Presentation of Extraordinary Items

Comparison between Indian GAAP and Ind-AS/ IFRS
Presentation of Extraordinary Items
Under Indian GAAP, extraordinary items are disclosed separately in the statement of profit and loss and are included in the determination of net profit or loss for the period. Items of income or expense to be disclosed as extraordinary should be distinct from the ordinary activities and are determined by the nature of the event or transaction in relation to the business ordinarily carried out by an entity.

However, under Ind-AS/ IFRS, presentation of any items of income or expense as extraordinary is prohibited.

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