A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
This chapter provides clear explanations and practical examples for real‐world application of ASC 440, Commitments. It includes relevant sources of GAAP and expert guidance on interpretation, terminology, relevant concepts, and applicable rules, while in‐depth discussion on the issues surrounding specific pronouncements offers informative perspective for a variety of scenarios. ASC 440 applies to all transactions. However, for guidance on product financing arrangements, the preparer should look to ASC 470‐40‐15. Upon implementation of ASU 2014‐09, guidance on repurchase agreements within the scope of ASC 606 can be found in ASC 606‐10‐ 55‐66 through 55‐78. All significant contractual commitments must be disclosed in the notes to the financial statements. For example, lease contract provisions, pension obligations, requirements contracts, bond indenture covenants, commitments to purchase or construct new facilities, and employee sharebased compensation plans should be clearly disclosed in the notes.
This chapter provides clear explanations and practical examples for real‐world application of ASC 440, Commitments. It includes relevant sources of GAAP and expert guidance on interpretation, terminology, relevant concepts, and applicable rules, while in‐depth discussion on the issues surrounding specific pronouncements offers informative perspective for a variety of scenarios. ASC 440 applies to all transactions. However, for guidance on product financing arrangements, the preparer should look to ASC 470‐40‐15. Upon implementation of ASU 2014‐09, guidance on repurchase agreements within the scope of ASC 606 can be found in ASC 606‐10‐ 55‐66 through 55‐78. All significant contractual commitments must be disclosed in the notes to the financial statements. For example, lease contract provisions, pension obligations, requirements contracts, bond indenture covenants, commitments to purchase or construct new facilities, and employee sharebased compensation plans should be clearly disclosed in the notes.
ASC 440 Commitments
Flood, Joanne M (author)
Wiley <fc>GAAP</fc> 2019 ; 495-497
2019-03-19
3 pages
Article/Chapter (Book)
Electronic Resource
English
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