March 2022
Intermediate to advanced
1424 pages
50h 59m
English
Content preview from Wiley Practitioner's Guide to GAAP 2022
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28ASC 420 EXIT OR DISPOSAL COST OBLIGATIONS
PERSPECTIVE AND ISSUES
Subtopic
ASC 420, Exit or Disposal Cost Activities, consists of one subtopic:
- ASC 420-10, Overall, which provides guidance on the definition, reporting, and disclosure of such costs.
Scope and Scope Exceptions
The guidance in ASC 420 applies to:
- Termination benefits for current employees involuntarily terminated under the terms of a benefit arrangement that is not an ongoing benefit arrangement or individual deferred compensation contract
- Costs related to:
- A contract that is not a lease
- Consolidation of facilities or relocation of employees
- A disposal activity under ASC 205-20
- An exit activity
(ASC 420-10-15-3)
ASC 420 applies to all entities. It does not apply to:
- Costs associated with the retirement of a long-lived asset covered by ASC 410-20
- Impairment of an unrecognized asset while it is being used (ASC 420-10-15-5)
ASC 420-10-15-4 clarifies that an exit activity includes, but is not limited ...
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