If a material event is either unusual in nature or an infrequent occurrence-such as a one-time charge resulting from a major restructuring-it may be classified on the income statement as a special or unusual item in continuing operations or treated as an extraordinary item if it has been a number of years since the company's last major restructuring.

Question

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Such items must be classified on the income statement as a special or unusual item in continuing operations.

If a Material Event Is Either Unusual in Nature or an Infrequent