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 26ASC 405 LIABILITIES
ASC 405-20, Extinguishments of Liabilities
ASC 405-40, Obligations Resulting from Joint and Several Liabilities
PERSPECTIVE AND ISSUES
Subtopics
ASC 405, Liabilities, consists of four subtopics:
- ASC 405-10, Overall, which merely points to other areas of the codification which contain guidance on liabilities
- ASC 405-20, Extinguishments of Liabilities, which provides guidance on when an entity should consider a liability settled
- ASC 405-30, Insurance-Related Assessments, which provides guidance on items such as assessments for state guaranty funds and workers' compensation second-injury funds
- ASC 405-40, Obligations Resulting from Joint and Several Liabilities, which provides guidance on arrangements where the total amount of the obligation is fixed at the reporting date.
ASC 405 provides accounting and reporting guidance related to short-term liabilities and certain guidance that may apply broadly to any liability. The Codification has several topics on liabilities, including ASC 470, Debt, and ASC 480, Distinguishing Liabilities from Equity.
Scope and Scope Exceptions
ASC 405 guidance applies to all entities with the covered transactions.
ASC 405-30 does not apply to the following:
- Amounts payable or paid as a result of reinsurance contracts or arrangements that are in substance reinsurance, ...
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