March 2019
Intermediate to advanced
1440 pages
51h 20m
English
Content preview from Wiley GAAP 2019
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53ASC 825 FINANCIAL INSTRUMENTS
PERSPECTIVE AND ISSUES
Subtopics
ASC 825, Financial Instruments, contains two subtopics:
- ASC 825-10, Overall, which has two subsections:
- General, which provides guidance on the fair value option and some disclosures about financial instruments
- Fair Value Option, which provides guidance on the circumstances under which entities may choose the fair value option and the related presentation and disclosure requirements
- (ASC 825-10-05-2)
- ASC 825-20, Registration Payment Arrangements, which provides guidance on financial instruments subject to registration payment arrangements.
Scope and Scope Exceptions
ASC 825-10
The following items are eligible for the fair value option:
- All recognized financial assets and financial liabilities except for those listed in ASC 825-10-15-5 below.
- Firm commitments that would otherwise not be recognized at inception and that involve only financial instruments. An example is a forward purchase contract for a loan that is not readily convertible to cash. The commitment involves only financial instruments (the loan and cash) and would not be recognized at inception since it does not qualify as a derivative.
- A written loan commitment.
- Rights and obligations under insurance contracts or warranties that are not financial instruments1 but whose terms permit the insurer (warrantor) to settle claims by paying a third party to provide goods and services to the counterparty (insured party or warranty claimant).
- A host ...
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