© 2020 Stout Risius Ross, LLC   |   Stout is not a CPA firm. 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. The Codification is effective casual and annual periods ending 9/15/2009. The total undiscounted cash flows, as defined in paragraphs 29 and 30 of ASC 360-10-35, include only the future cash flows that are directly associated with and that are expected to arise as a direct result of the use and eventual disposal of the asset (asset group). The Topics include: a. December 2011 . Property, Plant, and Equipment (Topic 360) No. A business or nonprofit activity that, on acquisition, meets the criteria in A nonmonetary asset is any asset that is not monetary. What Are the Main Provisions? Dec. 31, 2019 Amend paragraphs 330-10-35-21 through 35-22 to reflect the removal of Subtopic 605-50. FINANCIAL ACCOUNTING SERIES (ISSN 0885-9051) is published quarterly by the Financial Accounting Foundation. A business that, on acquisition, meets all of the criteria in paragraph 360-10-45-9 to be classified as held for 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. 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 Real Estate—General b. Accounting Standards Update 2012-02 . 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. Condensed Consolidated Balance Sheets - USD ($) Sep. 30, 2020. Step II of the impairment test, as per ASC 360, if necessary, involves quantifying the Fair Value of the Asset Group (i.e., financial assets, tangible assets, intangible assets, and liabilities, as applicable). Supersede paragraphs 340-10-60-5 through 60-6 to reflect the removal of Subtopics 605-20 and 605-35. Consolidated Statements of Income; Consolidated Statements of Comprehensive Income; Consolidated Balance Sheets When using the System, you can browse through the Codification content simply by clicking links that take you to the pages you want to go to. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. The FASB Accounting Standards Codification® is organized into Areas, Topics, Subtopics, and Sections. A business that, on acquisition, meets all of the criteria in paragraph 360-10-45-9 to be classified as held for sale. Consolidated Condensed Balance Sheets - USD ($) $ in Millions. FASB Accounting Standards Codification ... Supersede paragraphs 330-10-30-19 and 330- 10-45-2 to reflect the removal of Subtopic 605-35. A probability-weighted approach may be useful in considering the likelihood of those possible outcomes. The estimates should incorporate the entity’s internal assumptions about how they intend to use the asset (asset group) in the future. 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. 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. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public … Examples of indicators of impairment, as discussed in ASC 360-10-35-21, include but are not limited to: Impairment analysis is only required (i.e., test the asset group for recoverability and impairment loss) when an indicator of impairment is present. 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. Consolidated Condensed Statements of Cash Flows - USD ($) 9 Months Ended; Sep. 26, 2020 Editor’s Note: The FASB uses “component of an entity or a group of components of an entity” in the definition of a discontinued operation, rather than the “cashgenerating unit” (CGU) concept in IFRSs. Codification Topic 360 Property, Plant, and Equipment : Subtopics of Codification Topic 360 360-10 Overall 360-20 Real estate sales : Accounting Terms of Codification Topic 360-10 Activities Asset group Component of an equity Disposal group Firm purchase commitment Impairment Integral equipment Operating segment Probable Reporting unit Discontinued Operations - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands Document and Entity Information; Financial Statements. 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). ©2020 Nature's Sunshine Products, Inc. All rights reserved. The full subscription rate is $242 per year. This page provides an overview of the Board’s response and selected resources. Learn about the Codification and how to use it here. ASC 360 Impairment Testing: Long-Lived Assets Classified as Held and Used. FASB Accounting Standards Codification Study 3 ASC 360-10-45-9 outlines a list of six criteria that an asset must meet in order to be classified as “held-for-sale.” These criteria are listed completely in Exhibit E, and include the following: Management plans to sell the asset; the asset can be sold immediately; the company is actively seeking a buyer; the asset is presumed salable within one year; the asset is … 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. These assumptions should be within reason in relation to assumptions used in the past. Property, Plant, and Equipment (Topic 360) Derecognition of in Substance Real Estate— a Scope Clarification . 360-20 Property, Plant, and A business that, on acquisition, meets the criteria in paragraph 360-10- 45-9 to be classified as held for sale. Codification . 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. Cover. The CGU concept is not defined or used elsewhere in U.S. GAAP, while … >> More Private Company Decision-Making Framework 10 Overall . The second, ASC 360‐20, Real Estate Sales, provides guidance on the sale of real estate other than retail land. 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. 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 … The CGU concept is not defined or used elsewhere in U.S. GAAP, while … Sep. 26, 2020. This Exposure Draft of a proposed Accounting Standards Update of Topic 360 is issued by the Board for public comment. ASC 360, Property, Plant, and Equipment, consists of two subtopics. 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. 360-20 Real Estate Sales. Once prepaid insurance has been used, it must be removed from the balance sheet and transferred to the income statement. The excess of the carrying amount of the long-lived asset (asset group) over its Fair Value should be recognized as the impairment loss. A) The Codification was established on 7/1/2009. 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. 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 … In order to calculate the impairment loss, the Fair Value of the asset group must be determined. Product information only applies to the U.S. Subtopic 360-10 establishes held for sale criteria in paragraphs 360-10-45-9 through 45-14. SEC. 