§  32.7100   Other operating income and expenses.

   This account shall be used to record the results of transactions,
   events or circumstances during the periods which are incidental or
   peripheral to the major or central operations of the company. It shall
   be used to record all items of an operating nature such as incidental
   work performed for others not provided for elsewhere. Whenever
   practicable the inflows and outflows associated with a transaction,
   event or circumstances shall be matched and the result shown as a net
   gain or loss. This account shall include the following:

   (a) Profits realized from custom work (plant construction) performed
   for others incident to the company's regulated telecommunications
   operations. This includes profits from the incidental performance of
   nontariffed construction activities (including associated engineering
   and design) for others which are similar in nature to those activities
   which are performed by the company in constructing its own
   telecommunications plant facilities. The records supporting the entries
   in this account for income and custom work shall be maintained with
   sufficient particularity to identify separately the revenue and costs
   associated with each undertaking.

   (b) Return on investment for the use of regulated property plant and
   equipment to provide nonregulated products and services.

   (c) All gains and losses resulting from the exchange of foreign
   currency. Transaction (realized) gains or losses shall be measured
   based on the exchange rate in effect on the transaction date.
   Unrealized gains or losses shall be measured based on the exchange rate
   in effect at the balance sheet date.

   (d) Gains or losses resulting from the disposition of land or artworks.

   (e) Charges or credits, as appropriate, to record the results of
   transactions, events or circumstances which are of an operational
   nature, but occur irregularly or are peripheral to the major or central
   operations of the company and not provided for elsewhere.

   [ 67 FR 5698 , Feb. 6, 2002]