Question

Use the FASB Accounting Standards Codification to research the Income Statement Presentation Format topic. Did you find any authoritative information in the Codification on basic Income Statement Presentation Format(s)? If so, where did you find the information on basic Income Statement format and what is the authoritative guidance? You must use the FASB Codification Reference numbers to earn credit.

Answer 1

FASB ACCOUNTING STANDARDS CODIFICATION

The FASB Accounting Standards Codification^® is organized into Areas, Topics, Subtopics, and Sections. Each Area, Topic, and Subtopic page contains a linked table of contents. When using the System, you can browse through the Codification content simply by clicking links that take you to the pages you want to go to.

We can find authoritative information in codification on basic income statement format.

Below is an overview of FASB Accounting Standards Codification Topic 220, Income statement - Reporting Comprehensive Income

ASC 220 comprises only the Overall Subtopic. ASC 220-10 notes that the purpose of this Subtopic is to establish "standards for reporting and presentation of comprehensive income and its components in a full set of general-purpose financial statements."

Below is an overview of FASB Accounting Standards Codification Topic 225, Income Statement

Overview

ASC 225 comprises three Subtopics (Overall, Extraordinary and Unusual Items, and Business Interruption Insurance). Below is an overview of each Subtopic.

225-10 Overall

ASC 225-10 notes the content that is included in each Subtopic within ASC 225 and provides general income statement guidance.

225-20 Extraordinary and Unusual Items

ASC 225-20 notes:

This Subtopic addresses the classification and resulting presentation and disclosure of extraordinary events and transactions. It also addresses the presentation and disclosure of unusual and infrequently occurring items that do not meet the extraordinary criteria.

225-30 Business Interruption Insurance

ASC 225-30 notes:

This Subtopic provides presentation and disclosure guidance for business interruption insurance. The types of costs and losses covered by business interruption insurance typically include the following: a.Gross margin that was lost or not earned due to the suspension of normal operations b.A portion of fixed charges and expenses in relation to that lost gross margin c. Other expenses incurred to reduce the loss from business interruption (for example, rent of temporary facilities and equipment, use of subcontractors, and so forth).