CFR > Title 7 - Agriculture > SUBTITLE B—Regulations of the Department of Agriculture > CHAPTER XVII—RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE (parts 1700 to 1794) > PART 1767—ACCOUNTING REQUIREMENTS FOR RUS ELECTRIC BORROWERS > SUBPART B—Uniform System of Accounts (§1767.10 to §1767.42-1767.45) > 1767.24—Extraordinary items.

1767.24—Extraordinary items.

The extraordinary items accounts identified in this section shall be used by all RUS borrowers.
Extraordinary Items
434Extraordinary Income
435Extraordinary Deductions
435.1Cumulative Effect on Prior Years of a Change in Accounting Principle
Extraordinary Items
434Extraordinary 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).)
435Extraordinary 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).)
435.1Cumulative 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.