BC407 Many entities disclose information about unusual (or similarly described) income and expenses. However, the way in which entities provide that information varies significantly and it is often unclear how or why items are identified as unusual. Stakeholders, especially users of financial statements, suggested that the IASB:
(a) define 'unusual income and expenses' and provide principles for identifying items as unusual to help an entity identify its unusual income and expenses and reduce opportunistic classification of items as unusual; and
(b) specify requirements for what information should be disclosed about such income and expenses, to increase the relevance and completeness of information provided about those items.
BC408 In response to this feedback, the IASB developed a proposed definition of 'unusual income and expenses' and proposed disclosure requirements. The objective of the proposed definition was to help users of financial statements identify income and expenses that
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