Title 7: Agriculture
PART 1767—ACCOUNTING REQUIREMENTS FOR RUS ELECTRIC BORROWERS
Subpart B—Uniform System of Accounts
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§ 1767.24 Extraordinary items.
The extraordinary items accounts identified in this section shall be used by all RUS borrowers.
Extraordinary Items
434 Extraordinary Income
435 Extraordinary Deductions
435.1 Cumulative Effect on Prior Years of a Change in Accounting Principle
Extraordinary Items
434 Extraordinary Income
This account shall be credited with nontypical, noncustomary, infrequently recurring gains which would significantly distort the current year's income computed before extraordinary items, if reported other than as extraordinary items. Income tax relating to the amounts recorded in this account shall be recorded in Account 409.3, Income Taxes, Extraordinary Items. (See §1767.15 (g).)
435 Extraordinary Deductions
This account shall be debited with nontypical, noncustomary, infrequently recurring losses which would significantly distort the current year's income computed before extraordinary items, if reported other than as extraordinary items. Income tax relating to the amounts recorded in this account shall be recorded in Account 409.3, Income Taxes, Extraordinary Items. (See §1767.15 (f).)
435.1 Cumulative Effect on Prior Years of a Change in Accounting Principle
This account shall include the cumulative effect on margins of prior periods as a result of a change in accounting principle from one that is no longer generally accepted to one that is generally accepted.
