Final answer:
Under IFRS, the concept of extraordinary items is not recognized, and such items are not reported after income from discontinued operations; this practice was eliminated as it was considered too subjective.
Step-by-step explanation:
The response to the question about the reporting of extraordinary items under IFRS (International Financial Reporting Standards) is false. The IFRS framework does not recognize 'extraordinary items' in the income statement. According to IFRS, all items of income and expense recognized in a period must be included in profit or loss unless a standard or an interpretation requires otherwise. The concept of extraordinary items was eliminated because it was seen as too subjective. Therefore, any events or transactions that are distinct from ordinary activities are instead included within 'operating' or 'non-operating' categories depending on their nature and disclosed accordingly in the notes to the financial statements if they are material.