Wednesday, 20 July 2011

Other “Unusual” Gain or Losses

Some transaction is not typical of normal operation but also do not meet the criteria for separate presentation as extraordinary items. Among such events are losses incurred because of strikes and the gains or losses resulting from sales of plant assets. Such items, if material, should be individually listed as items of revenue or expense, rather than being combined with other items in broad categories such as sales revenue or general and administrative expense.