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7 CFR § 1767.24 - Extraordinary items. 

---
identifier: "/us/cfr/t7/s1767.24"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "7 CFR § 1767.24 - Extraordinary items."
title_number: 7
title_name: "Agriculture"
section_number: "1767.24"
section_name: "Extraordinary items."
chapter_name: "RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE"
part_number: "1767"
part_name: "ACCOUNTING REQUIREMENTS FOR RUS ELECTRIC BORROWERS"
positive_law: false
currency: "2026-03-24"
last_updated: "2026-03-24"
format_version: "1.1.0"
generator: "[email protected]"
authority: "7 U.S.C. 901  1921  6941"
regulatory_source: "58 FR 59825, Nov. 10, 1993, unless otherwise noted."
cfr_part: "1767"
---

# 1767.24 Extraordinary items.

The extraordinary items accounts identified in this section shall be used by all RUS borrowers.

****Extraordinary Items

434 Extraordinary Income

435 Extraordinary Deductions

435.1 Cumulative Effect on Prior Years of a Change in Accounting Principle

****Extraordinary Items

****434 Extraordinary Income

This account shall be credited with nontypical, noncustomary, infrequently recurring gains which would significantly distort the current year's income computed before extraordinary items, if reported other than as extraordinary items. Income tax relating to the amounts recorded in this account shall be recorded in Account 409.3, Income Taxes, Extraordinary Items. (See § 1767.15 (g).)

****435 Extraordinary Deductions

This account shall be debited with nontypical, noncustomary, infrequently recurring losses which would significantly distort the current year's income computed before extraordinary items, if reported other than as extraordinary items. Income tax relating to the amounts recorded in this account shall be recorded in Account 409.3, Income Taxes, Extraordinary Items. (See § 1767.15 (f).)

****435.1 Cumulative Effect on Prior Years of a Change in Accounting Principle

This account shall include the cumulative effect on margins of prior periods as a result of a change in accounting principle from one that is no longer generally accepted to one that is generally accepted.