An Item Must Be Outside the Ordinary Operations of the Business

question 28

True/False

An item must be outside the ordinary operations of the business or be of a non-recurring nature to be classified as an extraordinary item under IAS 1.

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Definitions:

Psychosis

A mental health condition characterized by a disconnection from reality, manifesting through symptoms such as hallucinations and delusions.

Schizophrenia

A chronic brain disorder characterized by delusions, hallucinations, disorganized speech or behavior, and impaired cognitive ability.

Egas Moniz

A Portuguese neurologist known for pioneering the development of cerebral angiography and the controversial prefrontal leucotomy, which won him a Nobel Prize in Physiology or Medicine in 1949.

Lobotomy

A surgical procedure used historically to treat mental illness, involving severing connections in the brain's prefrontal cortex, now widely discredited.