GASB Pronouncements. Learn about the Codification and how to use it here. The FASB Accounting Standards Codification® is organized into Areas, Topics, Subtopics, and Sections. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public … SEC. Goodwill is only included in the asset group if the group is or includes the reporting unit with goodwill. Assets . ASC 360 Property, Plant, and Equipment. The codification is effective for interim and annual periods ending after September 15, 2009. The carrying amount of an asset group is the aggregate of the carrying amounts of the individual assets included in the asset group. These assumptions should be within reason in relation to assumptions used in the past. A probability-weighted approach may be useful in considering the likelihood of those possible outcomes. The full subscription rate is $242 per year. 360-20 Property, Plant, and SEC. The amount expensed in … For long-lived assets (asset groups) that have uncertainties both in timing and amount, an expected present value technique will often be the appropriate technique with which to estimate Fair Value. LINEAL MERGER AGREEMENT AND DIVESTITURE (Details 1) - Lineal Star Holdings, LLC [Member] 10 Overall . © 2020 Stout Risius Ross, LLC   |   Stout is not a CPA firm. Other. Consolidated Condensed Balance Sheets - USD ($) $ in Millions. Discontinued Operations - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands ASC 360-10-45 Other Presentation. The guide also discusses the capitalization of costs, such as construction and development costs and software costs, as well as the subsequent accounting for PP&E, including impairments, depreciation and amortization, and asset … A business that, on acquisition, meets all of the criteria in paragraph 360-10-45-9 to be classified as held for sale. ASC 350-20-35-31 requires that goodwill be tested for impairment only after the carrying amounts of the other assets of the reporting unit, including the long-lived assets covered by ASC 360-10-35-27, have been tested for impairment under other applicable accounting guidance. The amendments in this proposed Update would change the requirements for … ©2020 Nature's Sunshine Products, Inc. All rights reserved. 401 MERRITT 7, PO BOX 5116, NORWALK, CONNECTICUT 06856 -5116 . These estimates should cover the remaining useful life of the long-lived asset (asset group). This is done by comparing the total undiscounted future cash flows of the long-lived asset (asset group) to its carrying amount. Government. U.S. Well Services HQ 1360 Post Oak Boulevard, Suite 1800 Houston, TX 77056 832-562-3730 Accounting Standards Update 2020-10—Codification Improvements - FASB Assets . 10 FASB Codification Exercise (CE 10.1) a. The term reporting unit is defined in ASC 350 as the same level as or one level below an operating segment. FASB Accounting Standards Codification Manual . Paragraph 210-10-45-2 of the codification states that although prepaid insurance is not a current asset that could be liquidized, it represents cash that would have been spent in the operating year had the prepayment not occurred (FASB, ASC 210-10-45-2). 972-10-05-1 The Codification contains several Topics for real estate due to the differing accounting treatment for various real estate subindustries. If there are indications that the asset’s carrying value may not be recoverable, there are two further steps involved in long-lived asset impairment testing. GASB Pronouncements. The first is ASC 360‐10, Overall, which provides guidance on accounting and reporting on property, plant, and equipment; as well as impairment or disposal of long‐lived assets. 205-30 Liquidation Basis of Accounting ASC 205-30 was added to the Codification by ASU 2013-07, which is effective for entities that determine liquidation is imminent during annual periods beginning after December 15, 2013, and interim reporting periods therein. Other. Editor’s Note: The FASB uses “component of an entity or a group of components of an entity” in the definition of a discontinued operation, rather than the “cashgenerating unit” (CGU) concept in IFRSs. Once the Fair Value of the asset group is determined, it is compared to the carrying amount of the asset group in order to derive an impairment loss. 10 FASB Codification Exercise (CE 10.1) a. A component of an entity that either is disposed of or meets all of the criteria in Accounting Standards Codification (ASC) 360-10-45-9 of Topic 360, Property, Plant, and Equipment, to be