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Code of Federal Regulations Title 49. Transportation 49 CFR § 1201.592 592 Cumulative effect of changes in accounting principles

Current as of January 02, 2025 | Updated by Findlaw Staff

This account shall include the cumulative effect of changing to a new accounting principle, after giving effect of income tax consequences, in accordance with instruction 1–2(d), upon approval by the Board.

FORM OF INCOME STATEMENT

I. Ordinary Items

501

Railway operating revenues (exclusive of transfers from government authorities)

․․․․․․․․․․․

503

Railway operating revenues (amortization of deferred transfers from government authorities)

․․․․․․․․․․․

502

Railway operating revenues (amortization of deferred transfers from government authorities)

․․․․․․․․․․․

531

Railway operating expenses․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

Net Revenue from Railway Operation 1․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

II. Other Income

506

Revenues from property used in other than carrier operations․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

510

Miscellaneous rent income․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

512

Separately operated properties—profit․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

513

Dividend income․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

514

Interest income․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

516

Income from sinking and other funds․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

517

Release of premiums on funded debt․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

518

Reimbursements received under contracts and agreements․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

519

Miscellaneous income․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

Income from affiliated companies:․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

Dividends․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

Equity in undistributed earnings (losses)․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

Total income from affiliated companies․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

Total other income․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

Total income․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

III. Miscellaneous Deductions From Income

534

Expenses of property used in other than carrier operations․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

535

Taxes on property used in other than carrier operations․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

543

Miscellaneous rent expense․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

544

Miscellaneous taxes․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

545

Separately operated properties-loss․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

549

Maintenance of investment organization․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

550

Income transferred under contracts and agreements․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

551

Miscellaneous income charges․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

553

Uncollectible accounts․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

Total miscellaneous deductions․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

Income available for fixed charges․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

IV. Fixed Charges

546

Interest on funded debt:

(a)

Fixed interest not in default․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

(b)

Interest in default․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

547

Interest on unfunded debt․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

548

Amortization of discount on funded debt․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

Total fixed charges․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

Income after fixed charges․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

V. Other Deductions

546

Interest on funded debt: (c) Contingent interest․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

VI. Unusual or Infrequent Items

555

Unusual or infrequent items (debt) credit․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

Income (loss) from continuing operations (before income taxes)․․․․․․․․․․․․․․․․

․․․․․․․․․․․

VII. Provision for Income Taxes

556

Income taxes on ordinary income:

Federal income taxes․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

State income taxes․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

Other income taxes․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

557

Provision for deferred taxes․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

Income from continuing operations․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

VIII. Discontinued Operations

560

Income or loss from operations of discontinued segments (less applicable income taxes of $___)

․․․․․․․․․․․

562

Gain or loss on disposal of discontinued segments (less applicable income taxes of $___)

․․․․․․․․․․․

Income (loss) before extraordinary items․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

IX. Extraordinary Items and Accounting Changes

570

Extraordinary items (net)․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

590

Income taxes on extraordinary items․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

591

Provision for deferred taxes–extraordinary items․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

Total extraordinary items․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

592

Cumulative effect of changes in accounting principles (less applicable income taxes of $___)

․․․․․․․․․․․

Net income․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

1 Reconciliation of net railway operating income (NROI):

Net revenues from railway operations․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

(556)

Income taxes on ordinary income․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

(557)

Provision for deferred income taxes․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

(560)

Taxes applicable to income or loss from operations of discontinued segments․․․

․․․․․․․․․․․

(562)

Taxes applicable to gain or loss on disposal of discontinued segments․․․․․․․․․

․․․․․․․․․․․

Income from lease of road and equipment (formerly account 509)․․․․․․․․․․․․․․․․

․․․․․․․․․․․

Rent for leased roads and equipment (formerly account 542)․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

Net railway operating income․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․

․․․․․․․․․․․

(Authority:  49 U.S.C. 304, 320)

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Cite this article: FindLaw.com - Code of Federal Regulations Title 49. Transportation 49 CFR § 1201.592 592 Cumulative effect of changes in accounting principles - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-49-transportation/cfr-sect-49-1201-592/

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