BREAKING DOWN 'Extraordinary Item'
Extraordinary items, also referred to as non-recurring items, represent income or loss from extraordinary events and transactions that must be separately classified, presented, and disclosed on companies' financial statements. Before 2015, companies put a lot of effort into determining if a particular event should be deemed extraordinary. Gains and losses net of taxes from extraordinary items had to be shown separately on the income statement after income from continuing operations. However, in January 2015, U.S. generally accepted accounting principles (GAAP) were changed, and the concept of extraordinary items was eliminated to reduce the cost and complexity of preparing financial statements. Companies must still disclose infrequent and unusual events but now without designating them as extraordinary.
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