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Welcome to the Deloitte Accounting Research Tool (DART)! ASC Codification Topic 405: Liabilities : ASC Codification Topic 410: Asset Retirement and Environmental Obligations : ASC Codification Topic 420: Exit or Disposal Cost Obligations : ASC Codification Topic 430: Deferred Revenue : ASC Codification Topic 440: Commitments : ASC … DTTL does not provide services to clients. Please describe to us in more detail these employee severance costs, and explain in more detail how you determined that these costs fall into the scope of ASC 712 instead of the scope of ASC 420. This ASU created ASC 842, Leases, which will supersede ASC 840, Leases. 420-10-30 Initial Measurement — Deloitte Q&As, 420-10-35 Subsequent Measurement — Deloitte Q&As, 420-10-45 Other Presentation — Deloitte Q&As. Stock compensation plans addressed by Topic 718. This page provides an overview of the Board’s response and selected resources. DTTL (also referred to as "Deloitte Global") and each of its member firms are legally separate and independent entities. However, under ASC 842, the cease-use determination is no longer relevant; rather, an entity must determine whether the leased asset is abandoned in accordance with ASC … FASB Those costs include, but are not limited to, the following: This Topic addresses when to recognize a liability for a cost associated with an exit or disposal activity. PwC’s Income taxes guide is designed to help you interpret US GAAP by bringing together key guidance, our related perspectives, and comprehensive examples into one publication. Touche Ross Sebagian besar the Big 8 merupakan aliansi antara firma yang berasal dari British dan US pada abad ke-19 atau awal abad ke-20. This chapter provides clear explanations and practical examples for real‐world application of ASC 420, Exit or Disposal Cost Obligations. Therefore, we believe that those Codification subtopics apply to the determination of the appropriate classification of the types of detachable stock purchase warrants that are described in ASC 470-20-25-2 and 25-3. Involuntary employee termination benefits pursuant to a one-time benefit arrangement that, in substance, is not an ongoing benefit arrangement or an individual deferred compensation contract, Costs to terminate a contract that is not a capital lease. Welcome to EY.com. In accordance with ASC 320-10-35-10d, the unrealized loss amount in AOCI is amortized simultaneously against interest income. incurred (ASC 420, ASC 712, and ASC 715)? For guidance refer to FASB ASC 420-10-50-1 and SAB Topic 5-P4. For titles of . For titles of . Other associated costs, including costs to consolidate or close facilities and relocate employees. If the long-lived asset group is not deemed recoverable, the entity must write down the asset group to its fair value (see ASC 36010- -35-17). An exit activity includes but is not limited to a restructuring. ASC 360 requires that entities group long-lived assets to be held and used for impairment testing at the lowest level of separately identifiable cash flows (see definition of asset group in ASC 360). Deloitte Haskins & Sells (sampai dengan 1978 Haskins & Sells bermarkas di US dan Deloitte Plender Griffiths di UK) 6. For its available-for-sale equity securities, Company A has interpreted “other than temporary” to mean permanent impairment. Proposed Accounting Standards Update—Leases (Topic 840) By clicking on the ACCEPT button, you confirm that you have read and understand the FASB Website … ASC Codification Topic 405: Liabilities : ASC Codification Topic 410: Asset Retirement and Environmental Obligations : ASC Codification Topic 420: Exit or Disposal Cost Obligations : ASC Codification Topic 430: Deferred Revenue : ASC Codification Topic 440: Commitments : ASC … Required fields are marked with a *.Passwords must be at least 8 characters in length, cannot be the same as your username, and must contain at least 1 lowercase, 1 uppercase, 1 special, and 1 digit character. Refer to ASC 410, 420 and 450 and IAS 37 for all of the specific requirements applicable to accounting for contingencies and provisions. FASB Response to COVID-19 The FASB is here to help. This right-of-use asset is subject to the same asset impairment guidance in ASC 360, Property, Plant, and Equipment, that is applied to other property, plant, and equipment. Facts: FASB ASC paragraph 320-10-35-33 (Investments—Debt and Equity Securities Topic) does not define the phrase “other than temporary” for available-for-sale equity securities. Under ASC 320-10-35-16, the $8 million discount is accreted to interest income over the remaining life of the security. 1.3 Scope of ASC 360-10 — Impairment or Disposal of Long-Lived Assets 5 1.4 Scope of ASC 205-20 — Presenting Discontinued Operations 9 Chapter 2 — Long-Lived Assets Classified as Held and Used 11 ... Deloitte oadma to maiments and isosals o onied ssets and iscontinued eations 22 3.4 Including Specific Items in a Disposal Group 62 420-10-15 Scope — Deloitte Q&As 420-10-25 Recognition — Deloitte Q&As 420-10-30 Initial Measurement — Deloitte Q&As 420-10-35 Subsequent Measurement — Deloitte Q&As 420-10-40 Derecognition — Deloitte Q&As 420-10-45 Other Presentation — Deloitte Q&As 420-10-50 Disclosure — Deloitte Q&As scenario in the retail industry, in which a company has an ASC 420 liability as of the adoption date that exceeds the amount of the right-of-use (ROU) asset that would otherwise be recognized in transition. There are no scope exceptions in ASC 480-10 or ASC 815-40 for stock purchase warrants to which ASC 470-20-25-2 or 25-3 applies. You must log in{"id":"id-fe8dce27-8ca1-4346-985f-ade1946f90e7","action":"login-q3j74v"} to view this content and have a subscription package that includes this content. The Exit or Disposal Cost Obligations Topic addresses financial accounting and reporting for costs associated with exit or disposal activities. Under ASC 420 and ASC 840, an entity is considered to have ceased use of an asset even if the entity has the intent and ability to sublease the asset. Our FRD publication on ASC 606, Revenue from Contracts with Customers, has been updated to (1) expand our discussion of the variable consideration allocation exception and add two illustrations and (2) add discussion of a recent technical correction to the Codification. As indicated in paragraph 420-10-15-6, this Topic does not change the accounting for termination benefits covered by the following Topics and Subtopics: Postemployment benefits provided through a pension or postretirement benefit plan (Subtopics 715-30 … Ernst & Young LLP professionals are prepared to help you identify and understand the … There are no scope exceptions in ASC 480-10 or ASC 815-40 for stock purchase warrants to which ASC 470-20-25-2 or 25-3 applies. FASB Copyright © 2020 Deloitte Development LLC. 1 . In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. FASB Accounting Standards Codification (ASC) references, see Deloitte’s “Titles of Topics and Subtopics in the . This ASU created ASC 842, Leases, which will supersede ASC 840, Leases. Ernst & Young LLP professionals are prepared to help you identify and understand the … 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 can be reasonably estimable. Are no scope exceptions in ASC 480-10 or ASC 815-40 for stock purchase warrants to which ASC or. Aoci is amortized simultaneously against interest income to fasb ASC 420-10-50-1 and SAB Topic 5-P4 testing, covering models! The substance of our concerns the security for employers that provide benefits for former or employees... For all of the new standard, companies will cease applying ASC 420 former or employees... $ 8 million discount is accreted to interest income Codification ( ASC ) references, see Deloitte ’ “! Companies will cease applying ASC 420, covering the models in ASC 480-10 or 815-40! 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