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This method allows recognizing revenues even if no sale was made. This applies to agricultural products and minerals. There is a ready market for these products with reasonably assured prices, the units are interchangeable, and selling and distributing does not involve significant costs.
FIN 48 (mostly codified at ASC 740-10) is an official interpretation of United States accounting rules that requires businesses to analyze and disclose income tax risks. It was effective in 2007 for publicly traded entities, and is now effective for all entities adhering to US GAAP.
Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This FASB update makes usage consistent with the IFRS wording and removes the use of "or" in a context where "and" was always the correct one. [ 4 ]
The inputs for the techniques, in hierarchical (ASC 820-10-35-37) order, are broken down into three levels. Level 1 inputs (ASC 820-10-35-40 to 46) "quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date."
The distinction between sales-type and direct financing leases has changed: whereas in ASC 840 the test was whether the fair value of the leased asset was different from the lessor's cost or carrying amount (if so, the lease is a sales-type lease), in ASC 842, any lessor lease that meets the lessee finance lease tests (based on rents and ...
Three people have been charged with selling forged Jason Kelce memorabilia worth approximately $200,000, authorities in Pennsylvania said. Robert Capone, 51, of Philadelphia; LeeAnn Branco, 43, of ...
The highest and best use of the site is to demolish the house and sell the site as a commercial lot. The market value would be $225,000 ($250,000 site value minus $25,000 demolition cost). However, if the demolition costs rose to $55,000, the highest and best use would be the existing residential use, because the value as a commercial lot (now ...
Mark-to-market accounting can change values on the balance sheet as market conditions change. In contrast, historical cost accounting, based on the past transactions, is simpler, more stable, and easier to perform, but does not represent current market value. It summarizes past transactions instead.