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Exceptional & extra ordinery

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10 April 2012 Exact difference between exceptioanl & Extra ordinary items?
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CA Kishore Tallam

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CA Kishore Tallam (Expert)
10 April 2012 Extra ordinary item is defined in AS-5. Please see. But exceptional items are not defined any where in GAAP. Hence, it is a matter of judgment to decide on exceptional items.
Example: The Company paid a VRS to some of the employees in big amount. This is not extra ordinary however, it is exceptional.
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