Tag Archives: asc 210

Balance Sheet, ASC 210

Balance Sheet
Current assets are reported separately from noncurrent assets
Current liabilities are reported separately from noncurrent liabilities

Current assets
–> Assets that are expected to be realized
–> within a year or normal operating cycle, whichever is longer

Current liabilities
–> Liabilities that are expected to liquidate
–> within a year or normal operating cycle, whichever is longer

Regulation S-X: 17 CFR Part 210

Current Assets
5-02.1: Cash and cash items
5-02.2: Marketable securities
5-02.3: Accounts and notes receivable
5-02.4: Allowances for doubtful accounts and notes receivable
5-02.5: Unearned income
5-02.6: Inventories
5-02.7: Prepaid expenses
5-02.8: Other current assets
5-02.9: Total current assets

Noncurrent assets
5-02.12: Other investments
5-02.13: Property, plant and equipment
5-02.14: Accumulated depreciation
5-02.15: Intangible assets
5-02.16: Amortization of intangible assets
5-02.17: Other assets
5-02.18: Total assets

Current liabilities
5-02.19: Accounts and notes payable
5-02.20: Other current liabilities
5-02.21: Total current liabilities

Noncurrent liabilities
5-02.22: Bonds, mortgages and other long-term debt
5-02.24: Other liabilities
5-02.25: Commitments and contingent liabilities

Stockholders’ equity
5-02.27: Redeemable preferred stocks
5-02.28: Non-redeemable preferred stocks
5-02.29: Common stocks
5-02.30: Other stockholders’ equity
5-02.31: Noncontrolling interests
5-02.32: Total liabilities and equit

 

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Offsetting, ASC 210

Offsetting
FASB Interpretations (FIN)

FASB Interpretation (FIN) No. 39, March 1992
“Offsetting of Amounts Related to Certain Contracts
an interpretation of APB Opinion No. 10 and FASB Statement No. 105”

FASB Interpretation (FIN) No. 41, December 1994
“Offsetting of Amounts Related to Certain Repurchase and Reverse Repurchase Agreements
an interpretation of APB Opinion No. 10 and a modification of FASB Interpretation No. 39”

General Principle
1. It is not proper to offset assets and liabilities in the balance sheet.
2. An exception
–> when a right of setoff exists

Right of setoff
Debtor’s right to “discharge” the debt
–> by applying (A) against the debt
(A) an amount that “other party” owes to the debtor

Right of setoff exists if all of the following are satisfied:

1. Amounts of debt are determinable
2. Reporting entity has the “right” to setoff
3. The right is enforceable by law
4. Reporting entity has the “intention” to setoff

 

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