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

Chapter 18ASC 310 RECEIVABLES

PERSPECTIVE AND ISSUES

   Subtopics

   Scope and Scope Exceptions

   Overview

   Technical Alert

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

   Receivables

   Valuation Allowance for Uncollectible Amounts

   Pledging, Assigning, and Factoring Receivables

   Loan Impairment

   ASC 310-20, Nonrefundable Fees and Other Costs

   ASC 310-30, Certain Loans or Debt Securities Acquired in Transfers

   Troubled Debt Restructuring, ASC 310-40

PERSPECTIVE AND ISSUES

Subtopics

ASC 310, Receivables, consists of four subtopics:

• ASC 310-10, Overall, which provides general guidance for receivables and has two subsections:
  • General, which provides guidance on receivables in general and standby commitments to purchase loans, factoring arrangements, and rebates,
  • Acquisition, Development, and Construction Arrangements, which provides guidance on whether a lender should account for the arrangement as a loan or as an investment in real estate or in a joint venture.
• ASC 310-20, Nonrefundable Fees and Other Costs, provides guidance on nonrefundable fees, origination costs, and acquisition costs associated with lending activities and loan purchases.
• ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, which provides guidance regarding loans acquired with evidence of deterioration of credit quality since origination acquired by completion of a transfer for which it is probable, at acquisition, that the investor will be unable to collect ...