Wiley GAAP 2024

3ASC 210 BALANCE SHEET¹

• Perspective and Issues
  • Subtopics
  • Scope and Scope Exceptions
    • ASC 210-10
    • ASC 210-20
    • Scope of Disclosures
  • Overview
• Definitions of Terms
• Concepts, Rules, and Examples
  • Form of the Statement of Financial Position
    • Entity’s Name
    • Date
    • Consistency of Format
  • ASC 210-10, Overall
    • Current Assets
    • Noncurrent Assets
  • Liabilities
    • Current Liabilities
    • Noncurrent Liabilities
    • Presentation
  • ASC 210-20, Offsetting
    • Bankruptcy
    • Taxes Payable
    • Repurchase and Reverse Repurchase Agreements
    • Disclosures and Presentation
  • 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 contracts 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 210-10-15-3).

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

The derecognition or nonrecognition of assets and liabilities. Derecognition by sale of an asset or extinguishment ...