October 2014
Intermediate to advanced
1512 pages
57h 40m
English
book
Wiley GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles 2015
by Joanne M. Flood
Content preview from Wiley GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles 2015
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Chapter 15ASC 275 RISKS AND UNCERTAINTIES
Use of Estimates in the Preparation of Financial Statements
Current Vulnerability Due to Concentrations
Example Disclosure – Geographic Concentration
PERSPECTIVE AND ISSUES
Subtopic
ASU 275, Risks and Uncertainties, contains one subtopic:
- ASU 275-10, Overall, that provides guidance on disclosures of risks and uncertainties inherent in entity's operations.
This topic recognizes that all businesses face risk and uncertainty. The objective of ASC 275 is to provide guidelines that will enable the preparer to screen the many risks and uncertainties faced by entities and focus on those most useful to the readers of the particular entity's report, those that will enable the readers to assess the future cash flows and result of operations. Thus, the topic focuses on screening criteria for risks and uncertainties and the resulting required disclosures.
Scope and Scope Exceptions
The guidance applies to all GAAP financial statements, interim and annual, but not to condensed or summarized financial statements. The guidance does not apply to risks and uncertainties associated with:
- “Management or key personnel
- Proposed changes in accounting principles
- Deficiencies in the internal control structure
- The possible effects of acts of God, war, or sudden ...
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