ASC Topic 225
Income Statement
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ASC 225, Income Statement, is a fully retired Topic: every subtopic digested here — the Overall subtopic (225-10), extraordinary and unusual items (225-20), business interruption insurance (225-30), development stage entities (225-915), and the industry subtopics for federal government contractors (225-912), oil and gas (225-932), investment companies (225-946), health care entities (225-954), and not-for-profit entities (225-958) — consists entirely of superseded paragraphs. Most were removed by Maintenance Update 2017-19, which relocated income statement presentation guidance to ASC 220 (Income Statement—Reporting Comprehensive Income, e.g., 220-20 for unusual or infrequently occurring items and 220-30 for business interruption insurance) and to the industry Topics (932, 946, 954-205, 958-205); ASU 2015-01 separately eliminated the extraordinary item concept and ASU 2014-10 eliminated the development stage entity concept. The single most important idea is that nothing in Topic 225 may be cited as authoritative support — superseded paragraph numbers are retained only as historical markers for tracing where guidance moved. Substantively, extraordinary item classification (net-of-tax presentation below income from continuing operations) no longer exists, though material items unusual in nature or infrequent in occurrence are still shown as a separate component of income from continuing operations, or disclosed, under ASC 220-20 and not net of tax.
Subtopics
- 10Overall32 ¶
ASC 225-10 was the "Overall" subtopic of the Income Statement topic, but every one of its paragraphs (Sections 05 Background, 15 Scope, and 45 Other Presentation Matters) was superseded by Maintenance Update 2017-19. As a result, the subtopic contains no substantive guidance; income statement presentation guidance now resides in ASC 220 (Income Statement—Reporting Comprehensive Income) and other presentation topics.
- 20Unusual or Infrequently Occurring Items32 ¶
ASC 225-20 formerly governed the reporting of extraordinary items (events both unusual in nature and infrequent in occurrence) and unusual or infrequently occurring items in the income statement. Every paragraph has been superseded: ASU 2015-01 eliminated the extraordinary item concept and its separate net-of-tax presentation below income from continuing operations, and Maintenance Update 2017-19 removed the remaining shell paragraphs after the transition period ended. Presentation and disclosure of material unusual or infrequently occurring items now resides in ASC 220-20 (Income Statement—Unusual or Infrequently Occurring Items).
- 30Business Interruption Insurance6 ¶
ASC 225-30 formerly addressed how to present and disclose business interruption insurance recoveries in the income statement. All of its content (Sections 05, 15, 45, and 50) was superseded by Maintenance Update 2017-19, so the subtopic is now an empty shell with no operative guidance. Entities receiving business interruption insurance proceeds must look to other guidance, such as the successor guidance in ASC 220-30 and general gain contingency rules.
- 912Contractors—Federal Government7 ¶
ASC 225-912 formerly provided income statement presentation guidance for contractors with the federal government (a subtopic of the legacy Income Statement topic). Every paragraph in the subtopic — Overview and Background (05), Scope (15), and Other Presentation Matters (45) — was superseded by Maintenance Update 2017-19, so the subtopic contains no operative guidance. Presentation questions for federal government contractors are now addressed under the revenue and other applicable topics rather than here.
- 915Development Stage Entities4 ¶
This subtopic formerly prescribed how a development stage entity presented its income statement — most notably cumulative amounts of revenues and expenses from inception. Every paragraph (225-915-05-1, 15-1, and 45-1) was superseded by ASU 2014-10, which eliminated the concept of a development stage entity from U.S. GAAP. As a result, there are no remaining presentation requirements in ASC 225-915.
- 932Extractive Activities—Oil and Gas5 ¶
ASC 225-932 was the income statement subtopic addressing oil and gas extractive activities, but every paragraph in it (Sections 05, 15, 50, and 55) was superseded by Maintenance Update 2017-19. As a result the subtopic contains no operative guidance; readers must look to ASC 932 (Extractive Activities—Oil and Gas) and ASC 220 for income statement presentation and disclosure requirements.
- 942Financial Services—Depository and Lending8 ¶
- 944Financial Services—Insurance8 ¶
- 946Financial Services—Investment Companies32 ¶
ASC 225-946 was the industry-specific income statement guidance for investment companies, but every paragraph in it (Sections 05, 15, 45, and 50) was superseded by Maintenance Update 2017-19. The subtopic is now an empty shell with no operative guidance; the substantive requirements for an investment company's statement of operations were relocated to (and remain in) ASC 946, Financial Services—Investment Companies. Readers encountering a citation to 225-946 should redirect to ASC 946-225.
- 954Health Care Entities23 ¶
ASC 225-954 formerly provided income statement presentation guidance for health care entities (e.g., the performance indicator and reporting of patient service revenue). Every paragraph in the subtopic — Sections 05, 15, 45, 50, and 55 — was superseded by Maintenance Update 2017-19, so the subtopic contains no operative guidance. Health care income statement presentation guidance now resides in Topic 954 (principally 954-205 and 954-225 as relocated) and, for revenue, in Topic 606.
- 958Not-for-Profit Entities57 ¶
ASC 225-958 was the income statement subtopic for not-for-profit entities, but every paragraph in it (Sections 05, 15, 45, 50, and 55) was superseded by Maintenance Update 2017-19. The subtopic contains no remaining substantive guidance; its former content on presenting a not-for-profit entity's statement of activities was relocated as part of the Codification's reorganization of not-for-profit presentation guidance.