Wiley GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles 2015

Chapter 3ASC 210 BALANCE SHEET

1. PERSPECTIVE AND ISSUES
   1. Subtopics
   2. Scope and Scope Exceptions
   3. Overview
   4. Practice Alerts
2. DEFINITIONS OF TERMS
   1. Source: ASC 210-20
3. CONCEPTS, RULES, AND EXAMPLES
   1. Form of the Statement of Financial Position
   2. ASC 205-10, Overall
   3. Liabilities
   4. Presentation
   5. ASC 210-20, Offsetting
   6. 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 agreements accounted for as collateralize borrowings and reverse repurchase agreements accounted for as collateralize borrowings.

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 reported results.” ASC 205-10-15-2

Generally, right of setoff involves only ...