An Item Must Be Outside the Ordinary Operations of the Business

question 37

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 AASB 101.

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Definitions:

Actor/observer Bias

The tendency to attribute one's own actions to external factors while attributing others' actions to their character or disposition.

Heuristics

Mental shortcuts or rules of thumb that simplify decision-making processes but sometimes lead to biased or inaccurate judgments.

Intentions

Planned or desired outcomes that an individual seeks to achieve through specific actions.

Actions

Behaviours or deeds performed by individuals in response to external or internal stimuli.