A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
The Accounting Standards Update (ASU) affects all entities, including investment companies, that purchase callable debt securities at a premium. This chapter outlines how ASU 2016‐13 affects Accounting Standards Codification (ASC) 310. ASU 2016‐13 changes the accounting for credit impairments for trade and other receivables and purchased‐credit impaired (PCD) financial assets. ASC 310, Receivables, consists of four subtopics: ASC 310‐10, Overall; ASC 310‐20, Nonrefundable Fees and Other Costs; ASC 310‐30, Loans and Debt Securities Acquired with Deteriorated Credit Quality; and ASC 310‐40, Troubled Debt Restructurings by Creditors. Under the new guidance, ASC 326's current expected credit loss (CECL) model replaces the expected loss model in ASC 310‐10. The best way to understand how the new guidance works is to look at a simple example based on an example in the ASU. The chapter illustrates this example by estimating ECLs for trade receivables using an aging schedule.
The Accounting Standards Update (ASU) affects all entities, including investment companies, that purchase callable debt securities at a premium. This chapter outlines how ASU 2016‐13 affects Accounting Standards Codification (ASC) 310. ASU 2016‐13 changes the accounting for credit impairments for trade and other receivables and purchased‐credit impaired (PCD) financial assets. ASC 310, Receivables, consists of four subtopics: ASC 310‐10, Overall; ASC 310‐20, Nonrefundable Fees and Other Costs; ASC 310‐30, Loans and Debt Securities Acquired with Deteriorated Credit Quality; and ASC 310‐40, Troubled Debt Restructurings by Creditors. Under the new guidance, ASC 326's current expected credit loss (CECL) model replaces the expected loss model in ASC 310‐10. The best way to understand how the new guidance works is to look at a simple example based on an example in the ASU. The chapter illustrates this example by estimating ECLs for trade receivables using an aging schedule.
ASC 310 Receivables
Flood, Joanne M (author)
Wiley <fc>GAAP</fc> 2018 ; 204-245
2018-03-12
42 pages
Article/Chapter (Book)
Electronic Resource
English
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