October 2013
Intermediate to advanced
1460 pages
56h 14m
English
book
Wiley GAAP 2014: Interpretation and Application of Generally Accepted Accounting Principles
by Joanne M. Flood
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28 ASC 420 EXIT OR DISPOSAL COST OBLIGATIONS
Examples of the determination of the minimum retention period and recognition
Plan includes voluntary and involuntary benefits
Other Associated Costs to Exit an Activity
PERSPECTIVE AND ISSUES
Subtopics
ASC 420, Exit or Disposal Cost Activities, consists of one subtopic:
ASC 420-10, Overall, which provides guidance on the definition, reporting and disclosure of such costs.
Scope and Scope Exceptions
ASC 420 applies to all entities. It does not apply to:
- Costs associated with the retirement of a long-lived asset covered by ASC 410-20
- Impairment of an unrecognized asset while it is being used.
(ASC 420-10-15-5)
Overview
ASC 420-10-15-4 clarifies that an exit activity includes, but is not limited to:
- A restructuring
- The sale or termination of a line of business
- The closure of business activities in a particular location
- The relocation of business activities
- Changes in management structure
- A fundamental reorganization that affects the nature and focus of operation.
DEFINITIONS OF TERMS
Source: ASC 420-10-20
Acquiree
The business or businesses that the acquirer obtains control of in a business combination. This term also includes a nonprofit activity or business that a not-for-profit acquirer ...
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