A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
ASC 405 provides accounting and reporting guidance related to short‐term liabilities and certain guidance that may apply broadly to any liability. The Codification has several topics on liabilities, including ASC 470, Debt, and ASC 480, Distinguishing Liabilities from Equity. ASC 405 guidance applies to all entities with the covered transactions. ASC 405‐40 applies to all entities and obligations such as debt arrangements, other contractual obligations, and settled litigation and judicial rulings. Although measurement of liabilities is generally straightforward, some liabilities are difficult to measure because of uncertainties. This chapter provides definitions of terms used in ASC 405 and discusses the perspective and issues. It also talks about the concepts, rules, and examples of debt, liabilities and equity. Deposits payable, or rents paid in advance on the statement of financial position of a lessor are examples of current liabilities measured by reference to proceeds received.
ASC 405 provides accounting and reporting guidance related to short‐term liabilities and certain guidance that may apply broadly to any liability. The Codification has several topics on liabilities, including ASC 470, Debt, and ASC 480, Distinguishing Liabilities from Equity. ASC 405 guidance applies to all entities with the covered transactions. ASC 405‐40 applies to all entities and obligations such as debt arrangements, other contractual obligations, and settled litigation and judicial rulings. Although measurement of liabilities is generally straightforward, some liabilities are difficult to measure because of uncertainties. This chapter provides definitions of terms used in ASC 405 and discusses the perspective and issues. It also talks about the concepts, rules, and examples of debt, liabilities and equity. Deposits payable, or rents paid in advance on the statement of financial position of a lessor are examples of current liabilities measured by reference to proceeds received.
ASC 405 LIABILITIES
Flood, Joanne M. (editor)
2015-12-02
4 pages
Article/Chapter (Book)
Electronic Resource
English
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