To be reported as an extraordinary item on the income statement,an event must be

Question

Quizplus · Accepted Answer

An event must be both unusual in nature and an infrequent occurrence to be reported as an extraordinary item on the income statement. This means that the event must be a rare and abnormal occurrence that is not likely to recur in the future. If an event meets only one of these criteria (unusual in nature or an infrequent occurrence), it cannot be reported as an extraordinary item.

To Be Reported as an Extraordinary Item on the Income