- exceptional item
- A transaction separately reported or disclosed in an *income statement on account of its *materiality unusual nature, or infrequency Exceptional items arise from normal operating activities, and examples may include the write-off of a significant *accounts receivable balance, or unusually large *reorganization costs. A material, unusual transaction arising from events beyond the scope of normal operating activities is usually referred to as an *extraordinary item.
Auditor's dictionary. 2014.
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