5357XX - Extraordinary & Special Items

  •  535700 Extraordinary Loss
    • To record an extraordinary loss.  Gains are recorded in account 437700-Extraordinary Gain.  Extraordinary items are transactions or other events that are both unusual in nature and infrequent in occurrence.  (Note:  Prior to 7-1-2001, this account was for use only by proprietary funds.  Effective 7-1-2001 with the implementation of the new reporting model under GASB 34, this account may be used by any fund type.)
       
  • 535710 Loss-Refunding of Debt
    • Effective for the year ended 6/30/2002, with the implementation of the new reporting model under GASB 34, this account is no longer valid.
       
  • 535750 Special Items - Loss
    • Significant transactions or other events within the control of management that are either unusual in nature or infrequent in occurrence.  (GASB 34 Par. 56)  Use account 437750 for special items - gains.