3   ASC 210 BALANCE SHEET

Perspective and Issues

Subtopics

Scope and Scope Exceptions

Overview

Technical Alerts

Practice Alerts

Definitions of Terms

Concepts, Rules, and Examples

Form of the Statement of Financial Position

ASC 210-10, Overall

Current assets

Noncurrent assets

Liabilities

Current liabilities

Noncurrent liabilities

Presentation

Example: Statement of financial position – highly aggregated

Example: Statement of financial position – highly detailed

ASC 210-20, Offsetting

Other Sources

PERSPECTIVE AND ISSUES

Subtopics

ASC 210, Balance Sheets, is divided into two Subtopics:

  • ASC 210-10, Overall, which focuses on the presentation of the balance sheet, particularly the operating cycle and current assets and liabilities, and
  • ASC 210-20, Offsetting, which offers guidance on offsetting amounts for certain contracts and repurchase and reverse repurchase agreements.

Scope and Scope Exceptions

The guidance in ASC 210-20 does not apply to:

“The derecognition or nonrecognition of assets and liabilities. Derecognition by sale of an asset or extinguishment of a liability results in removal of a recognized asset or liability and generally results in the recognition of gain or loss. Although conceptually different, offsetting that results in a net amount of zero and derecognition with no gain or loss are indistinguishable in their effects on the statement of financial position. Likewise, not recognizing assets and liabilities of the same amount in financial statements achieves similar ...

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