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Wiley GAAP: Financial Statement Disclosure Manual

by Joanne M. Flood

April 2021

Intermediate to advanced

800 pages

26h 53m

English

Wiley

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AUTHORITATIVE LITERATUREDISCLOSURE AND PRESENTATION REQUIREMENTS
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AUTHORITATIVE LITERATUREPRESENTATION AND DISCLOSURE REQUIREMENTSREQUIREMENTS APPLICABLE TO ALL REPORTING ENTITIESREQUIREMENTS APPLICABLE TO PUBLIC REPORTING ENTITIESPRESENTATION AND DISCLOSURE EXAMPLES
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ACCOUNTING REQUIREMENTSAUTHORITATIVE LITERATUREPRACTICE ALERTPRESENTATION AND DISCLOSURE REQUIREMENTSPRESENTATION AND DISCLOSURE EXAMPLES
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AUTHORITATIVE LITERATURESTEP 1: IDENTIFY THE CONTRACT WITH THE CUSTOMERSTEP 2: IDENTIFY THE PERFORMANCE OBLIGATIONSSTEP 3: DETERMINE THE TRANSACTION PRICESTEP 4: ALLOCATE THE TRANSACTION PRICESTEP 5: RECOGNIZE REVENUE WHEN (OR AS) THE ENTITY SATISFIES A PERFORMANCE OBLIGATIONOTHER ISSUESPRACTICE ALERTPRESENTATION AND DISCLOSURE REQUIREMENTSPRESENTATION AND DISCLOSURE EXAMPLES
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Content preview from Wiley GAAP: Financial Statement Disclosure Manual

41ASC 712 COMPENSATION—NONRETIREMENT POSTEMPLOYMENT BENEFITS

Authoritative Literature
Presentation and Disclosure Requirements
1. Presentation
2. Disclosures
Presentation and Disclosure Examples
1. Example 41.1: Severance and Termination Benefits Resulting from Restructuring
2. Example 41.2: Restructuring Charges

AUTHORITATIVE LITERATURE

ASC 712 provides guidance for employers that provide benefits for former or inactive employees after the employees’ termination. These benefits may include counseling, pay continuation, continuation of health care benefits, and so on. The FASB sees these as benefits provided in exchange for service.

Subtopic

ASC 712, Compensation—Nonretirement Postemployment Benefits, contains one Subtopic:

ASC 712‐10, Overall, which provides guidance and links to other topics containing guidance on nonretirement postemployment benefits.

Initial Measurement and Recognition

ASC 712 applies the criteria set forth by ASC 710, Compensation—General, to accrue an obligation for postemployment benefits other than pensions if:

Services have been performed by employees,
Employees’ rights accumulate or vest,
Payment is probable, and
The amount is reasonably estimable.

If these benefits do not vest or accumulate, ASC 450, Contingencies, applies. If neither ASC 710 nor ASC 450 is applicable because the amount is not reasonably estimable, this fact must be disclosed. (ASC 712‐10‐25‐4 and 25‐5)