Which of the following statements about nonrecurring items is most accurate?

These are examples of items that are typically treated as extraordinary under U.S. GAAP. There is no provision for accounting for an item as extraordinary under IFRS. Accounting errors are corrected with prior-period adjustments, which are made by restating results for any prior periods that are presented in the current financial statements. Discontinued operations are not classified as unusual or infrequent items and are reported (net of taxes) after net income from continuing operations but before net income.