Wiley GAAP 2018, 16th Edition

6ASC 225 Income Statement

1. Perspective and Issues
   1. Subtopics
   2. Scope and Scope Exceptions
   3. Overview
2. Definitions of Terms
3. Concepts, Rules, and Examples
   1. Format of Statements of Income and Comprehensive Income
      1. Entity name
      2. Statement titles
      3. Statement date
      4. Consistency of form
      5. Aggregation
   2. Income from Continuing Operations
      1. Example of a single-step format for income from continuing operations
      2. Multiple-step format
      3. Example of a multiple-step format for income from continuing operations
      4. Net income
   3. ASC 225-20, Unusual Items or Infrequently Occurring Items
      1. Unusual or Infrequent Items
      2. Unusual nature
      3. Infrequency of occurrence
   4. Pro Forma Earnings
   5. ASC 225-30, Business Interruption Insurance
   6. Other Sources

Perspective and Issues

Subtopics

ASC, Income Statement, contains three subtopics:

• ASC 220-10, Overall, which provides general income statement guidance and guidance on the structure of the Topic.
• ASC 220-20, Unusual Items or Infrequently Occurring Items, which addresses the classification, presentation and disclosure of unusual or infrequently occurring items.
• ASC 220-30, Business Interruption Insurance, which provides presentation and disclosure requirements for business interruption insurance.

The three subtopics provide discrete information and are not interrelated.

Scope and Scope Exceptions

The guidance in ASC 225 applies to all entities.

Overview

The primary focus of financial reporting is to provide information about an entity's performance that is useful to present and potential ...