classified as held for sale; A business that, on acquisition, meets all of the criteria in ASC 360-10-45-9 to be classified as held for sale. Feature Pane - Post-Implementation Review (PIR) - More Link. Further, other than goodwill, the carrying amounts of any assets (such as accounts receivable and inventory) and liabilities (such as accounts payable, long-term debt, and asset retirement obligations) not covered by ASC 360 that are included in an asset group should be adjusted in accordance with other applicable generally accepted accounting principles (GAAP) before testing the asset group for recoverability. FASB Accounting Standards Codification ... Supersede paragraphs 330-10-30-19 and 330- 10-45-2 to reflect the removal of Subtopic 605-35. This page provides an overview of the Board’s response and selected resources. POSTMASTER: Send address … 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. Government. The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. From the Section pages, you can quickly navigate to other Sections in the Subtopic, access archived versions of the Section, and view all paragraphs linking into the Section. Subtopic 360-10 establishes held for sale criteria in paragraphs 360-10-45-9 through 45-14. 360 Property, Plant, and Equipment . FINANCIAL ACCOUNTING SERIES (ISSN 0885-9051) is published quarterly by the Financial Accounting Foundation. Most long-lived assets do not generate cash flows independent of all other assets and liabilities of the entity. A business that, on acquisition, meets the criteria in paragraph 360-10- 45-9 to be classified as held for sale. Cover. As defined in ASC 360-10-35-23, an asset group is the grouping of assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Restoration of a previously recognized impairment loss is not allowed. Editor’s Note: The FASB uses “component of an entity or a group of components of an entity” in the definition of a discontinued operation, rather than the “cash-generating unit” (CGU) concept in IFRSs. The FASB is currently reviewing Credit Losses, Leases and Revenue Recognition. July 2012 . FASB Accounting Standards Codification Manual Find the GAAP Tool FASB Literature. Ch. Amend paragraph 360-10-60-1 to reflect the moving of paragraph 974-605-25-2 to paragraph 974-720-25-2. As per ASC 360, for the long-lived asset impairment testing, goodwill should be included in an asset group to be tested for impairment only if the asset group is or includes a reporting unit. An Amendment of the FASB Accounting Standards Codification ... Financial Accounting Standards Board . To capitalize an item means the cost will be recorded as the cost of an asset. ASC 360, Property, Plant, and Equipment, consists of two subtopics. The primary asset is the principal long-lived tangible asset being depreciated or intangible asset being amortized that is the most significant component asset from which. Feature Pane - FASB Response to COVID-19 - More Link ASC 360 Impairment Testing: Long-Lived Assets Classified as Held and Used. 972-10-05-1 The Codification contains several Topics for real estate due to the differing ... See also Subtopic 360-20 for accounting guidance for the sale of real estate other than retail land. Ch. LIFO … Dec. 31, 2019. In certain situations, a long-lived asset, such as a corporate headquarters, may not have identifiable cash flows that are independent of the cash flows of other assets and liabilities. The term authoritative includes all level AD GAAP that has been issued by a standard setter. Step I of the impairment test, as per ASC 360, involves estimating the Recoverable Amount of the Asset Group and determining the potential for impairment. disposed of by sale or abandonment. Accounting Standards Update 2018-10—Codification ... - FASB FASB Accounting Standards Codification Manual . Condensed Consolidated Statements of Operations (Unaudited) - USD ($) 3 Months Ended 9 Months Ended; Sep. 30, 2020 Written comments should be addressed to: Technical Director In the Codification Research System, the Section is the primary working area. ... ASC 958-360 Property, Plant, and Equipment ... 00 Status 05 Background 15 Scope 20 Glossary 25 Recognition 30 Initial Measurement 35 Subsequent Measurement 40 Derecognition 45 Other Presentation 50 Disclosure 55 Implementation . 