Difference beetwin extraordinary items and exceptional items

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 August 2012 please tell me Difference beetwin extraordinary items and Exceptional items with examples for both

Thanks you

Prashant

Arpit Shah

Arpit Shah (Expert)
Follow

24 January 2016 'Extraordinary Item' Gains or losses included in a company's financial statements, which are infrequent and unusual in nature. These are usually explained further in the "notes to the financial statements."

Arpit Shah

Arpit Shah (Expert)
Follow

24 January 2016 An exceptional item is an unusually large and uncommon transaction charge that must be disclosed on the balance sheet in accordance with GAAP.

Upgrade to CAclubindia Pro. Subscribe Now!