Data Dictionary

Item Number J917
INCOME, EXPENSES, AND DIVIDENDS: PROFIT AND LOSS, NET

Call confidentiality applies to FFIEC 031/041.

Series Start Date End Date Confidential? Reporting Forms
FRBSJ917 1989-12-31 9999-12-31 Yes FR 34

Data Description:

This account is used for recording income and losses which are not current in nature or are not applicable to current earnings or current expenses. The balance represents the net total of miscellaneous entries, such as the following:

1. Profit (loss) on sale of Bank premise assets or other real estate - The difference between net book value and the proceeds from the sale of Bank premise assets and other real estate (formerly used in bank operations).
2. Recoveries and unrealized losses on the value of other real estate held for sale - The difference between net book value and net realizable value of other real estate (formerly used in Bank operations) held for sale.
3. Profit (loss) on sale of "Other assets acquired account closed banks" - Book profit or loss resulting from the sale (or other final disposal) of "Other assets acquired account closed banks." When an allowance for estimated losses on such property is carried, the entire difference between gross carrying value of the particular asset and the proceeds received, if disposition results in a loss, may be charged to the allowance unless such a charge would result in a debit balance therein, in which case the excess should be charged to "Profit and loss." If disposition results in a profit, the excess should be credited to "Profit and loss."
4. Losses (not expected to be recovered) on shipments of money
5. Recoveries of losses on shipments of money
6. Other recoveries - Other recoveries of amounts previously charged to profit and loss.
7. Losses covered by Loss Sharing Agreement - Rewards, advances, and expenses absorbed or prorated under the Loss Sharing Agreement.
8. Reimbursement from Treasury for purchases of uncut sheets of Federal Reserve notes
9. Errors found in work of prior years - Errors involving significant amounts reported in income or expenses prior to the current year. Correction of errors of lesser amounts should be made in the appropriate income or expense account. (The correction of errors between years through "Profit and loss" should be limited to items involving significant amounts and must have prior approval from the RBOPS FRB Financial Accounting Section.)
10. Interest Expense - Interest expense for reverse repurchase agreements undertaken by the System Open Market Desk.
11. Profit or loss on foreign exchange transactions (net) - Participation in foreign exchange profits and losses, including revaluations of foreign currency holdings and outstanding swap commitments at current market exchange rates.
12. Discount on foreign currency
13. Loss on counterfeits - (Only with approval of Board's FRB Financial Accounting Section of the RBOPS Division.)
14. Profit or loss on sales of U. S. Treasury, Federal Agency, and GSE securities held in System Open Market Account (net)
15. Profit or loss on the sale of works of art
16. Profit or loss incurred by Reserve Banks and consolidated LLCs from lending authorized under section 13(3) of the Federal Reserve Act

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Last update: Mar 20, 2024