[Code of Federal Regulations]
[Title 7, Volume 11]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1767.24]

[Page 846]
 
                          TITLE 7--AGRICULTURE
 
    CHAPTER XVII--RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE
 
PART 1767--ACCOUNTING REQUIREMENTS FOR RUS ELECTRIC BORROWERS--Table of Contents
 
                  Subpart B--Uniform System of Accounts
 
Sec. 1767.24  Extraordinary items.

    The extraordinary items accounts identified in this section shall be 
used by all RUS borrowers.

                           Extraordinary Items

434  Extraordinary Income
435  Extraordinary Deductions
435.1  Cumulative Effect on Prior Years of a Change in Accounting 
          Principle

                           Extraordinary Items

                       434   Extraordinary 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 Sec. 1767.15 (g).)

                     435   Extraordinary 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 Sec. 1767.15 (f).)

   435.1   Cumulative 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.