“US GAAP specify some of the items that should be reported separately. Two such items are 1) discontinued operations, and 2) extraordinary items (the latter category is not permitted under IFRS)…”
“US GAAP for fiscal periods beginning after December 15, 2015, will no longer include the concept of extraordinary item”
So should i infer that extaordinary items are “not permitted” under both IFRA and US GAAP? Or its permitted under GAAP but “no longer” included?