Eine Plattform für die Wissenschaft: Bauingenieurwesen, Architektur und Urbanistik
Eine Plattform für die Wissenschaft: Bauingenieurwesen, Architektur und Urbanistik
Accounting Standards Codification (ASC) 450, Contingencies, contains guidance for reporting and disclosure of gain and loss contingencies. ASC 450‐10, Overall, which, along with ASC 450‐20450‐30, 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. ASC 450‐10‐55 points out several common estimates that do not fall under the contingency guidance: depreciation, estimates used in accruals and changes in tax law. Under the provisions of ASC 450, general or unspecified business risks are not loss contingencies and therefore no accrual is necessary. Accruals for contingencies, including those arising in connection with litigation, are limited under generally accepted accounting principles (GAAP) to expected losses resulting from events occurring prior to the date of the statement of financial position.
Accounting Standards Codification (ASC) 450, Contingencies, contains guidance for reporting and disclosure of gain and loss contingencies. ASC 450‐10, Overall, which, along with ASC 450‐20450‐30, 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. ASC 450‐10‐55 points out several common estimates that do not fall under the contingency guidance: depreciation, estimates used in accruals and changes in tax law. Under the provisions of ASC 450, general or unspecified business risks are not loss contingencies and therefore no accrual is necessary. Accruals for contingencies, including those arising in connection with litigation, are limited under generally accepted accounting principles (GAAP) to expected losses resulting from events occurring prior to the date of the statement of financial position.
ASC 450 Contingencies
Flood, Joanne M (Autor:in)
Wiley <fc>GAAP</fc> 2018 ; 513-520
12.03.2018
8 pages
Aufsatz/Kapitel (Buch)
Elektronische Ressource
Englisch
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