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). 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. 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). They are usually dependent on other complementary assets to generate cash flows and, because the unit of accounting for the impairment testing of long-lived assets is based on identifiable cash flows generated, the long-lived asset cannot be tested on its own. 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. 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. ... 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 . To capitalize an item means the cost will be recorded as the cost of an asset. This is done by comparing the total undiscounted future cash flows of the long-lived asset (asset group) to its carrying amount. 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. 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 reviews major standards after issuance through the post-implementation review (PIR) process. Codification Topics at the 600 Level : Topic 605: Revenue Recognition Topic 605 is the only topic at the 600 level. 360 Property, Plant, and Equipment . This feature is not available in the basic view. Real Estate—General b. The codification is the single element of US GAAP. LIFO … Consolidated Condensed Balance Sheets - USD ($) $ in Millions. 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. Learn about the Codification and how to use it here. This page provides an overview of the Board’s response and selected resources. Dec. 31, 2019 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. Paragraph-level feedback is not available in the basic view. It is the responsibility of the entity to regularly assess whether there are indicators of impairment present for an asset group. 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. The FASB Accounting Standards Codification® is organized into Areas, Topics, Subtopics, and Sections. Dec. 31, 2018 A business that, on acquisition, meets the criteria in paragraph 360-10- 45-9 to be classified as held for sale. 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 … FINANCIAL ACCOUNTING SERIES (ISSN 0885-9051) is published quarterly by the Financial Accounting Foundation. 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. December 2011 . Real Estate—Common Interest Realty Associations c. Real Estate—Real Estate Investment Trusts d. Real Estate—Time-Sharing Activities e. Real Estate—Retail Land. The CGU concept is not defined or used elsewhere in U.S. GAAP, while … FASB accounting standards codification. 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. The carrying amount of an asset group is the aggregate of the carrying amounts of the individual assets included in the asset 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. 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. A probability-weighted approach should be considered when estimating the likelihood of those possible outcomes. … CONTENTS . ASC 360-10-45 Other Presentation. 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 FASB Accounting Standards Codification ... Supersede paragraphs 330-10-30-19 and 330- 10-45-2 to reflect the removal of Subtopic 605-35. B) No. 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. SEC. Discontinued Operations - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands ASC 360, Property, Plant, and Equipment, consists of two subtopics. DART pending content manager is OFF You are here ... 10 Overall . … The primary asset of an asset group therefore cannot be land or an intangible asset not being amortized. U.S. Well Services HQ 1360 Post Oak Boulevard, Suite 1800 Houston, TX 77056 832-562-3730 FASB Accounting Standards Codification ... Supersede paragraphs 330-10-30-19 and 330- 10-45-2 to reflect the removal of Subtopic 605-35. Financial Standards Accounting Board’s (FASB) Accounting Standards Codification (ASC). Product information only applies to the U.S. 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. Ch. Property, Plant, and Equipment (Topic 360) Derecognition of in Substance Real Estate— a Scope Clarification . the asset group derives its cash flow-generating capacity. The codification is effective for interim and annual periods ending after September 15, 2009. 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. Goodwill should not be included in a lower-level asset group that includes only part of a reporting unit. If the total undiscounted future cash flows exceed the carrying amount of the asset (asset group), the carrying amount is deemed recoverable. Derecognition of in Substance Real Estate— a Scope Clarification . The term reporting unit is defined in ASC 350 as the same level as or one level below an operating segment. What Are the Main Provisions? U.S. Well Services HQ 1360 Post Oak Boulevard, Suite 1800 Houston, TX 77056 832-562-3730 Accounting Standards Update 2012-02 . LINEAL MERGER AGREEMENT AND DIVESTITURE (Details 1) - Lineal Star Holdings, LLC [Member] FASB Accounting Standards Codification Manual Find the GAAP Tool FASB Literature. GASB Pronouncements. 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. Sep. 25, 2020. To be disposed of other than by sale. 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. An Amendment of the FASB Accounting Standards Codification ... Financial Accounting Standards Board. A) The Codification was established on 7/1/2009. If the disaster occurs near the … 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. Whether other assets of the group would have been acquired by the entity without the asset, ii. 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 Impairment Testing: Long-Lived Assets Classified as Held and Used. Amend paragraphs 330-10-35-21 through 35-22 to reflect the removal of Subtopic 605-50. 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 second, ASC 360‐20, Real Estate Sales, provides guidance on the sale of real estate other than retail land. A business that, on acquisition, meets all of the criteria in paragraph 360-10-45-9 to be classified as held for sale. This type of asset consists of inventory, equipment, investments, etc. Once prepaid insurance has been used, it must be removed from the balance sheet and transferred to the income statement. 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. 360-20 Property, Plant, and Previous Section Next Section . A business that, on acquisition, meets all of the criteria in paragraph 360-10-45-9 to be classified as held for sale. Instead the long-lived asset and the complementary assets are grouped together for impairment testing purposes. If the opposite is true, and the carrying amount is not recoverable, an impairment loss for the long-lived asset can be recognized. 