U.S. GAAP Codification of Accounting Standards

U.S. GAAP Codification IFRS International Standards Accounting Standards, ASC

U.S. GAAP Accounting Standards
Codification Topic 225-20: Income Statement
Extraordinary and Unusual Items


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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


International Financial Reporting Standards (IFRS)

   IAS 1: Presentation of Financial Statements


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   Codification Topic 225
   Income Statement
 
Subtopics of Codification Topic 225
 
   225-10 Overall
   225-20 Extraordinary and unusual items
   225-30 Business interruption insurance   
 
Accounting Terms of Codification Topic 225-20
 
   Business interruption insurance
   Extraordinary items
   Infrequency of occurrence
   Unusual nature   
 
Accounting Terms of Codification Topic 225-30
 
   Gross margin



   Other Topics at the Codification 200 
Accounting Standards Codification, ASC, Overview
 
ASC Codification Topic 205: Presentation of Financial Statements
 
ASC Codification Topic 210: Balance Sheet
ASC Codification Topic 215: Statement of Shareholder Equity
 
ASC Codification Topic 220: Comprehensive Income
ASC Codification Topic 225: Income Statement
 
ASC Codification Topic 230: Statement of Cash Flows
ASC Codification Topic 235: Notes to Financial Statements
 
ASC Codification Topic 250: Accounting Changes and Error Corrections
ASC Codification Topic 255: Changing Prices
 
ASC Codification Topic 260: Earnings per Share
 
ASC Codification Topic 270: Interim Reporting
ASC Codification Topic 272: Limited Liability Entities
ASC Codification Topic 274: Personal Financial Statements
ASC Codification Topic 275: Risks and Uncertainties
 
ASC Codification Topic 280: Segment Reporting


   U.S. GAAP Codification of Accounting Standards
Accounting Standards Codification, ASC, Overview
ASC Codification 200: Presentation
ASC Codification 300: Assets
ASC Codification 400: Liabilities
ASC Codification 500: Equity
ASC Codification 600: Revenue
ASC Codification 700: Expenses
ASC Codification 800: Broad Transactions
ASC Codification 900: Industry

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