- Costs or income affecting a company's profit and loss account that fall within the ordinary activities of the reporting entity, but need to be disclosed because of their exceptional size or incidence if the financial statements are to give a true and fair view. Unlike extraordinary items they are included in the calculation of the normal trading profit or loss. The rules are set out in Financial Reporting Standard 3, Reporting Financial Performance.
Accounting dictionary. 2014.
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exceptional items — Part of a company s profit and loss account. Items which are material, derived from events or transactions within a company s ordinary activities and which need to be disclosed separately to ensure that the company s accounts give a true and fair … Financial and business terms
exceptional items — Costs or income affecting a company s profit and loss account that arise from the normal activities of the company but are of exceptional magnitude, either large or small. Unlike extraordinary items they are included in the calculation of the… … Big dictionary of business and management
exceptional items — /ɪkˌsepʃən(ə)l aɪtəmz/ plural noun 1. items which arise from normal trading but which are unusual because of their size or nature; such items are shown separately in a note to the company’s accounts but not on the face of the P & L account unless … Dictionary of banking and finance
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Exceptional Item — Charges incurred that must be noted on a company s balance sheet, in accordance with GAAP principles. Even though they are considered to be part of ordinary business charges, exceptional items must be disclosed due to their sheer size or… … Investment dictionary
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extraordinary items — Accounting income, gains, expenses, or losses resulting from transactions or events that are both unusual in their nature and infrequent in their occurrence. The GAAP requirements for defining something as extraordinary are strict. The exact… … Financial and business terms
extraordinary items — Costs or income affecting a company s profit and loss account that do not derive from the ordinary activities of the company, are not expected to recur, and, if undisclosed, would distort the normal trend of profits. Such items are therefore… … Accounting dictionary