{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/220/30/#05-overview-and-background","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"220","topic_title":"Income Statement—Reporting Comprehensive Income","subtopic":"220-30","subtopic_title":"Business Interruption Insurance","section":{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"220-30-05-1","para":"05-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">This Subtopic provides presentation and disclosure guidance for <a href=\"/glossary/b/#business-interruption-insurance\" class=\"term\" title=\"Insurance that provides coverage if business operations are suspended due to the loss of use of property and equipment resulting from a covered cause of loss. Business interruption insurance coverage generally provides for reimbursement of certain costs and losses incurred during the reasonable period required to rebuild, repair, or replace the damaged property.\"><span>business interruption insurance</span></a>.</div></div>","snippet":"This Subtopic provides presentation and disclosure guidance for business interruption insurance.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1c16b45eda21434944edc250bab7be3cb054354f5612bd0b0cc2f9a281302d61","downloaded_from":"2026-09-09T23:04:34.795Z","last_downloaded_at":"2026-09-09T23:04:34.795Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483608","source_sha256":"94106eae8f7041c86239d95f9ab8879dcf2ad3f0e82e2b1214af484771948b9f"}},{"citation":"220-30-05-2","para":"05-2","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_71EB0541-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The types of costs and losses covered by business interruption insurance typically include the following: </span></span><ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_71EB075E-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"><a href=\"/glossary/g/#gross-margin\" class=\"term\" title=\"The excess of sales over cost of goods sold. Gross margin does not consider all operating expenses.\"><span>Gross margin</span></a> that was lost or not earned due to the suspension of normal operations </span></span></div></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_71EB0922-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">A portion of fixed charges and expenses in relation to that lost gross margin </span></span></div></li><li class=\"li-norm\"><span class=\"linum\">c</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_71EB0AFF-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Other expenses incurred to reduce the loss from business interruption (for example, rent of temporary facilities and equipment, use of subcontractors, and so forth). </span></span></div></li></ol></div></div>","snippet":"The types of costs and losses covered by business interruption insurance typically include the following:\n(a) Gross margin that was lost or not earned due to the suspension of normal operations\n(b) A portion of fixed cha…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:88eac3b49b302f106ba100babffae12df20584f29f081e9e84bcccd9372f112a","downloaded_from":"2026-09-09T23:04:34.795Z","last_downloaded_at":"2026-09-09T23:04:34.795Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483608","source_sha256":"94106eae8f7041c86239d95f9ab8879dcf2ad3f0e82e2b1214af484771948b9f"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a8490d0e85a0e245790896be3a8f5d7bdada55de6d9c3994b124bb57bfef301d","downloaded_from":"2026-09-09T23:04:34.795Z","last_downloaded_at":"2026-09-09T23:04:34.795Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483608","source_sha256":"94106eae8f7041c86239d95f9ab8879dcf2ad3f0e82e2b1214af484771948b9f"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:84068a31685e277e211f531dc9e39a5c88f4e31cade2426d2aba6502e55c2c50","downloaded_from":"2026-09-09T23:04:34.795Z","last_downloaded_at":"2026-09-09T23:04:34.795Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483608","source_sha256":"94106eae8f7041c86239d95f9ab8879dcf2ad3f0e82e2b1214af484771948b9f"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:84068a31685e277e211f531dc9e39a5c88f4e31cade2426d2aba6502e55c2c50","downloaded_from":"2026-09-09T23:04:34.795Z","last_downloaded_at":"2026-09-09T23:04:34.795Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483608","source_sha256":"94106eae8f7041c86239d95f9ab8879dcf2ad3f0e82e2b1214af484771948b9f"}}