Material gains and losses are classified as “extraordinary” on the income statement when they are both “unusual” and “infrequent.” Extraordinary items are reported at the bottom of the income ...
An extraordinary gain or loss is money you earn or lose as a result of an event or transaction that is both unusual in nature and infrequent in occurrence. When a gain or loss meets both of these ...
In a decision sure to stir disbelief, a task force of the Financial Accounting Standards Board has determined that the terrorist attack of Sept. 11 was not an "extraordinary" event -- at least as the ...
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