Basic query.......
This query is : Resolved
05 August 2011
can anybody tell me the exact difference b/w Extra Ordinary & exceptional Items in Profit & Loss A/c...........?
07 August 2011
Extraordinary items are those items which are not driven by to normal course of business operations like gain on sale of investment, or loss due to plant shut down. This item has to be shown seperately in income statement and the details of which has to be provided in the notes to consolidated financial stateJust for your records; "extra-ordinary" costs or revenues are not permitted anymore under IFRS.ment.
Accounting entry which reflects materially large cost (such as that incurred in plant modernization) or materially large revenue (such as that realized from an unusually huge order) that may recur and which derives from a firm's normal line of business
Extra-ordinary income or expense is always reported net after taxes. exceptional are reported prior to taxes.
so if one were to adj the NI with these amts, you would deduct/add extra-ordinary gains/losses (net after taxes) & the same for exceptional items (however, here u would have to est. the tax rate & then add/deduct this amt from ni)
Accounting entry which reflects materially large cost (such as that incurred in plant modernization) or materially large revenue (such as that realized from an unusually huge order) that may recur and which derives from a firm's normal line of business
Extra-ordinary income or expense is always reported net after taxes. exceptional are reported prior to taxes.
so if one were to adj the NI with these amts, you would deduct/add extra-ordinary gains/losses (net after taxes) & the same for exceptional items (however, here u would have to est. the tax rate & then add/deduct this amt from ni)
10 August 2011
thanks........
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
