ASC 360, Property, Plant, and Equipment, consists of two subtopics. Dec. 31, 2019 LIFO … Assets . The codification is the single element of US GAAP. Fair Value referenced here is determined using the guidance in FASB ASC Topic 820, Fair Value Measurement (“ASC 820”). Ch. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public … FASB accounting standards codification. 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. Product information only applies to the U.S. 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 consensus of the FASB Emerging Issues Task Force . 360 Property, Plant, and Equipment . Other. 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. Subtopic 360-10 establishes held for sale criteria in paragraphs 360-10-45-9 through 45-14. Codification Is Effective Casual And Annual Periods Ending 9 / 1 781 Words | 4 Pages. It rebuild the Generally Accepted Accounting Principles. 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 … Estimates of future cash flows used to test that lower-level asset group for recoverability should not be adjusted for the effect of excluding goodwill from the group. Cover. This process may also be referred to as “deferring a cost.” b. 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 … Feature Pane - FASB Response to COVID-19 - More Link Periodicals postage paid at Norwalk, CT and at additional mailing offices. This chapter discusses the concepts, rules, … 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. 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). FASB Accounting Standards Codification Manual . FASB Accounting Standards Codification ... Supersede paragraphs 330-10-30-19 and 330- 10-45-2 to reflect the removal of Subtopic 605-35. 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). © 2020 Stout Risius Ross, LLC   |   Stout is not a CPA firm. Whether other assets of the group would have been acquired by the entity without the asset, ii. FASB Response to COVID-19 The FASB is here to help. Accounting Standards Codification. LIFO … See also Subtopic 360-20 for accounting … 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. LIFO … Discontinued Operations - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands To submit general feedback, click, The FASB Accounting Standards Codification. FASB Response to COVID-19 The FASB is here to help. As stated in ASC 360-10-35-20, if an impairment loss is recognized, the adjusted carrying amount of a long-lived asset should become its new cost basis. >> More Private Company Decision-Making Framework When this is the case, the asset group for that particular long-lived asset is the entity itself. Data and analysis pertaining to the entity’s operations are the primary sources for determining if an indicator of impairment is present. FASB Accounting Standards Codification Manual Find the GAAP Tool FASB Literature. An Amendment of the FASB Accounting Standards Codification ... Financial Accounting Standards Board . Cover. The CGU concept is not defined or used elsewhere in U.S. GAAP, while … This feature is not available in the basic view. Real Estate—General b. The excess of the carrying amount of the long-lived asset (asset group) over its Fair Value should be recognized as the impairment loss. Government. > Planned Major Maintenance Activities 360-10-45-1 An entity shall apply the same method of accounting for planned major maintenance activities in annual and interim financial reporting periods. 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. Amend paragraphs 330-10-35-21 through 35-22 to reflect the removal of Subtopic 605-50. 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). A probability-weighted approach should be considered when estimating the likelihood of those possible outcomes. 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). Condensed Consolidated Balance Sheets - USD ($) Sep. 30, 2020. Property, Plant, and Equipment (Topic 360) No. Goodwill should not be included in a lower-level asset group that includes only part of a reporting unit. A business that, on acquisition, meets the criteria in paragraph 360-10- 45-9 to be classified as held for sale. 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 full subscription rate is $242 per year. 10 FASB Codification Exercise (CE 10.1) a. The Codification is effective casual and annual periods ending 9/15/2009. This page provides an overview of the Board’s response and selected resources. 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. Dec. 31, 2018 ... 972-10-45-6 . Page Numbers . Goodwill is only included in the asset group if the group is or includes the reporting unit with goodwill. 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. ©2020 Nature's Sunshine Products, Inc. All rights reserved. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. This page provides an overview of the Board’s response and selected resources. 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. FASB Accounting Standards Codification Manual . Dec. 31, 2019 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 … SEC. Codification . A business that, on acquisition, meets all of the criteria in paragraph 360-10-45-9 to be classified as held for sale. 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. 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. ASC 360-10 Overall. LINEAL MERGER AGREEMENT AND DIVESTITURE (Details 1) - Lineal Star Holdings, LLC [Member] 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. If the total undiscounted future cash flows exceed the carrying amount of the asset (asset group), the carrying amount is deemed recoverable. 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. Supersede paragraphs 340-10-60-5 through 60-6 to reflect the removal of Subtopics 605-20 and 605-35. Amend paragraph 360-10-60-1 to reflect the moving of paragraph 974-605-25-2 to paragraph 974-720-25-2. A business or nonprofit activity that, on acquisition, meets the criteria in This is done by comparing the total undiscounted future cash flows of the long-lived asset (asset group) to its carrying amount. 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. 