An item must be outside the ordinary operations of the business or be of a non-recurring nature to be classified as an extraordinary item under IAS 1.

Name: An item must be outside the ordinary operations of the business or be of a non-recurring nature to be classified as an extraordinary item under IAS 1.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

IAS 1 does not allow the classification of any items as extraordinary. All items are considered part of the ordinary activities of the business.

An Item Must Be Outside the Ordinary Operations of the Business