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 … 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. SEC. … FASB Response to COVID-19 The FASB is here to help. Further, if the long-lived asset is depreciable, the new cost basis should be depreciated/amortized over the remaining useful life of that asset. The amendments in this proposed Update would change the requirements for … 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. Data and analysis pertaining to the entity’s operations are the primary sources for determining if an indicator of impairment is present. In order to perform a long-lived asset impairment analysis, the asset group needs to be determined. This process may also be referred to as “deferring a cost.” b. 340-10 Other Assets and Deferred Costs—Overall . FASB Accounting Standards Codification Study 3. Whether other assets of the group would have been acquired by the entity without the asset, ii. Goodwill should not be included in a lower-level asset group that includes only part of a reporting unit. The amount expensed in … Codification . Dec. 31, 2019 Long-lived assets to be FASB Accounting Standards Codification Manual . Goodwill is only included in the asset group if the group is or includes the reporting unit with goodwill. 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. ASU2013-06. 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. 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. 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. Financial Standards Accounting Board’s (FASB) Accounting Standards Codification (ASC). U.S. Well Services HQ 1360 Post Oak Boulevard, Suite 1800 Houston, TX 77056 832-562-3730 Most long-lived assets do not generate cash flows independent of all other assets and liabilities of the entity. 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: … Government. Dec. 31, 2019. Dec. 31, 2019 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 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. 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. If the carrying amount of a long-lived asset (asset group) is deemed to be unrecoverable, an impairment loss needs to be estimated. Estimates of the future cash flows to be utilized in the impairment analysis include only the future cash flows that are expected to arise as a direct result of the long-lived asset (asset group) in question, whether through continuing use or through disposal. 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. LIFO … GASB Pronouncements. Codification Topics at the 600 Level : Topic 605: Revenue Recognition Topic 605 is the only topic at the 600 level. Other. All prior accounting standards documents were superseded as described in FASB Statement No. Paragraph-level feedback is not available in the basic view. The term authoritative includes all level AD GAAP that has been issued by a standard setter. 401 MERRITT 7, PO BOX 5116, NORWALK, CONNECTICUT 06856 -5116 . the asset group derives its cash flow-generating capacity. 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. 360 Property, Plant, and Equipment . If indicators of impairment are present, the entity must then determine whether the carrying amount of the long-lived asset (asset group) is recoverable. Sep. 25, 2020. Intangibles—Goodwill and Other (Topic 350) Testing Indefinite-Lived Intangible Assets for Impairment . FASB Accounting Standards Codification Manual Find the GAAP Tool FASB Literature. To be disposed of other than by sale. These criteria are listed completely in Exhibit E, and include the following: Management plans to sell the asset; the asset can be sold immediately; the company is actively seeking a buyer; the asset is presumed salable within one year; the asset is … B) No. 360-10-45-3 See paragraphs 205-20-45-1 through 45-5 and 205-20-50-5 for guidance on the presentation of operations of a component of an entity that has been disposed of or is classified as held for sale as discontinued operations. U.S. Well Services HQ 1360 Post Oak Boulevard, Suite 1800 Houston, TX 77056 832-562-3730 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. However, if alternative methods of recovering the carrying amount of the long-lived asset (asset group) are being considered 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. of the Financial Accounting Foundation . These steps are discussed in detail in the latter part of this article. 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). LIFO … The FASB reviews major standards after issuance through the post-implementation review (PIR) process. Other. 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. Subtopic 360-10 establishes held for sale criteria in paragraphs 360-10-45-9 through 45-14. An Amendment of the FASB Accounting Standards Codification ... Financial Accounting Standards Board . In the Codification Research System, the Section is the primary working area. 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. It is the responsibility of the entity to regularly assess whether there are indicators of impairment present for an asset group. 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. a consensus of the FASB Emerging Issues Task Force . DART pending content manager is OFF You are here ... 10 Overall . SEC. 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). Consolidated Balance Sheets - USD ($) $ in Thousands. disposed of by sale or abandonment. U.S. Well Services HQ 1360 Post Oak Boulevard, Suite 1800 Houston, TX 77056 832-562-3730 Cover. 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. 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 term reporting unit is defined in ASC 350 as the same level as or one level below an operating segment. If no indicator is present, the entity is not required to perform any further steps in the impairment testing process. 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). Accounting Standards Update 2020-10—Codification Improvements - FASB Feature Pane - Post-Implementation Review (PIR) - More Link. See also Subtopic 360-20 for accounting … U.S. Well Services HQ 1360 Post Oak Boulevard, Suite 1800 Houston, TX 77056 832-562-3730 The FASB is currently reviewing Credit Losses, Leases and Revenue Recognition. 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. 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. criteria in paragraph 360-10-45-9 2. 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. ASC 360-10-45-9 outlines a list of six criteria that an asset must meet in order to be classified as “held-for-sale.”. 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