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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

53 ASC 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 ...
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Publisher Resources

ISBN: 9781119652625