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LSDefine

Simple English definitions for legal terms

extraordinary item

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A quick definition of extraordinary item:

An extraordinary item is an unusual or infrequent expense that a business incurs, such as a large judgment or write-off of goodwill. It is different from regular expenses that a business incurs in its day-to-day operations. Extraordinary items are sometimes allowed to be excluded from a company's financial statements to give a clearer picture of its ongoing operations.

A more thorough explanation:

Definition: An unusual or infrequent expense, such as a write-off of goodwill or a large judgment.

Example: A company may have an extraordinary item if they experience a natural disaster that causes significant damage to their property and requires unexpected expenses to repair. This expense is not a regular part of their business operations and is considered extraordinary.

Explanation: An extraordinary item is a one-time expense that is not expected to occur regularly in a company's operations. It is usually a significant expense that is not related to the company's day-to-day activities. In the example given, the natural disaster is an unforeseen event that requires the company to incur expenses that are not part of their regular operations. This expense is considered extraordinary because it is not expected to occur regularly and is not related to the company's normal business activities.

extraordinary hazard | extraordinary loss

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JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
Dkk
9:16
@renard99: Poetic and nice.
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