{"data":{"id":"us/7-cfr-1767.24","jurisdiction":"us","citation":"7 CFR 1767.24","heading":"Extraordinary items.","body":"The extraordinary items accounts identified in this section shall be used by all RUS borrowers.\nExtraordinary Items\n434 Extraordinary Income\n435 Extraordinary Deductions\n435.1 Cumulative Effect on Prior Years of a Change in Accounting Principle\nExtraordinary Items\n434 Extraordinary Income\nThis 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).)\n435 Extraordinary Deductions\nThis 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).)\n435.1 Cumulative Effect on Prior Years of a Change in Accounting Principle\nThis 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.","path":["Title 7—Agriculture","Subtitle B—Regulations of the Department of Agriculture","CHAPTER XVII—RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE","PART 1767—ACCOUNTING REQUIREMENTS FOR RUS ELECTRIC BORROWERS","Subpart B—Uniform System of Accounts"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-7.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:01Z","sha256":"75798b014275a7e86300302474592720f31af8c8fb1579c9184342955d19359a","source_id":"us-cfr","stale":true,"prev":"us/7-cfr-1767.23","next":"us/7-cfr-1767.25"},"notice":"GroundRules: Original legal text. Not legal advice."}