English translation: extraordinary profit/loss, non-recurring profit/loss
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Explanation: As defined in APB (Accounting Principles Board) Opinion 30, Extraordinary Items result from events that must have both an unusual nature and an infrequency of occurrence. Therefore write-downs of receivables and ivnentories are ordinary items, as are gains or losses on the sale or abandonment of fixed assets. The effects of a strike and many foreign currenty revaluations are also ordinary items. Opinion No. 30 specifically states that casualties such as an earthquake or government expropriation or prohibition are examples of events that are likely to qualify as extraordinary items. These items are shown separately, net of tax, in the income statement.
Source: Financial Accounting, Horngren, Sundem, Elliott 1993
Beth Kantus United States Local time: 20:41 Native speaker of: English PRO pts in category: 6