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 310, Receivables. 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. The chapter outlines how ASU 2016‐13 affects ASC 310. ASU 2016‐13 changes the accounting for credit impairments for trade and other receivables and purchased‐credit impaired (PCD) financial assets. The guidance on the latter is being deleted from ASC 310 and moved to ASC 326. Further information on accounting for PCDs under the ASU 2016‐13 amendments can be found in the chapter on ASC 326. ASC 310‐10‐15‐3 lists two exceptions to the guidance in the General Subsections of ASC 310‐10: mortgage banking activities and contracts accounted for as derivative instruments under ASC 815‐10.
This chapter provides clear explanations and practical examples for real‐world application of ASC 310, Receivables. 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. The chapter outlines how ASU 2016‐13 affects ASC 310. ASU 2016‐13 changes the accounting for credit impairments for trade and other receivables and purchased‐credit impaired (PCD) financial assets. The guidance on the latter is being deleted from ASC 310 and moved to ASC 326. Further information on accounting for PCDs under the ASU 2016‐13 amendments can be found in the chapter on ASC 326. ASC 310‐10‐15‐3 lists two exceptions to the guidance in the General Subsections of ASC 310‐10: mortgage banking activities and contracts accounted for as derivative instruments under ASC 815‐10.
ASC 310 Receivables
Flood, Joanne M (author)
Wiley <fc>GAAP</fc> 2019 ; 191-230
2019-03-19
40 pages
Article/Chapter (Book)
Electronic Resource
English
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