9: 19: 35: Impairment, restructuring and other costs (15) (12) (634) (15) Operating income (loss) 82: 103 (1,300) 426: Benefit plan income, net: 10: 5: 23: 14: Settlement charges (14) (12) (39) (12) Interest (expense) income, net External (7) 1 (11) 3: Interest Expense, Other: 7: 18: 37: 55: Financing costs 0 Income (Loss) from Equity Method Investments: 0: 0: 0: 0: Income (loss) before income taxes: 78: 115 … Financial Standards Accounting Board’s (FASB) Accounting Standards Codification (ASC). FASB Response to COVID-19 The FASB is here to help. Instead the long-lived asset and the complementary assets are grouped together for impairment testing purposes. Fair Value referenced here is determined using the guidance in FASB ASC Topic 820, Fair Value Measurement (“ASC 820”). Editor’s Note: The FASB uses “component of an entity or a group of components of an entity” in the definition of a discontinued operation, rather than the “cashgenerating unit” (CGU) concept in IFRSs. ... ASC 360-10 notes that long-lived tangible assets include land and land improvements, buildings, machinery and equipment, and furniture and fixtures. An indicator of impairment can be defined as anything, such as a new event or circumstance, which could potentially result in the carrying value of the long-lived asset (asset group) not being fully recoverable. FASB Accounting Standards Codification Manual Find the GAAP Tool FASB Literature. Long-lived assets to be disposed of by abandonment should continue to be classified as held and used until disposed of with recoverability testing as described above. 10: 84: Other (expense) income, net (77) (41) (197) (100) Gain on sale of assets: 55: 0: 132: 2,472: Income (loss) from continuing operations: 151 (1,288) (557) (614) Income (loss) from discontinued operations (Note 4) (31) 85: 917: 126: Net income (loss) $ 120 $ (1,203) $ 360 $ (488) Net income (loss) per share: basic Continuing operations: $ 0.08 $ (0.98) $ (0.29) $ (0.47) Discontinued operations: (0.02) 0.06: … Specifically, ASC 360 requires that a company recognize an impairment loss if, and only if, the carrying amount of a long-lived asset (asset group) is not recoverable from the sum of the undiscounted cash flows expected to result from the use and eventual disposal of the asset (the “Recoverable Amount”) and if the carrying amount exceeds the asset’s Fair Value. Page Numbers . DART pending content manager is OFF You are here ... 10 Overall . Consolidated Statements of Income; Consolidated Statements of Comprehensive Income; Consolidated Balance Sheets Dec. 31, 2018 Step II of the impairment test, as per ASC 360, if necessary, involves quantifying the Fair Value of the Asset Group (i.e., financial assets, tangible assets, intangible assets, and liabilities, as applicable). Codification Topic 360 Property, Plant, and Equipment : Subtopics of Codification Topic 360 360-10 Overall 360-20 Real estate sales : Accounting Terms of Codification Topic 360-10 Activities Asset group Component of an equity Disposal group Firm purchase commitment Impairment Integral equipment Operating segment Probable Reporting unit These estimated future cash flows for a long-lived asset (asset group) should be made for the remaining useful life of the primary asset of the group. Editor’s Note: The FASB uses “component of an entity or a group of components of an entity” in the definition of a discontinued operation, rather than the “cash-generating unit” (CGU) concept in IFRSs. The excess of the carrying amount of the long-lived asset (asset group) over its Fair Value should be recognized as the impairment loss. FASB Accounting Standards Codification Study 3. ... 972-10-45-6 . Condensed Consolidated Balance Sheets - USD ($) Sep. 30, 2020. Paragraph-level feedback is not available in the basic view. A) The Codification was established on 7/1/2009. SEC Rules & Regulations (Title 17 — Commodity and Securities Exchanges) SEC Reporting Interpretations Manual SEC Staff Bulletins SEC Forms New SEC Rules, Reports, and Studies EDGAR Filer Manual SEC Financial Reporting Manual SEC Material — Supplement. FASB Accounting Standards Codification Manual . Codification . Government. Real Estate—General b. This process may also be referred to as “deferring a cost.” b. A business that, on acquisition, meets all of the criteria in paragraph 360-10-45-9 to be classified as held for sale. Dec. 31, 2019 … Assets . Intangibles—Goodwill and Other (Topic 350) Testing Indefinite-Lived Intangible Assets for Impairment . The Topics include: a. The primary asset of an asset group therefore cannot be land or an intangible asset not being amortized. A business or nonprofit activity that, on acquisition, meets the criteria in the asset group derives its cash flow-generating capacity. Once the impairment loss is recognized, the adjusted carrying value becomes the long-lived asset’s new cost basis and should be depreciated over its remaining useful life. >> More Private Company Decision-Making Framework Codification Topics at the 600 Level : Topic 605: Revenue Recognition Topic 605 is the only topic at the 600 level. A nonmonetary asset is any asset that is not monetary. What Are the Main Provisions? See those Topics for general guidance. 