One of the bonuses on Frozen Ire is: “1% Base Spell Damage Per Character Level”.
When equipped it calculates that 1% based on character level and that is working fine. The issue is, if you unequip Frozen Ire the 1% Base Spell Damage Per Character Level is not being subtracted from your characters base spell damage on character stat sheet. Also if you equip Frozen Ire again it will continue to add to the erroneous base spell damage again, basically boosting base spell damage numbers as much as you like. I haven’t tested if this is a stat sheet numbers error or if it actually boosts your damage as much as stat sheet claims.