What is an ASC 310?
ASC 310-10 provides general guidance for receivables and notes that receivables arise from credit sales, loans, or other transactions.
What is ASC Topic 326?
ASC 326 provides guidance on how an entity should measure credit losses on financial instruments and comprises three Subtopics (Overall, Measured at Amortized Cost, and Available-for-Sale Debt Securities).
What is ASC Topic 320?
Summary. ASC 320, Investments-Debt and Equity Securities contains one subtopic, ASC 320-10, Overall, that contains guidance for passive investments in all debt securities and equity securities that have a determinable fair value.
What is ASC Topic 820?
ASC 820 is an accounting standard that requires investments to be reported at fair value. ASC 820 stands for Accounting Standards Codification 820 and is part of the Financial Accounting Standards Board’s (FASB) Generally Accepted Accounting Principles (GAAP) guidance.
What is an ASC 310 20?
ASC 310-20 provides guidance on the recognition and measurement of nonrefundable fees and origination costs associated with all types of lending arrangements (e.g., consumer, mortgage, commercial, leases) other than those specifically scoped out in ASC 310-20-15-3 (e.g., fees and cost related to loans carried at fair …
What FAS 91?
FAS 91: Accounting for Nonrefundable Fees and Costs Associated with Originating or Acquiring Loans and Initial Direct Costs of Leases.
What does ASC 326 Replace?
ASC 326 replaces the incurred loss methodology with a framework that requires recognition of financial assets as the amount expected to be collected through the measurement of expected credit losses.
What is ASC 450?
ASC 450 defines a contingency as an existing condition, situation, or set of circumstances involving uncertainty as to possible gain or loss and that will result in the acquisition of an asset, the reduction of a liability, the loss or impairment of an asset, or the incurrence of a liability.
What is ASC Topic 321?
The scope of Topic 321 includes equity securities, as defined in the Master Glossary of the Codification, and other ownership interests in an entity, including investments in partnerships, unincorporated joint ventures, and limited liability companies.
What is ASC 606?
ASC 606 is the new revenue recognition standard that affects all businesses that enter into contracts with customers to transfer goods or services – public, private and non-profit entities. Both public and privately held companies should be ASC 606 compliant now based on the 2017 and 2018 deadlines.
What is ASC 323?
ASC 323-30 discusses specific guidance on applying the equity method of accounting to investments in partnerships, unincorporated joint ventures, and limited liability companies.
How does FASB define fair value?
Accounting Standards Codification (ASC) Topic 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” This definition is similar in many respects to “fair market value,” which is defined …
What does the PCC do for the FASB?
The PCC also advises the FASB on possible alternatives within GAAP to address the needs of users of private company financial statements. Any proposed changes to GAAP are subject to endorsement by the FASB.
What happens if the FASB does not endorse a proposed alternative?
If the FASB does not endorse a proposed or final alternative, the FASB Chair will provide to the PCC Chair, within a reasonable period of time, a written document describing the reason (s) for the non-endorsement. The document also will include possible changes for the PCC to consider that could result in a decision by the FASB to endorse.
What changes have been made to the PCC?
The amendments include establishment of working groups within the PCC for active FASB projects, mechanisms to increase the transparency of the PCC’s discussions and views, and creation of a PCC Technical Agenda Consultation Group.
How does the PCC vote on proposed alternatives to GAAP?
The PCC will vote on proposed alternatives, which must be approved by a two-thirds vote of all PCC members. Proposed alternatives to GAAP approved by the PCC will be submitted to the FASB for a decision on endorsement.
https://www.youtube.com/watch?v=LqOJHORDGtE