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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

9ASC 255 CHANGING PRICES

  1. Perspective and Issues
    1. Subtopic
    2. Scope
  2. Definitions of Terms
  3. Concepts, Rules, and Examples
    1. Elective Disclosures
    2. Other Sources

PERSPECTIVE AND ISSUES

Subtopic

ASC 255, Changing Prices, contains one subtopic:

  • ASC 255‐10, Overall, that provides guidance on reporting the effects of changing prices or inflation

Scope

The topic applies to business entities that prepare U.S. GAAP financial statements and “foreign entities that prepare financial statements in the currency for which the operations and that operate in countries with hyperinflationary economies.”

The ASC disclosures are encouraged, but not required.

DEFINITIONS OF TERMS

Source: ASC 255‐10‐20. Also see Appendix A, Definitions of Terms, for the terms Commencement Date of the Lease (Commencement Date), Contract, Direct Financing Lease, Fair Value (Def. 3), Income from Continuing Operations, Lease, Lase Payments, Lease Receivable, Lease Term, Lessee, Lessor, Leveraged Lease, Net Investment in the Lease, Sales‐Type Lease, Underlying Asset, and Unguaranteed Residual Asset.

Consumer Price Index for All Urban Consumers. An index of price level changes affecting consumers generally often used to measure changes in the general purchasing power of the monetary unit itself.

Current Cost‐Constant Purchasing Power Accounting. A method of accounting based on measures of current cost or lower recoverable amount in units of currency, each of which has the same general purchasing power. For operations ...

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Publisher Resources

ISBN: 9781119736172