What is the difference between an extraordinary item and special item according to GASB standards? Multiple Choice Extraordinary items are high dollar transactions or events that must be disclosed separately, while a special item is a unique transaction outside of the budget. Extraordinary items are significant transactions or events that are unusual or infrequent while a special item is a significant transaction that is unusual and infrequent but within management's control. Extraordinary items are significant transactions or events which are unusual and infrequent that are outside management's control while a special item is a significant transaction that is unusual or infrequent but within management's control. Extraordinary items are significant transactions or events that are unusual and infrequent that are outside management's control while a special item is a significant transaction that is unusual or infrequent but within management's control