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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LESSOR is the party who conveys specified property to another for a period of time in return for the receipt of rent.

SOP is Statements of Position (within the AICPA or FASB) or Standard Operating Procedure.

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