analysis regarding the differences in the IFRS and U.S. GAAP reporting for unusual or infrequent items. + at least two scholarlysources

Differences in the IFRS and U.S. GAAP reporting for unusual or infrequent items
US GAAP and IFRS can be explained as two accounting principles and standards that can be adhered to by several countries in the world with reference to financial reporting. More than 110 countries has followed the International Financial Reporting Standards (IFRS) that can encourage the consistency while preparing the financial statements (Bratton, W. W., & Cunningham, L. A., 2009).
GAAP or Generally Accepted Accounting Principles are usually created by the Financial Accounting Standards Boards to enable public companies in the USA while compiling their annual financial statements. IFRS is group of standards that were established by the International Accounting Standards Board (IASB). Entire IFRS ideally governs how the companies all across the world could prepare their financial statements. Both are corporate as well as individual investors that can analyze the financial statements of the company such that they can make informed decisions on whether or not to invest in the entire organization (Bratton, W. W., & Cunningham, L. A., 2009).
Extraordinary items takes into consideration the loss or gain from an activity that are unusual or perhaps infrequent or unusual in nature. This is specifically classified, disclosed and presented in the companies based on financial statements. Extraordinary items can be elaborated further in the notes for the financial statements. Majority of the organization needs to explain the extraordinary item exclusively from their operating earnings since it was usually one-time loss or gain which wasn’t expected to recur in future (Erika M. T., 2018).
FASB...