Extraordinary Item
What is it?
An extraordinary item is an unusual one-time gain or loss on the income statement. Some examples: a gain on the disposal of a segment of a business; a loss associated with a hailstorm that destroys a crop in an area that rarely has hailstorms.
Can't collect money owed.
Due to the unusual and/or infrequent nature of these items, it's advisable to be skeptical of them.
The footnotes to the financials. Each extraordinary item should be explained. Take a close look to make sure it's reasonable and unlikely to occur again.