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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

40ASC 710 COMPENSATION—GENERAL

  1. Perspective and Issues
    1. Subtopics
    2. Scope and Scope Exceptions
  2. Definitions of Terms
  3. Concepts, Rules, and Examples
    1. Compensated Absences
      1. Vesting
      2. Sick Pay
      3. Other Types of Paid Time Off
    2. Bonus Payments
    3. Deferred Compensation Contracts
    4. Example of a Deferred Compensation Contract
    5. Lump‐Sum Payments under Union Contracts
    6. Deferred Compensation—Rabbi Trusts

PERSPECTIVE AND ISSUES

Subtopics

ASC 710, CompensationGeneral, contains one subtopic:

  • ASC 710‐10, Overall, which is divided into two subsections:
    • General, which provides guidance on compensated absences, deferred compensation, and lump‐sum payments under union contract
    • Deferred Compensation—Rabbi Trusts

Scope and Scope Exceptions

ASC 710 applies to all entities, but it does not apply to the following transactions:

  • Benefits paid to active employees other than compensated absences.
  • Benefits paid at retirement or provided through a pension or postretirement benefit plan including special or contractual termination benefits payable upon termination from a pension or other postretirement plan are covered by Subtopics 715‐30 and 715‐60.
  • Individual deferred compensation contracts that are addressed by Subtopics 715‐30 and 715‐60, if those contracts, taken together, are equivalent to a defined benefit pension plan or a defined benefit other postretirement benefit plan, respectively.
  • Special or contractual termination benefits that are not payable from a pension or other postretirement plan are covered ...
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Publisher Resources

ISBN: 9781119736172