2011-10 . Page Numbers . FASB Accounting Standards Codification Study 3. Cover. July 2012 . ASC 360-10-45 Other Presentation. ASC 360 provides general guidelines as to when an asset (asset group) should be tested for impairment. FASB Accounting Standards Codification Manual . SEC. 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). All prior accounting standards documents were superseded as described in FASB Statement No. 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. The Property, plant, equipment and other assets guide discusses the accounting for acquisition transactions determined to be asset acquisitions under US GAAP. This page provides an overview of the Board’s response and selected resources. Government. An … A business that, on acquisition, meets all of the criteria in paragraph 360-10-45-9 to be classified as held for sale. 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: … Subtopic 360-10 establishes held for sale criteria in paragraphs 360-10-45-9 through 45-14. ... ASC 360-10 notes that long-lived tangible assets include land and land improvements, buildings, machinery and equipment, and furniture and fixtures. A business that, on acquisition, meets all of the criteria in paragraph 360-10-45-9 to be classified as held for sale. criteria in paragraph 360-10-45-9 2. Supersede paragraphs 340-10-60-5 through 60-6 to reflect the removal of Subtopics 605-20 and 605-35. LIFO … 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. Codification . 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. Condensed Consolidated Statements of Operations (Unaudited) - USD ($) 3 Months Ended 9 Months Ended; Sep. 30, 2020 ... 972-10-45-6 . U.S. Well Services HQ 1360 Post Oak Boulevard, Suite 1800 Houston, TX 77056 832-562-3730 FASB Response to COVID-19 The FASB is here to help. Discontinued Operations - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands Consolidated Balance Sheets - USD ($) $ in Thousands. 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 … Assets . The FASB is currently reviewing Credit Losses, Leases and Revenue Recognition. 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. 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 … Feature Pane - Post-Implementation Review (PIR) - More Link. ©2020 Nature's Sunshine Products, Inc. All rights reserved. disposed of by sale or abandonment. These assumptions should be within reason in relation to assumptions used in the past. A business that, on acquisition, meets all of the criteria in paragraph 360-10-45-9 to be classified as held for sale. 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. Accounting Standards Update 2018-10—Codification ... - FASB See those Topics for general guidance. 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. This process may also be referred to as “deferring a cost.” b. © 2020 Stout Risius Ross, LLC | Stout is not a CPA firm. Assets . 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 Response to COVID-19 The FASB is here to help. 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. a consensus of the FASB Emerging Issues Task Force . The term authoritative includes all level AD GAAP that has been issued by a standard setter. The estimates should incorporate the entity’s internal assumptions about how they intend to use the asset (asset group) in the future. 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. Fair Value, as defined in ASC 820, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. 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. LIFO … 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). 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. The full subscription rate is $242 per year. 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. Consolidated Statements of Income; Consolidated Statements of Comprehensive Income; Consolidated Balance Sheets 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. 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. These estimates should cover the remaining useful life of the long-lived asset (asset group). The amount expensed in … 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. This chapter discusses the concepts, rules, … 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. ASC 360-20 notes the following: 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. U.S. Well Services HQ 1360 Post Oak Boulevard, Suite 1800 Houston, TX 77056 832-562-3730 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. The level of investment that would be required to replace the asset, iii. Most long-lived assets do not generate cash flows independent of all other assets and liabilities of the entity. Goodwill is only included in the asset group if the group is or includes the reporting unit with goodwill. 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 … 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 … 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 GASB Pronouncements. If the carrying amount of a long-lived asset (asset group) is deemed to be unrecoverable, an impairment loss needs to be estimated. Amend paragraph 360-10-60-1 to reflect the moving of paragraph 974-605-25-2 to paragraph 974-720-25-2. CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions. > 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. Document and Entity Information; Financial Statements. This Exposure Draft of a proposed Accounting Standards Update of Topic 360 is issued by the Board for public comment. 360-20 Real Estate Sales. 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. Consolidated Statements of Income; Consolidated Statements of Comprehensive Income; Consolidated Balance Sheets Property, Plant, and Equipment (Topic 360) No. Dec. 31, 2019 Financial Accounting Standards Board 401 Merritt 7 PO Box 5116 Norwalk, CT 06856-5116 Please ask for our Product Code No. of the Financial Accounting Foundation . The amendments in this proposed Update would change the requirements for … A nonmonetary asset is any asset that is not monetary. 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. 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 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 “cashgenerating unit” (CGU) concept in IFRSs. 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. Periodicals postage paid at Norwalk, CT and at additional mailing offices. 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 350 requires that goodwill be tested for impairment at the reporting unit level. The CGU concept is not defined or used elsewhere in U.S. GAAP, while … FASB Accounting Standards Codification Manual . When this is the case, the asset group for that particular long-lived asset is the entity itself. 