A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
ASC 440‐10, Overall, provides general guidance on financial accounting and reporting for certain commitments. All significant contractual commitments must be disclosed in the notes to the financial statements. The Unconditional Purchase Obligation subsection in ASC 440 provides guidance for unconditional purchase obligations, such as throughput and take‐or‐pay contracts. ASC 440 applies to all transactions. However, for guidance on product financing arrangements, the preparer should look to ASC 470‐40‐15. This chapter provides definitions of terms included in ASC 440, discusses its perspectives and issues, and talks about the concepts, rules, with examples. Through‐put and take‐or‐pay contracts are sometimes used to help a supplier pay for new facilities, machines, or other expenditures. Other than standards relating to recognition of losses on unconditional purchase obligations, there are no standards that require the contracts to be recognized on the statement of financial position.
ASC 440‐10, Overall, provides general guidance on financial accounting and reporting for certain commitments. All significant contractual commitments must be disclosed in the notes to the financial statements. The Unconditional Purchase Obligation subsection in ASC 440 provides guidance for unconditional purchase obligations, such as throughput and take‐or‐pay contracts. ASC 440 applies to all transactions. However, for guidance on product financing arrangements, the preparer should look to ASC 470‐40‐15. This chapter provides definitions of terms included in ASC 440, discusses its perspectives and issues, and talks about the concepts, rules, with examples. Through‐put and take‐or‐pay contracts are sometimes used to help a supplier pay for new facilities, machines, or other expenditures. Other than standards relating to recognition of losses on unconditional purchase obligations, there are no standards that require the contracts to be recognized on the statement of financial position.
ASC 440 COMMITMENTS
Flood, Joanne M. (editor)
2015-12-02
4 pages
Article/Chapter (Book)
Electronic Resource
English
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