The FASB recently issued further guidance to assist with the interpretation of ASC 820- 10 (Statement 157): • FASB Staff Position FAS 157-3: Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active was issued in October 2008 to clarify the application of ASC 820-10 (Statement 157) in a market that is not active and to provide an example to illustrate key considerations in determining the fair value of a financial asset when the market for that financial
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| $1.0M | $0 | $0 | $0 | $0 | $1.0M | These events indicate that the carrying amount of the asset group may not be recoverable and‚ therefore‚ Smooth Sailing will test the asset group for recoverability and potential impairment in accordance with ASC 360-10 as of the end of the current fiscal year‚ December 31‚ 2010. As of December 31‚ 2010‚ the cruise ship’s estimated fair value is $3.0 million‚ net book value is $4.6 million‚ and estimated remaining useful life is five years. In addition‚ the
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Outcome 1 Understand the main characteristics of autistic spectrum conditions Autism spectrum condition affects a range of different individuals and is a spectrum condition and affects people in a number of different ways. It is important when supporting an individual with autism to identify and recognise each individuals’ abilities – what they can do successfully‚ needs – what the individual needs support with‚ strengths and gifts – what the individual is good at‚ what they have a real talent
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Food for Thoughts 1. ASC 805-10-55-2 Business combination an acquirer might obtain control of an acquire in variety of ways‚ cash‚ cash equivalents‚ or assets. 4million-acquisition costs. ASC 805 – 30-25-5 The consideration the acquirer transfers in exchange for the acquire includes any asset or liability resulting from a contingent consideration arrangement. 20million- contingent consideration. ASC 805-30-30-11 The portion of the fair-value based measure of the replacement award that is part
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web sites owned by Spider’s network partners. With respect to revenue recognition‚ ASC 605-45 provides guidance on whether to report revenue on the basis of the gross amount billed to the customer (as a principal) or the net amount retained by the company (as an agent).
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book value and record that as loss on Income Statement. The proper accounting treatment is imperative to ensure XYZ’s financial statements are properly published. REFERENCES FASB ASC 350-30-35-2 Intangibles- Goodwill and Other FASB ASC 350-20-35-2 Intangibles- Goodwill and Other FASB ASC 360-10-35-21 Property-Plant-and Equipment IRS. (2014). Research and experimental cost defined. Retrieve from http://www.irs.gov/publications/p535/ch07.html United States Patent and Trademark Office
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The ambulatory surgery center (ASC) market is expanding exponentially in recent years and is expected to continue growing at its highest compound annual growth rate (CAGR) from now until 2022 according to MedGadget. Why are outpatient surgery centers gaining such momentum? As technology continues to improve and more ASCs are available‚ the popularity of this type of medical service grows. Plus‚ many of these settings are quite luxurious in comparison to the state hospital counterparts and patients
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operate indeterminately Issue Should LOI recognize an asset retirement obligation for each of the categories of warehouses with asbestos? Analysis FASB Accounting Standards Codification (ASC) Subtopic 410-20 Asset Retirement Obligations presents the relevant guidance on asset retirement obligations. Per ASC 410-20-15-2‚ asset retirement obligations include: “a. Legal obligations associated with the retirement of a tangible long-lived asset that result from the acquisition… and (or) the normal
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with Spider. In ASC 605-45-55-7‚ the being has common inventory exposure-before buyer method is placed or upon purchaser report. There is no schedule jeopardy because Spider only payment the comrade then the advertisers fine Spider. Spider does not own anything before the advertiser pays for the service. The service involves Spider providing advertising space for customers. Based on the records prepare‚ the companion only receive payment after advertisers satisfaction Spider. In ASC 605-45-55-8‚ the
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in 2010 that there might be a change in liability in the near term. However‚ recording the reduction should be done in 2011. AUTHORITATIVE AND INTERPRETIVE GUIDANCE CONSIDERED Refer to FASB no. 5 Refer to ASC 275-10-50 (Use of estimates in the preparation of financial statements) Refer to ASC 450-20-05 (Overview and background of loss
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