A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
ASC 450, Contingencies, contains guidance for reporting and disclosure of gain and loss contingencies and has three subtopics. The first is ASC 450‐10, Overall, which, along with ASC 450‐20450‐30, provides guidance on accounting and disclosures for contingencies. The second, ASC 450‐20, Loss Contingencies, describes accounting for potential liabilities in circumstances involving uncertainties. The third, ASC 450‐30, Gain Contingencies, describes accounting and disclosure requirements for gain contingencies. 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. This chapter provides definitions of terms included in ASC 420, discusses its perspectives and issues, and talks about the concepts and rules along with examples.
ASC 450, Contingencies, contains guidance for reporting and disclosure of gain and loss contingencies and has three subtopics. The first is ASC 450‐10, Overall, which, along with ASC 450‐20450‐30, provides guidance on accounting and disclosures for contingencies. The second, ASC 450‐20, Loss Contingencies, describes accounting for potential liabilities in circumstances involving uncertainties. The third, ASC 450‐30, Gain Contingencies, describes accounting and disclosure requirements for gain contingencies. 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. This chapter provides definitions of terms included in ASC 420, discusses its perspectives and issues, and talks about the concepts and rules along with examples.
ASC 450 CONTINGENCIES
Flood, Joanne M. (editor)
2015-12-02
8 pages
Article/Chapter (Book)
Electronic Resource
English
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