Income statements prepared according to both U.S. GAAP and International Accounting Standards require the separate reporting, as an extraordinary item, of material gains and losses from events that are both unusual and infrequent.

Question

Quizplus · Accepted Answer

Under both U.S. GAAP and IFRS, the concept of extraordinary items has been eliminated, and such items are no longer separately reported in the income statement.

Income Statements Prepared According to Both U