Wiley GAAP 2024

23ASC 340 OTHER ASSETS AND DEFERRED COSTS

• Perspective and Issues
  • Subtopics
  • Scope and Scope Exceptions
    • ASC 340-10
    • ASC 340-30
    • ASC 340-40
• Definitions of Terms
• Concepts, Rules, and Examples
  • ASC 340-10, Overall
  • Prepaid Expenses
    • Types of Prepaid Expenses
    • Amortization
    • Example of Prepaid Expenses
  • Preproduction Costs Related to Long-Term Supply Arrangements
  • ASC 340-30, Insurance Contracts That Do Not Transfer Insurance Risk
    • Overview
    • Transfer of Significant Timing Risk or Neither Significant Timing nor Underwriting Risk
    • Transfer of Only Significant Underwriting Risk
    • Insurance and Reinsurance Contracts with Indeterminate Risk
  • ASC 340-40, Contracts with Customers
    • Overview
  • Incremental Costs of Obtaining a Contract
    • Recoverability
    • Determining When Costs Are Incremental
    • Costs That Are Not Incremental
    • Direct Response Advertising Costs
    • Other Marketing Related Costs
    • Practical Expedient
    • Example—Costs of Obtaining a Contract: Commissions, Bonuses
    • Example—Costs of Obtaining a Contract: Travel, Due Diligence Costs
  • Costs of Fulfilling a Contract
    • Three Criteria for Recognizing Assets for Costs of Fulfilling a Contract
    • Categories of Fulfillment Costs
    • Example—Costs That Create an Asset
    • Set-Up Costs
    • Abnormal Costs
  • Amortization of Costs
    • Example—Costs: Recognition and Amortization
    • Example—Costs: Amortization—Contract Extension
  • Impairment Loss
    • Sequence of Testing
    • Impairment Unit
    • Objectives of Recoverability Assessment
  • Other Sources

PERSPECTIVE AND ISSUES

Subtopics