Skip to Main Content
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

26ASC 405 LIABILITIES

  1. Perspective and Issues
    1. Subtopics
    2. Scope and Scope Exceptions
      1. ASC 405-20
      2. ASC 405-30
      3. ASC 405-40
    3. Overview
  2. Definitions of Terms
  3. Concepts, Rules, and Examples
    1. ASC 405-10, Overall
    2. ASC 405-20, Extinguishments of Liabilities
      1. Example of Accounting for the Extinguishment of Debt
    3. ASC 405-30, Insurance-Related Assessments
    4. ASC 405-40, Obligations Resulting from Joint and Several Liabilities

PERSPECTIVE AND ISSUES

Subtopics

ASC 405, Liabilities, consists of four subtopics:

  • ASC 405‐10, Overall, which merely points to other areas of the Codification that contain guidance on liabilities
  • ASC 405‐20, Extinguishments of Liabilities, which provides guidance on when an entity should consider a liability settled
  • ASC 405‐30, Insurance‐Related Assessments, which provides guidance on items such as assessments for state guaranty funds and workers' compensation second‐injury funds
  • ASC 405‐40, Obligations Resulting from Joint and Several Liabilities, which provides guidance on arrangements where the total amount of the obligation is fixed at the reporting date.

Scope and Scope Exceptions

ASC 405‐20 ASC 20 applies to:

  • All entities with the covered transactions and
  • Extinguishments of both financial and nonfinancial liabilities unless addressed by another topic.
  • (ASC 405‐20‐15‐2)

ASC 405‐30 ASC 405‐30 applies to entities:

  • Subject to guaranty‐forward assessments
  • Subject to other insurance‐related assessments.
  • (ASC 405‐30‐15‐1)

The guidance also applies to assessments ...

Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Start your free trial

You might also like

Wiley Not-for-Profit GAAP 2020

Wiley Not-for-Profit GAAP 2020

Richard F. Larkin, Marie DiTommaso, Warren Ruppel
Wiley GAAP 2019

Wiley GAAP 2019

Joanne M. Flood

Publisher Resources

ISBN: 9781119736172