Sec. 661.17. Unusual items and contingent liabilities

(a) This section applies to extraordinary items, prior period adjustments, and contingent liabilities.

(b) Extraordinary items, prior period adjustments and contingent liabilities shall be submitted to this commission for review before being recorded in the company's books of account. Corrections of errors in prior periods which are less than $1,000,000 (Class A companies) or one percent of net income for the most current calendar year (Class B companies), may be recorded in operating accounts without prior approval.

(c) The company's filings pursuant to subdivision (b) of this section, shall set forth in detail the accounting entries contemplated together with any supporting data and, the existing special circumstances which warrant approval of the requested accounting treatment and related entries.