340-10 Other Assets and Deferred Costs—Overall . The codification is effective for interim and annual periods ending after September 15, 2009. This type of asset consists of inventory, equipment, investments, etc. Document and Entity Information; Financial Statements. Consolidated Condensed Statements of Cash Flows - USD ($) 9 Months Ended; Sep. 26, 2020 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 … GASB Pronouncements. CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions. The CGU concept is not defined or used elsewhere in U.S. GAAP, while … Instead the long-lived asset and the complementary assets are grouped together for impairment testing purposes. Feature Pane - Post-Implementation Review (PIR) - More Link. 360-20 Real Estate Sales. 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. ... 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 . ASC 360 Property, Plant, and Equipment. Sep. 26, 2020. Accounting Standards Update 2020-10—Codification Improvements - FASB FASB Accounting Standards Codification Manual . A business that, on acquisition, meets all of the criteria in paragraph 360-10-45-9 to be classified as held for sale. Government. 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. ASU2013-06. Consolidated Balance Sheets - USD ($) $ in Thousands. 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. A) The Codification was established on 7/1/2009. Examples of such circumstances include a significant decrease in the market price of a long-lived asset, a significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition, or a significant adverse change in legal factors or in the business climate that could affect the value of a long-lived asset. Written comments should be addressed to: Technical Director U.S. Well Services HQ 1360 Post Oak Boulevard, Suite 1800 Houston, TX 77056 832-562-3730 Condensed Consolidated Balance Sheets - USD ($) Sep. 30, 2020. criteria in paragraph 360-10-45-9 2. the asset group derives its cash flow-generating capacity. 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. disposed of by sale or abandonment. FINANCIAL ACCOUNTING SERIES (ISSN 0885-9051) is published quarterly by the Financial Accounting Foundation. If the opposite is true, and the carrying amount is not recoverable, an impairment loss for the long-lived asset can be recognized. SEC. Financial Standards Accounting Board’s (FASB) Accounting Standards Codification (ASC). As stated in ASC 360-10-35-28, in a scenario where an impairment loss is calculated, only the carrying amounts of a long-lived asset or assets of the group are decreased by that impairment loss. 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. 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). To be disposed of other than by sale. The amount expensed in … FASB Accounting Standards Codification Manual Find the GAAP Tool FASB Literature. ASC 360 provides general guidelines as to when an asset (asset group) should be tested for impairment. Accounting Standards Update 2018-10—Codification ... - FASB The carrying amount of an asset group is the aggregate of the carrying amounts of the individual assets included in the asset group. These estimates should incorporate management’s assumptions in regard to the future use of the asset and should be reasonable in relation to the assumptions used in developing other internal prospective financial information, such as budgets and projections. The amendments in this proposed Update would change the requirements for … 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). GASB Pronouncements. 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). If the carrying amount of a long-lived asset (asset group) is deemed to be unrecoverable, an impairment loss needs to be estimated. 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 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. 972-10-05-1 The Codification contains several Topics for real estate due to the differing accounting treatment for various real estate subindustries. U.S. Well Services HQ 1360 Post Oak Boulevard, Suite 1800 Houston, TX 77056 832-562-3730 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. Dec. 31, 2019. These assumptions should be within reason in relation to assumptions used in the past. July 2012 . Accounting Standards Update 2012-02 . This type of asset consists of inventory, equipment, investments, etc. ... ASC 360-10 notes that long-lived tangible assets include land and land improvements, buildings, machinery and equipment, and furniture and fixtures. A probability-weighted approach may be useful in considering the likelihood of those possible outcomes. 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.”. 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. of the Financial Accounting Foundation . Dec. 31, 2019 SEC. FASB Accounting Standards Codification ... Supersede paragraphs 330-10-30-19 and 330- 10-45-2 to reflect the removal of Subtopic 605-35. 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 Topics include: a. If no indicator is present, the entity is not required to perform any further steps in the impairment testing process. Other. The level of investment that would be required to replace the asset, iii. 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. An Amendment of the FASB Accounting Standards Codification ... Financial Accounting Standards Board. If indicators of impairment are present, the entity must then determine whether the carrying amount of the long-lived asset (asset group) is recoverable. ASC 360-20 notes the following: 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. The long-lived asset impairment testing process relies upon a number of key concepts referenced in ASC 820, including unit of account, exit price, valuation premise, highest and best use, principal market, market participant assumptions, and the Fair Value hierarchy, which form the foundation of the Fair Value measurement approach. Learn about the Codification and how to use it here. The term authoritative includes all level AD GAAP that has been issued by a standard setter. Assets . ASC 350 requires that goodwill be tested for impairment at the reporting unit level. A business that, on acquisition, meets all of the criteria in paragraph 360-10-45-9 to be classified as held for sale. 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