For the extraordinary items, are they recognized by the IFRS ? And What about GAAP?

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When reporting extraordinary items,
Posted by:
Moataz Ali Sobhi Elsabawy
26-February-2015

Auditing Financial Accounting Financial Management Bank Accounting managerial accounting

Question ajoutée par Tamer Elbeshbishy , Financial and Administration Manager , Muscat Towers Holding Group
Date de publication: 2014/12/27

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par VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.

I prefer to support Mr. Raman Nampoothiri's expert answer.

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par RAMAN NAMPOOTHIRI , Dubai, UAE as Audit Manager , Paul & Hassan Chartered Accountants

IFRS-As per IAS1 Presentation of Financial Statements (paragraph87) an entity shall not present any items of income or expense as extraordinary items, in the income statement or in the notes.As per IASB "extraordinary result from the normal business risks faced by an entity and do not warrant presentation in a separate component of the income statement"

Under US GAAP extra ordinary items are shown below net income.

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