Goto Section: 32.7500 | 32.7899 | Table of Contents
Revised as of September 1, 2021
Goto Year:2020 |
§ 32.7600 Extraordinary items.
(a) This account is intended to segregate the effects of events or
transactions that are extraordinary. Extraordinary events and
transactions are distinguished by both their unusual nature and by the
infrequency of their occurrence, taking into account the environment in
which the company operates. This account shall also include the related
income tax effect of the extraordinary items.
(b) This account shall be credited and/or charged with nontypical,
noncustomary and infrequently recurring gains and/or losses which would
significantly distort the current year's income computed before such
extraordinary items, if reported other than as extraordinary items.
(c) This account shall be charged or credited and Account 4070, Income
taxes—accrued, shall be credited or charged for all current income tax
effects (Federal, state and local) of extraordinary items.
(d) This account shall also be charged or credited, as appropriate,
with a contra amount recorded to Account 4350, Net noncurrent deferred
nonoperating income taxes or Account 4110, Net current deferred
nonoperating income taxes for the income tax effects (Federal, state
and local) of extraordinary items that have been deferred in accordance
with § 32.22.
[ 67 FR 5700 , Feb. 6, 2002]
Goto Section: 32.7500 | 32.7899
Goto Year: 2020 |
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