recoverability test for the cruise ship as of December 31‚ 2010? FASB ASC paragraph 360-10-35-23 states that for measuring an impairment loss‚ long-lived assets should be group with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities 2. What assets and liabilities should be included in the “asset group” as defined by ASC 360- 10 for purposes of performing the recoverability test? Assets
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testing in the management of atypical squamous cells. This revision is based on new information being available‚ including the ASC-US/LSIL Triage Study (ALTS) and the use of HPV testing as an adjunct in cervical cytology. In this guideline‚ HPV testing refers to testing for high-risk HPV types (1‚2‚3). In this revision‚ the recommendations for atypical squamous cells (ASC) and low-grade squamous intraepithelial lesion (LSIL) are essentially unchanged‚ except in special populations such as adolescents
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Investment 2: Beary Beary. Investment 3: Buy-A-Lot Company For each investment clearly answer YES or NO‚ explain your reasoning‚ and if YES the amount. ASC 320-10-35-21 states that impairment occurs when the fair values fall below the original costs. In all three investments‚ we need to determine if the impairment is other-than-temporary. ASC 320-10-35-33 states that security shall be deemed temporarily impaired when an entity has decided to sell an impaired available-for-sale security and the
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Authorities on Costs to Exit a Lease Contract A summary of the relevant ASC literature regarding nonmonetary exchanges follows: ASC 845-10-25-1 states that a reciprocal transfer of a nonmonetary asset qualifies as an exchange only if the transferor has no substantial continuing involvement in the transferred asset. ASC 845-10-20 defines the term nonreciprocal transfer as a transfer of assets or services in one direction. ASC 845-10-30-1 states that for a nonreciprocal transfer‚ the recipient of
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Pharmagen (Pharma) and the private equity investor (PEI) would be applicable under the Research and Development Arrangements standard (ASC 730-20). This standard provides guidance for entities that are entered into a research and development (R&D) arrangement who acquire the results of research and development through the entire or partial funding by others (ASC 730-20-15-2). In this case‚ Pharma is receiving funding up to the amount of $500 million from PEI for R&D costs of the $1 billion
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CableCo and CoAx qualifies as a bill-and-hold sale. Application of the Rules Several uncertainties and issues of this case come to light when referencing the aforementioned ASC rules. As outlined in ASC 606-10-25-1‚ the requirements for a contract to exist are clearly met between CoAx and CableCo. ASC 606-10-25-14 and ASC 606-10-25-30 clarify that CoAx owes CableCo
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Introduction Air travel remains a large and growing industry. It facilitates economic growth‚ world trade‚ international investment and tourism and is therefore central to the globalization taking place in many other industries (Airline Industry‚ 2000). In Globalization era‚ Airplane industries are really important to move people to another place. It’s really reliable and secure. Compare with five decades ago. Airplane was frightening and costly. People try to find new technological innovation
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“topics” used in the ASC? There are six major topics that are used in the ASC. The first one is The General Principles Area which includes broad conceptual matters. The next one is The Presentation Area which shows information is presented in the financial statements. The Assets‚ Liabilities‚ and Equity Areas have guidance on all of the balance sheet accounts while the Revenue and Expense Areas have guidance on all of the income statement accounts. The next topic that is used in the ASC is The Broad Transactions
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ASC 410 Summary ASC 410 is the accounting standard codification that represents asset retirement and environmental obligations. Under ASC 410‚ there are two main subtopics which are asset retirement obligations and environmental obligations. Asset retirement obligations are legal obligations that may exist in connection with an entity’s retirement of a tangible long-lived asset. These legal obligations may arise when the entity acquires‚ constructs‚ or develops a long-lived asset‚ or operates a
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revenue for the activation card and the cell phone service (airtime) separately. A. ASC 605-25-05-2 describes the circumstances under which multiple deliverables may arise‚ multiple products may be delivered‚ performance may occur at different times or over different periods of time‚ and the customer’s payments for these deliverables may be fixed‚ variable‚ or a combination of fixed and variable. B. ASC 605-25-25-5 states that in an arrangement with
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