An item must be outside the ordinary operations of the business or be of a non-recurring nature to be classified as an extraordinary item under AASB 101.

Question

Quizplus · Accepted Answer

As of the updates to AASB 101, the concept of "extraordinary items" has been eliminated, and entities are no longer required to classify items as extraordinary based on them being outside the ordinary operations of the business or of a non-recurring nature.

An Item Must Be Outside the Ordinary Operations of the Business