Wiley GAAP: Financial Statement Disclosure Manual

31ASC 450 CONTINGENCIES

1. Authoritative Literature
   1. Subtopics
   2. Scope and Scope Exceptions
   3. ASC 450‐10, Overall
   4. ASC 450‐20, Loss Contingencies
      1. Recognition
      2. Levels of Probability
      3. Estimating the Loss
   5. ASC 450‐30, Gain Contingencies
2. Practice Alert
3. Presentation and Disclosure Requirements
   1. Presentation
   2. Disclosure
      1. ASC 450‐20, Loss Contingencies
      2. Unasserted Claims or Assessments
      3. Events Subsequent to Balance Sheet Date
      4. Litigation
      5. ASC 450‐30, Gain Contingencies
4. Presentation and Disclosure Examples
   1. Example 31.1: Assessment of Lawsuits and Claims
   2. Example 31.2: Process for Disclosure and Recording of Liabilities Related to Legal Proceedings
   3. Example 31.3: Unconditional Purchase Obligations
   4. Example 31.4: Product Warranties
   5. Example 31.5: Accounting Policy—Contingencies Related to Lawsuits and Claims
   6. Example 31.6: Accounting Policy—Insurance Recoveries
   7. Example 31.7: Intellectual Property Rights Litigation—No Contingency Accrued
   8. Example 31.8: Business Acquisition—Contingent Compensation Recorded as Deferred Compensation
   9. Example 31.9: Accounting Policy—Insurance Recoveries
   10. Example 31.10: Deferred Payment Obligation

AUTHORITATIVE LITERATURE

Subtopics

ASC 450, Contingencies, contains guidance for reporting and disclosure of gain and loss contingencies and has three Subtopics:

• ASC 450‐10, Overall, which, along with ASC 450‐20 and 450‐30, provides guidance on accounting and disclosures for contingencies.
• ASC 450‐20, Loss Contingencies, which describes accounting for potential liabilities ...