Define extraordinary items. Describe the types of items that would be reported in the extraordinary items section of the income statement

What will be an ideal response

Extraordinary items are gains and losses that are both unusual and infrequent. GAAP defines infrequent as an event that is not expected to recur in the foreseeable future, considering the environment in which the company operates.
Losses from natural disasters (floods, earthquakes, and tornadoes) and the taking of company assets by a foreign government (expropriation) could be considered to be extraordinary items. They are reported separately from continuing operations because of their infrequent and unusual nature.