Extraordinary items
Extraordinary items are income or expenses that arise from events or transactions that are clearly distinct from the ordinary activities of the enterprise and, therefore, are not expected to recur frequently or regularly.
Some Examples of Extraordinary items like Loss due to Floods, Fires, Earthquake etc.
Exceptional items
The term ‘Exceptional items’ is neither defined in Ind AS Schedule III nor in Ind AS. But in Guidance note of ICAI clarify that below items should be shown separately under Exceptional Items
•Write-downs of inventories to net realisable value or of property, plant and equipment to recoverable amount, as well as reversals of such write-downs;
•Restructurings of the activities of an entity and reversals of any provisions for the costs of restructuring;
•Disposals of items of property, plant and equipment;
•Disposals of investments;
•discontinued operations;
•Litigation settlements;
•Other reversals of provisions.