Wiley GAAP 2024

16ASC 310 RECEIVABLES

1. Perspective and Issues
   1. Technical Alert
      1. ASU 2022-02
      2. ASU 2016-13
   2. Subtopics
   3. Scope and Scope Exceptions
2. Definitions of Terms
3. Concepts, Rules, and Examples
   1. ASC 310-10, Overall
      1. Scope
      2. Recognition
      3. Example of Delinquency Fees, Prepayment Fees, and Rebates
   2. Initial Measurement
   3. Subsequent Measurement
   4. Derecognition
   5. ASC 310-20, Nonrefundable Fees and Other Costs
   6. Recognition
      1. Loan Origination Fees and Direct Loan Costs
      2. Example of a Loan Origination Fee
      3. Initial Measurement
      4. Subsequent Measurement
      5. Example of a Commitment Fee
      6. Example of a Refinanced Loan—Favorable Terms: Origination Fees
      7. Example of a Refinanced Loan—Unfavorable Terms: Origination Fees
      8. Example—Purchase of a Bond
      9. Example of a Line of Credit—Origination Fee
   7. Derecognition
4. Presentation and Disclosures
   1. Other Sources

PERSPECTIVE AND ISSUES

Technical Alert

ASU 2022-02 In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures. The ASU eliminates the guidance in ASC 310-40 on troubled debt restructurings (TDRs) for creditors. The ASU also updates ASC 326. The chapter on ASC 326 covers those changes.

Guidance Besides eliminating ASC 310-40, entities that have adopted ASU 2022-02 no longer must consider renewals, modifications, and extensions that result from reasonably expected TDRs in the calculation of the allowance for credit losses.

The ASU also requires new disclosures for receivables modified in their contractual cash flows because of a borrower's financial difficulties. ...