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U.S. GAAP Codification of Accounting Standards |
| U.S. GAAP Codification | Accounting Standards, ASC |
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U.S. GAAP
Codification of Accounting Standards |
| U.S. GAAP Codification Updates |
| Principles of Accounting, Intermediate Accounting, Advanced Accounting |
| Accounting Terms |
| Codification Topic 225-20 Income Statement Extraordinary and Unusual Items Extraordinary Items APB Opinion No. 30, June 1973 "Reporting the Results of Operations - Reporting the Effects of Disposal of a Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring Events and Transactions" Criteria for extraordinary items 1. Unusual nature 2. Infrequency of occurrence Presentation of extraordinary items 1. Extraordinary items are --> presented separately in the income statement 2. Earnings per share for extraordinary items --> presented in the income statement or in the notes The following items are "not" extraordinary items 1. Effects of a strike 2. Gains or losses from the abandonment of property, plant and equipment 3. Impairment of receivables and inventories 4. Foreign currency translation gains or losses 5. Gains or losses from the disposal of an entity's components |
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Codification Topic 225 Income Statement |
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Subtopics of Codification Topic 225 225-10 Overall 225-20 Extraordinary and unusual items 225-30 Business interruption insurance |
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Accounting Terms of Codification Topic 225-20 Business interruption insurance Extraordinary items Infrequency of occurrence Unusual nature |
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Accounting Terms of Codification Topic 225-30 Gross margin |
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