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ASC 712 Compensation—Nonretirement Post‐Employment Benefits
Accounting Standards Codification (ASC) 712, Compensation—Nonretirement Postemployment Benefits, contains one subtopic: ASC 712‐10, Overall, which provides guidance and links to other topics containing guidance on nonretirement postemployment benefits. ASC 712 provides guidance for employers that provide benefits for former or inactive employees after the employees' termination. These benefits may include counseling, pay continuation, continuation of health care benefits, etc. The Financial Accounting Standards Board (FASB) sees these as benefits provided in exchange for service. ASC 712 applies the criteria set forth by ASC 710, Compensation—General, to accrue an obligation for postemployment benefits other than pensions if: services have been performed by employees, employees' rights accumulate or vest, payment is probable, and the amount can be reasonably estimable. To the extent they apply, entities may refer to ASC 715‐30 and 715‐60 for guidance in measuring their postemployment benefit obligations.
ASC 712 Compensation—Nonretirement Post‐Employment Benefits
Accounting Standards Codification (ASC) 712, Compensation—Nonretirement Postemployment Benefits, contains one subtopic: ASC 712‐10, Overall, which provides guidance and links to other topics containing guidance on nonretirement postemployment benefits. ASC 712 provides guidance for employers that provide benefits for former or inactive employees after the employees' termination. These benefits may include counseling, pay continuation, continuation of health care benefits, etc. The Financial Accounting Standards Board (FASB) sees these as benefits provided in exchange for service. ASC 712 applies the criteria set forth by ASC 710, Compensation—General, to accrue an obligation for postemployment benefits other than pensions if: services have been performed by employees, employees' rights accumulate or vest, payment is probable, and the amount can be reasonably estimable. To the extent they apply, entities may refer to ASC 715‐30 and 715‐60 for guidance in measuring their postemployment benefit obligations.
ASC 712 Compensation—Nonretirement Post‐Employment Benefits
Flood, Joanne M (author)
Wiley <fc>GAAP</fc> 2018 ; 737-738
2018-03-12
2 pages
Article/Chapter (Book)
Electronic Resource
English
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