EXCEPTIONAL ITEMS Definition

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EXCEPTIONAL ITEMS are material items which derive from events or transactions that fall within the ordinary activities of the reporting entity and which individually or, if of a similar type, in aggregate, need to be disclosed by virtue of their size or incidence if the financial statements are to give a true and fair view.

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PUBLIC OWNERSHIP is either: a. Government ownership and operation of a productive facility for the purposes of providing some goods or services to citizens; or, b. in investments, portion of a corporations stock that is publicly traded and owned in the open market.

NET, in general, is the figure remaining after all relevant deductions have been made from the starting, or gross, amount.

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