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Wiley GAAP 2021, 2nd Edition
book

Wiley GAAP 2021, 2nd Edition

by Joanne M. Flood
March 2021
Intermediate to advanced content levelIntermediate to advanced
1424 pages
51h 16m
English
Wiley
Content preview from Wiley GAAP 2021, 2nd Edition

3ASC 210 BALANCE SHEET

  1. Perspective and Issues
    1. Subtopics
    2. Scope and Scope Exceptions
      1. ASC 210‐10
      2. ASC 210‐20
      3. Scope of Disclosures
    3. Overview
  2. Definitions of Terms
  3. Concepts, Rules, and Examples
    1. Form of the Statement of Financial Position
      1. Entity’s Name
      2. Date
      3. Consistency of Format
    2. ASC 210‐10, Overall
      1. Current Assets
      2. Noncurrent Assets
    3. Liabilities
      1. Current Liabilities
      2. Noncurrent Liabilities
    4. Presentation
    5. ASC 210‐20, Offsetting
      1. Bankruptcy
      2. Taxes Payable
      3. Repurchase and Reverse Repurchase Agreements
      4. Disclosures and Presentation
    6. Other Sources

PERSPECTIVE AND ISSUES

Subtopics

ASC 210, Balance Sheet, is divided into two subtopics:

  • ASC 210‐10, Overall, which focuses on the presentation of the balance sheet, particularly the operating cycle and classification of current assets and liabilities, and
  • ASC 210‐20, Offsetting, which offers guidance on offsetting amounts for certain con‐ tracts and repurchase agreements accounted for as collateralized borrowings and reverse repurchase agreements accounted for as collateralized borrowings.

Scope and Scope Exceptions

ASC 210‐10 The guidance in ASC 210‐10 applies to all entities. However, the guidance related to classification of current assets and current liabilities does not apply if the entity does not present a classified balance sheet.

ASC 210‐20 The guidance in ASC 210‐20 does not apply to:

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Publisher Resources

ISBN: 9781119736172