Chapter 6ASC 225 INCOME STATEMENT
Format of Statements of Income and Comprehensive Income
Income from Continuing Operations
ASC 225-20, Extraordinary and Unusual Items
ASC 225-30, Business Interruption Insurance
PERSPECTIVE AND ISSUES
Subtopics
ASC, Income Statement, contains three subtopics:
- ASC 220-10, Overall, which provides general income statement guidance and on the structure of the Topic.
- ASC 220-20, Extraordinary Items, which addresses the classification, presentation, and disclosure of extraordinary events and transactions and the presentation and disclosure of unusual and infrequently occurring items that do not meet the extraordinary criteria.
- ASC 220-30, Business Interruption Insurance, which provides presentation and disclosure requirements for business interruption insurance.
The three subtopics provide discrete information and are not interrelated.
Scope and Scope Exceptions
The guidance in ASC 225 applies to all entities. ASC 225-20-15-2 specifically mandates that “The net effect of discontinuing the application of regulatory operations accounting addressed in Section 980-20-40 shall be recognized as an extraordinary item and thus shall be subject to the scope of this Subtopic regardless of whether the criteria discussed in paragraph 225-20-45-2 are ...
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