EXTRAORDINARY ITEMS are material items that are unusual in nature and occur infrequently. Both characteristics must exist for an item to be classified as an extraordinary item on the income statement.
REGULAR SETTLEMENT is 1) For short-term or U.S. Treasury securities, the settlement, or payment and delivery, is the next business day after the trade date. 2) For corporate notes, bonds and municipal securities, settlement is in five business days. 3) For mortgage-backed securities, settlement is after the 15th of the month. 4) For Eurodollar Certificates of Deposit, settlement is two business days after the trade date. Also known as "Regular Way.'
IDENTIFIABLE ASSETS and LIABILITIES are those assets and liabilities of a business that can be disposed of without disposing of the entire business. It includes both tangible and intangible assets.
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