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Wiley GAAP 2020
book

Wiley GAAP 2020

by Joanne M. Flood
February 2020
Intermediate to advanced content levelIntermediate to advanced
1456 pages
52h 54m
English
Wiley
Content preview from Wiley GAAP 2020

32ASC 450 CONTINGENCIES

PERSPECTIVE AND ISSUES

Subtopics

ASC 450, Contingencies, contains guidance for reporting and disclosure of gain and loss contingencies and has three subtopics:

  • ASC 450-10, Overall, which, along with ASC 450-20450-30, provides guidance on accounting and disclosures for contingencies.
  • ASC 450-20, Loss Contingencies, which describes accounting for potential liabilities in circumstances involving uncertainties.
  • ASC 450-30, Gain Contingencies, which describes accounting and disclosure requirements for gain contingencies.

Scope and Scope Exceptions

ASC 450-10.

ASC 450-10 applies to all entities. Not all uncertainties are contingencies. ASC 450-10-55 points out several common estimates that do not fall under the contingency guidance:

  • Depreciation
  • Estimates used in accruals
  • Changes in tax law

ASC 450 guidance does not apply to the recognition and initial measurement of:

  • Assets or liabilities arising from contingencies that are measured at fair value or
  • Assets arising from contingencies measured at an amount other than fair value on the acquisition ...
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Publisher Resources

ISBN: 9781119652625