Separate disclosure of extraordinary items[1] of profit or loss is required on the face of the income statement, after the total of profit or loss from ordinary activities. 

1. Items of income or expense arising from ordinary activities that are abnormal because of their size, nature or incidence are separately disclosed, usually in the notes.
   
   
2. A change in an accounting estimate should be reflected prospectively. The nature and effect of the change should be disclosed, even if the effect will only be significant in a future period. If the effect cannot be quantified, that fact should be disclosed.
   
   
3. A correction of a fundamental error should be treated as a prior period adjustment (benchmark) or recognized in current profit or loss (allowed alternative). The nature and effect of the change in the current and prior periods should be disclosed.
   
   
4. A change in accounting policy should be treated retrospectively by restating all prior periods presented and adjusting opening retained earnings (benchmark). If the adjustments relating to prior periods cannot be reasonably determined, the change may be accounted for prospectively. An allowed alternative for the adjustment arising from a retrospective change in accounting policy is to include it in the determination of the net profit or loss for the current period. Disclosure is required of the reasons for and effect and accounting treatment of the change. A change in accounting policy should be made only if required by statute or by an accounting standard-setting body, or if the change results in a more appropriate presentation of financial statements. 

[1] Extraordinary items are rare and beyond management control. Examples are expropriation of assets and effects of natural disasters.