340-10 Other Assets and Deferred Costs—Overall . Supersede paragraphs 340-10-60-5 through 60-6 to reflect the removal of Subtopics 605-20 and 605-35. If it is determined that an asset is impaired, the amount of the impairment is equal to the difference between the carrying amount of the long-lived asset and the Fair Value of the asset. 360-20 Real Estate Sales. If indicators of impairment are present, the entity must then determine whether the carrying amount of the long-lived asset (asset group) is recoverable. Amendments to the FASB Accounting Standards Codification ... criteria in paragraph 360-10-45-9 of Topic 360, Property, Plant, and Equipment, to be classified as held for sale 2. To submit general feedback, click, The FASB Accounting Standards Codification. Paragraph 210-10-45-2 of the codification states that although prepaid insurance is not a current asset that could be liquidized, it represents cash that would have been spent in the operating year had the prepayment not occurred (FASB, ASC 210-10-45-2). Codification Topic 360 Property, Plant, and Equipment : Subtopics of Codification Topic 360 360-10 Overall 360-20 Real estate sales : Accounting Terms of Codification Topic 360-10 Activities Asset group Component of an equity Disposal group Firm purchase commitment Impairment Integral equipment Operating segment Probable Reporting unit Condensed Consolidated Balance Sheets - USD ($) Sep. 30, 2020. However, if alternative courses of action to recover the carrying amount of a long-lived asset (asset group) are under consideration or if a range is estimated for the amount of possible future cash flows associated with the likely course of action, the likelihood of those possible outcomes should be considered. A business that, on acquisition, meets all of the criteria in paragraph 360-10-45-9 to be classified as held for sale. A probability-weighted approach should be considered when estimating the likelihood of those possible outcomes. FASB Accounting Standards Codification Manual Find the GAAP Tool FASB Literature. Discontinued Operations - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands It is the responsibility of the entity to regularly assess whether there are indicators of impairment present for an asset group. If no indicator is present, the entity is not required to perform any further steps in the impairment testing process. The FASB Accounting Standards Codification simplifies user access to all authoritative U.S. generally accepted accounting principles (GAAP) by providing all the authoritative literature related to a particular Topic in one place. An Amendment of the FASB Accounting Standards Codification ... Financial Accounting Standards Board. A significant decrease in the market price of a long-lived asset (asset group), A significant adverse change in the extent or manner in which a long-lived asset (asset group) is being used or in its physical condition, A significant adverse change in legal factors or in the business climate that could affect the value of a long-lived asset (asset group), including an adverse action or assessment by a regulator, An accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset (asset group), A current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset (asset group), A current expectation that, more likely than not, a long-lived asset (asset group) will be sold or otherwise disposed of significantly before the end of its previously estimated useful life (the term “more likely than not” refers to a level of likelihood that is more than 50 percent). Periodicals postage paid at Norwalk, CT and at additional mailing offices. Consolidated Balance Sheets - USD ($) $ in Thousands. SEC. Factors that an entity generally should consider in determining whether a long-lived asset is the primary asset of an asset group include the following: i. of the Financial Accounting Foundation . The CGU concept is not