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. ASC 405, Liabilities, consists of four subtopics: ASC 405‐10, overall; ASC 405‐20, extinguishments of liabilities; ASC 405‐30, insurance‐related assessments; and ASC 405‐40, obligations resulting from joint and several liabilities. ASC 405‐30 applies to assessments mandated by statue or regulatory authority related directly or indirectly to underwriting activities, such as self‐insurance. ASC 405‐40 requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date as the sum of: the amount the reporting entity agreed to pay on the basis of its arrangement among it obligors, and any additional amount the entity expects to pay on behalf of its co‐obligors.
ASC 405 provides accounting and reporting guidance related to short‐term liabilities and certain guidance that may apply broadly to any liability. ASC 405, Liabilities, consists of four subtopics: ASC 405‐10, overall; ASC 405‐20, extinguishments of liabilities; ASC 405‐30, insurance‐related assessments; and ASC 405‐40, obligations resulting from joint and several liabilities. ASC 405‐30 applies to assessments mandated by statue or regulatory authority related directly or indirectly to underwriting activities, such as self‐insurance. ASC 405‐40 requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date as the sum of: the amount the reporting entity agreed to pay on the basis of its arrangement among it obligors, and any additional amount the entity expects to pay on behalf of its co‐obligors.
ASC 405 LIABILITIES
Flood, Joanne M. (author)
Wiley GAAP 2021 ; 471-475
2021-03-09
5 pages
Article/Chapter (Book)
Electronic Resource
English
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