U.S. GAAP, Codification of Accounting Standards, ASC - Accounting Standards Codification by FASB

U.S. GAAP Codification of Accounting Standards

U.S. GAAP-Codification

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

U.S. GAAP Codification, Accounting Standards ASC,

IFRS Overview, IFRS, IAS by Topic, IFRS Dictionary

U.S. GAAP by Topic, Accounting by Topic

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

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