defined or used elsewhere in U.S. GAAP, while … Once prepaid insurance has been used, it must be removed from the balance sheet and transferred to the income statement. The FASB reviews major standards after issuance through the post-implementation review (PIR) process. When this is the case, the asset group for that particular long-lived asset is the entity itself. A business that, on acquisition, meets all of the criteria in paragraph 360-10-45-9 to be classified as held for sale. On July 1, 2009, the FASB Accounting Standards Codification TM became the single official source of authoritative, nongovernmental U.S. generally accepted accounting principles (GAAP). To be disposed of other than by sale. Accounting Standards Update 2014-08 Presentation of Financial Statements (Topic 205) and ... in paragraph 205-20-45-1E to be classified as held for sale 2. CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions. Consolidated Condensed Statements of Cash Flows - USD ($) 9 Months Ended; Sep. 26, 2020 The remaining useful life of the asset relative to other assets of the group (if the primary asset is not the asset of the group with the longest remaining useful life, estimates of future cash flows for the group shall assume the sale of the group at the end of the remaining useful life of the primary asset). Specifically, ASC 360 indicates that impairment testing should be completed whenever events or changes in circumstances indicate the asset’s carrying value may not be recoverable. When the “held for sale” criteria in ASC 360-10-45-9 through 45-11 are met, entities are required to recognize a loss for any initial or subsequent write-down of the disposal group to fair value less costs to sell. This process may also be referred to as “deferring a cost.” b. GASB Pronouncements. The CGU concept is not defined or used elsewhere in U.S. GAAP, while … FASB Accounting Standards Codification Manual Find the GAAP Tool FASB Literature. The estimates should incorporate the entity’s internal assumptions about how they intend to use the asset (asset group) in the future. As per ASC 360-10-35-21: a long-lived asset (asset group) should be tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The second, ASC 360‐20, Real Estate Sales, provides guidance on the sale of real estate other than retail land. Sep. 26, 2020. a consensus of the FASB Emerging Issues Task Force . Long-lived assets to be ASC 360 provides general guidelines as to when an asset (asset group) should be tested for impairment. Document and Entity Information; Financial Statements. This type of asset consists of inventory, equipment, investments, etc. CONTENTS . ASC 820 prescribes that the measurement of the Fair Value of an asset or liability should be based on assumptions that market participants would use when pricing the asset or liability. When using the System, you can browse through the Codification content simply by clicking links that take you to the pages you want to go to. Amend paragraphs 330-10-35-21 through 35-22 to reflect the removal of Subtopic 605-50. Issued in August 2001, Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 360, Property, Plant, and Equipment (“ASC 360”) addresses financial accounting and reporting for the impairment of long-lived assets and for long-lived assets to be disposed of. A business that, on acquisition, meets all of the criteria in paragraph 360-10-45-9 to be classified as held for sale. This feature is not available in the basic view. 360-10-45-2 This Subsection presents guidance for the presentation of impairment or disposal of long-lived assets or asset groups that are classified as: a. This type of asset consists of inventory, equipment, investments, etc. U.S. Well Services HQ 1360 Post Oak Boulevard, Suite 1800 Houston, TX 77056 832-562-3730 The Financial Accounting Standards Board (FASB) is a private, non-profit organization standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. criteria in paragraph 360-10-45-9 2. 360 Property, Plant, and Equipment . B) No. Dec. 28, 2019 When the “held for sale” criteria in ASC 360-10-45-9 through 45-11 are met, entities are required to recognize a loss for any initial or subsequent write-down of the disposal group to fair value less costs to sell. The term authoritative includes all level AD GAAP that has been issued by a standard setter. To capitalize an item means the cost will be recorded as the cost of an asset. Codification . 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