53%
The income statement lists certain items after operating and other expenses. These items represent special or unusual situations that occur on occasion. The income statement refers to these items as nonrecurring events, which include the following items:
Discontinued Operations
Extraordinary Items
Change in Accounting Principle
Title
Discontinued operations are gains or losses a company incurs upon disposal of a line of business or subsidiary.
Extraordinary items are rare and severe events, such as flooding or a fire.
Change in accounting principle is an event that occurs when a company moves from one accounting principle to another. The income statement calculates the new principle net of tax and applies it to any prior year's numbers.
53%