March 2022
Intermediate to advanced
1424 pages
50h 59m
English
Content preview from Wiley Practitioner's Guide to GAAP 2022
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31ASC 450 CONTINGENCIES
PERSPECTIVE AND ISSUES
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 in circumstances involving uncertainties.
- ASC 450-30, Gain Contingencies, which describes accounting and disclosure requirements for gain contingencies.
Scope and Scope Exceptions
ASC 450-10 ASC 450-10 applies to all entities. Not all uncertainties are contingencies. ASC 450-10-55 points out several common estimates that do not fall under the contingency guidance:
- Depreciation
- Estimates used in accruals
- Changes in tax law
- ASC 450 guidance does not apply to the recognition and initial measurement of:
- Assets or liabilities arising from contingencies that are measured at fair value or
- Assets arising from contingencies measured at an amount other than fair value on the acquisition date in a business ...
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