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ASC 712 COMPENSATION— NONRETIREMENT POST‐EMPLOYMENT BENEFITS
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 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 is reasonably estimable.
ASC 712 COMPENSATION— NONRETIREMENT POST‐EMPLOYMENT BENEFITS
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 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 is reasonably estimable.
ASC 712 COMPENSATION— NONRETIREMENT POST‐EMPLOYMENT BENEFITS
Flood, Joanne M. (author)
Wiley GAAP 2021 ; 695-696
2021-03-09
2 pages
Article/Chapter (Book)
Electronic Resource
English
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