According to your text, the accounting profession has adopted a modified all-inclusive concept to income reporting. Using this approach companies report unusual or irregular items as a part of net income. What are these items and are they reported separately on the income statement

The unusual or irregular items are:

These items are reported separately on the income statement.  They are not included in the operating income as they do not form part of the core operations of businesses.

Explanation:

The modified all-inclusive concept or comprehensive income concept attempts to report all gains or losses including nonrecurring, unusual, or irregular items as part of the net income in order to ensure more informative and less subjective financial reporting.  It is the opposite of the Current operating performance concept which takes nonrecurring, irregular, or unusual items straight to the Equity in the balance sheet.  However, with the modified all-inclusive concept, these items are usually reported separately on the income statement so that users of financial statements could decide whether to include or exclude them in their analysis.

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