Extraordinary gains and losses arising from abnormal business activities are non-recurring, infrequent, and unusual. In other words, the extraordinary gains and losses resulting from business activities that do not form a part of regular business activities. The three characteristics of an event for extraordinary losses and gains are:
Infrequent: The economic transaction must be infrequent. That means the transaction should not frequently occur in the business. In addition, it should be non-recurring and unpredictable.
Unusual: The economic event must be unique and not a usual transaction. The transaction should be different from the regular business transactions. \
Material: The materiality of the transaction is also an important feature of an extraordinary item. A gain or loss is considered to be extraordinary only when it is material to the company. The materiality depends on the size of a business.
Suppose Firm A sells a unit of the subsidiaries as scrap at a profit of $15,000. The turnover of Firm A is $150 billion. In this case, the gain of $15,000 will not be considered an extraordinary gain because the gain is not material for Firm A. However, if the turnover of firm A were $20,000, then this gain of $15,000 would be classified as an extraordinary gain.
Suppose a small vendor who sells burgers around the park has average sales of $1,000 in a month. The vendor sells the recipe to one of the famous fast-food joints for $10,000. This gain of $10,000 would be classified as extraordinary gains and losses.
Before January 2015, the extraordinary gains and losses are reported separately in the statement of profit or loss by a business entity. An additional section is added after the profit from business operations to report the extraordinary gains and losses. The gains or losses are reported under the extraordinary head items, and appropriate taxes are also recorded. It is done to provide a true and clear picture of the business gains and losses to the users of the financial statements. It is to be noted that after January 2015, the separate reporting of extraordinary gains and losses is eliminated. This is because both under IFRS and U.S GAAP, the extraordinary gains or losses are not reported separately. Instead, they are reported along with the normal gains and losses. In addition, however, the entity has to disclose any unusual and infrequent event in the financial statements.
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