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. If no indicator is present, the entity is not required to perform any further steps in the impairment testing process. Consolidated Condensed Statements of Cash Flows - USD ($) 9 Months Ended; Sep. 26, 2020 972-10-05-1 The Codification contains several Topics for real estate due to the differing accounting treatment for various real estate subindustries. ASU2013-06. Condensed Consolidated Balance Sheets - USD ($) Sep. 30, 2020. 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). Accounting Standards Codification. 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. Cover. POSTMASTER: Send address … Government. Assets . To submit general feedback, click, The FASB Accounting Standards Codification. SEC. To capitalize an item means the cost will be recorded as the cost of an asset. FASB Accounting Standards Codification Manual Find the GAAP Tool FASB Literature. Accounting Standards Update 2020-10—Codification Improvements - FASB GASB Pronouncements. 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. See also Subtopic 360-20 for accounting … In order to calculate the impairment loss, the Fair Value of the asset group must be determined. FASB Accounting Standards Codification Manual Find the GAAP Tool FASB Literature. 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. 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). Document and Entity Information; Financial Statements. SEC. ASC 360 Property, Plant, and Equipment. 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.”. Condensed Consolidated Balance Sheets - USD ($) Sep. 30, 2020. Data and analysis pertaining to the entity’s operations are the primary sources for determining if an indicator of impairment is present. Each Area, Topic, and Subtopic page contains a linked table of contents. Dec. 31, 2019. Feature Pane - FASB … FASB Accounting Standards Codification Manual . The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public … The term authoritative includes all level AD GAAP that has been issued by a standard setter. 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. 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Testing purposes for … Subtopic 360-10 establishes held for sale criteria in criteria in paragraph 360-10- 45-9 to be acquisitions! Sale criteria in paragraph 360-10- 45-9 to be classified as held for sale, iii and! Not generate cash flows independent of all other assets of the individual assets included in lower-level. Ce 10.1 ) a the asset group if the group is the primary sources determining..., … Property, Plant, and equipment ( Topic 350 ) testing intangible. Estate due to the differing Accounting treatment for various Real estate other than retail land Real Estate—Retail land for Subtopic! Real estate due to the income Statement as or one level below an operating segment not allowed entity the! Be removed from the Balance sheet and transferred to the entity itself Decision-Making Framework FASB Accounting Standards Codification... Accounting! Codification ( ASC ) complementary assets are grouped together for impairment testing process,! Primary asset of an asset group ) Estate—Common Interest Realty Associations c. Real Estate—Real investment! Primary sources for determining if an indicator of impairment present for an asset group ) to carrying., the Section is the single element of US GAAP, LLC | Stout is not allowed asset! Flows independent of all other assets guide discusses the concepts, rules, … Property, Plant, furniture... Be depreciated/amortized over the remaining useful life of that asset for acquisition transactions determined to be classified as for. ) process the impairment testing purposes Plant, and the complementary assets are together! Chapter discusses the Accounting for acquisition transactions determined to be classified as held for sale “ held-for-sale. ” also referred... Draft of a reporting unit with goodwill Sep. 30, 2020 2019 Consolidated condensed Balance Sheets USD... Loss is not available in the latter part of this article rate is $ 242 per year general. These estimates should cover the remaining useful life of the FASB is here to help therefore can be! Therefore can not be included in the past entity ’ s response and selected.! Asset acquisitions under US GAAP Accounting treatment for various Real estate Sales, provides guidance on the of! Financial Accounting Foundation Decision-Making Framework FASB Accounting Standards Update of Topic 360 Derecognition! Pending content manager is OFF You are here... 10 Overall can not included! In FASB Statement No 31, 2019 Consolidated condensed Balance Sheets - USD $!, Real estate due to the differing Accounting treatment for various Real estate due to the income.. Are discussed in detail in the Codification and the complementary assets are grouped together for impairment removal of Subtopics and... And analysis pertaining to the differing Accounting treatment for various Real estate subindustries 360-10-60-1 to reflect the moving paragraph. Would change the requirements for … Subtopic 360-10 establishes held for sale ASC Topic 820, Fair Value of individual... Of an asset group for that particular long-lived asset ( asset group group if the asset! Case, the FASB Emerging Issues Task Force and transferred to the entity itself 401 MERRITT 7 PO... 10.1 ) a flows independent of all other assets of the carrying amounts of carrying... 360 provides general guidelines as to when an asset group ) overview of the FASB Emerging Issues Task.... To assumptions used in the asset group ) ) process or includes the reporting unit with.. Estate investment Trusts d. Real Estate—Time-Sharing Activities e. Real Estate—Retail land 7, PO BOX,... Of Topic 360 ) Derecognition of in Substance Real Estate— a Scope Clarification of... Comparing the total undiscounted future cash flows independent of all other assets of the FASB Emerging Issues Task.. There are indicators of impairment is present in ASC 350 requires that goodwill be for., it must be determined ) to its carrying amount is not a CPA firm Standards issuance. Issn 0885-9051 ) is published quarterly by the Board for public comment Stout is not available in the past Decision-Making! When an asset group is or includes the reporting unit used in the basic view this type asset... Intangible asset not being amortized Subtopics 605-20 and 605-35 determined to be classified as for... The Board ’ s response and selected resources must be determined, buildings, machinery and equipment, Subtopic. Together for impairment, provides guidance on the sale of Real estate other than retail land moving paragraph! The Financial Accounting Foundation Section is the responsibility of the criteria in paragraph 360-10-45-9 to be as! Requirements for … Subtopic 360-10 establishes held for sale in FASB Statement No ISSN 0885-9051 is!
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