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

Auditing Financial Accounting Financial Management Bank Accounting managerial accounting
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Question added by Tamer Elbeshbishy , Financial and Administration Manager , Muscat Towers Holding Group
Date Posted: 2014/12/27
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VENKITARAMAN KRISHNA MOORTHY VRINDAVAN
by VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.

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

RAMAN NAMPOOTHIRI
by 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.

 

Malik Khalid Mahmood
by Malik Khalid Mahmood , Regional Finance Manager , Leosons International FZ LLC

Yes they are recognised in both

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