income statement presentation

This industry-specific subtopic addresses how a federal government contractor presents amounts in the income statement relating to terminated contracts. After ASC 2014-09 superseded most of its guidance, the only surviving rule is that items the contractor keeps without making a claim for cost or loss stay on the balance sheet as inventory or deferred charges (220-912-45-3).

ASC 220-932 is a short "pointer" subtopic that addresses income statement presentation for oil- and gas-producing activities. It contains no substantive incremental rules of its own: it adopts the scope of ASC 932-10-15 and directs readers to the industry disclosure requirements in 932-235-50-21 through 50-28 and to the illustrative results-of-operations example in 932-235-55-5.

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topic, but every one of its paragraphs (Sections 05 Background, 15 Scope, and 45 Other Presentation Matters) was superseded by Maintenance Update 2017-19.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.

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 Every paragraph has been superseded: ASU 2015-01 eliminated the extraordinary item concept and its separate net-of-tax presentation below income from continuing operations, and Maintenance Update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).

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 Every paragraph in the subtopic — Overview and Background (05), Scope (15), and Other Presentation Matters (45) — was superseded by Maintenance Update 2017-19, so the subtopic contains no operative guidance.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.

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.

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.

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.

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.

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.

This subtopic gives industry-specific guidance on financial instruments for not-for-profit, business-oriented health care entities. Its single substantive rule is a presentation rule: when such an entity elects the fair value option, the resulting unrealized gains and losses must be reported inside the performance indicator (or within discontinued operations, as appropriate) rather than outside it.