transactions considered very "abnormal". They are unlikely to occur again. Items that are considered extraordinary can fit into many categories (weather related destruction of property, impairment of assets or goodwill, etc.).

Extraordinary items use to be a part of the income statement. However, the Financial Accounting Standards Board (FASB) decided to get rid of extraordinary items in order to reduce complexity.

The following document from FASB is a more in-depth explanation and shows the amendment changes:

Income Statement - Extraordinary and Unusual Items.

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