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ASC 340 Other Assets and Deferred Costs - Wiley.

ASC 340‐10 provides guidance on certain deferred costs and prepaid expenses. The deposit asset or liability should be remeasured at subsequent financial reporting dates by calculating the effective yield on the deposit to reflect actual payments to date and expected future payments. ASC 340-20 is superseded by ASU 2014-09. The guidance in Statement of Position 93-7, Reporting on Advertising Costs superseded, was codified in ASC 720-35 and ASC 340-20. ASC 340-20-25-2 discusses the timing of accrual of advertising costs when expenditures are made after the recognition of revenues related to those costs. in ASC 340-40, which is effective at the same time as the new revenue standard. An entity in this situation that determines that the costs are in the scope of ASC 340-40 should follow the transition guidance in the new revenue standard i.e., the entity would not be required to. ASC 606 and ASC 340-40, now in effect for all annual reporting periods including interim reporting periods within those periods for public companies beginning after Dec. 15, 2017, will impact not just revenue recognition, but also how the cost of sales is capitalized and amortized.

ASC 340-40 is intended to eliminate diversity of practice in recording contract costs and includes comprehensive guidance on accounting for costs of obtaining a contract within the scope of ASC 606, and accounting for costs to fulfill a contract with a customer that.</plaintext> FASB and the IASB have basically achieved convergence with these standards, with only some minor differences that will be discussed later in this brief.FASB ASU No. 2014-09 will amend FASB Accounting Standards Codification® ASC by creating Topic 606, Revenue from Contracts with Customers and Subtopic 340-40, Other Assets and Deferred Costs. ASC 340-40 removes this requirement—the amortization schedule for deferred costs does not have to match the revenue recognition pattern of nonrefundable upfront fees. As a result, when a deferred contract fulfillment cost is greater than a deferred nonrefundable upfront fee, the deferred cost may be amortized over a longer period than it would be under current guidance. Preparing for Implementation of the New Revenue Recognition Standard. May 2017. By Amy Thorn,. The AICPA has developed industry-based task forces to discuss emerging best practices for implementation of the new revenue recognition standard. FASB ASC 340-40-25-8c. New Developments Summary. In May 2014 the FASB and the IASB the Boards issued their converged standard on revenue recognition. Accounting Standards Update ASU 2014-09,. ASC 340-40, Other Assets and Deferred Costs: Contracts with Customers, to provide guidance on costs related to obtaining a contract.</p> <p>15/12/2016 · ASC 360-10 provides guidance on accounting for property, plant, and equipment, and the related accumulated depreciation on those assets. This Subtopic also includes guidance on the impairment or disposal of long-lived assets. ASC 360-10 notes. GAAP, U.S. GAAP, FASB, AICPA, Generally Accepted Accounting Principles in the United States U.S. GAAP Codification of Accounting Standards Guide byU.S. GAAP Codification of Accounting Standards. AICPA Financial Reporting Center Revenue Recognition Revenue Recognition Task Force Status of Implementation Issues On May 28,. This implementation issue discusses the accounting under FASB ASC 340-40 for costs to fulfill and costs to obtain a contract, including. of FASB ASC Topic 606 or FASB ASC Topic 323. ASC 340-10, Overall, which provides guidance on certain deferred costs and prepaid expenses. ASC 340-20, Capitalized Advertising Costs, which provides guidance on the initial measurement, amortization, realizability, and disclosure of direct response advertising costs reported as assets.</p> <h2>New Revenue Recognition Guidance ASC 606.</h2> <p>Impairments" and ASC 820-10-65-4 formerly FSP FAS 157-4 "Determining Fair Value when the Volume and Level of Activity for the Asset or Liability have Significantly Decreased and Identifying Transactions that are not Orderly". Accounting Standards Codification ASC 340, Other Assets and Deferred Costs, contains three subtopics: 1 ASC 340-10, Overall; 2 ASC 340-20, Capitalized Advertising Costs, 3 ASC 340-30, Insurance Contracts that Do Not Transfer Insurance Risk.</p> <p>Much of the attention for FASB’s new revenue recognition standard for contracts with customers, ASC 606, has focused on the revenue side. I’ve written about that here, but ASC 606 also includes the subtopic, ASC 340-40, which specifies how companies should account for and recognize the costs associated with those contracts. ASC 340 comprises four Subtopics Overall, Capitalized Advertising Costs, Insurance Contracts that Do Not Transfer Insurance Risk, and Other Assets and Deferred Costs — Contracts With Customers. Below is an overview of each Subtopic. To close the loophole, the SEC directed The Financial Accounting Standards Board FASB to develop a new lease accounting standard. The new standard, ASC 842, still classifies leases into two groups: operating leases and finance leases. Finance leases are substantially the same as capital leases under ASC.</p> <p>In May 2014, the FASB issued its final standard on revenue from contracts with customers, ASU 2014-091 codified in ASC 6062. Since then, the Board has issued a number of additional ASUs to amend and clarify the guidance in ASC 606, ASC 610-20, and ASC 340-40. The new standard replaces almost all current revenue guidance, including industry. PDF File: asc 350 40 fasb ASC 350 40 FASB PDF Download: ASC 350 40 FASB PDF ASC 350 40 FASB PDF - Are you looking for Ebook asc 350 40 fasb PDF? You will be glad to know that right now asc 350 40 fasb PDF is available on our online library. With our online resources, you can find asc 350 40 fasb or just about any type of ebooks, for any type of. 10/08/2017 · The new revenue recognition standard ASC 606 will have a significant financial reporting impact for many companies. As the effective dates approaches, questions have arisen as companies navigate through implementation. This publication provides our views on frequently asked questions, with a. The FASB added Subtopic 340-40 to provide accounting guidance for certain costs related to a contract with a customer within the scope of ASC 606. In particular, Subtopic 340-40 pertains to the incremental costs of obtaining a contract with a customer and costs incurred in fulfilling a contract with a customer, if those costs are not in the scope of another topic.</p> <h3>Preparing for Implementation of the New.</h3> <p>Specifically, ASC 340-40-25-1 through 25-4 states, 25-1: An entity shall recognize as an asset the incremental costs of obtaining a contract with a customer if the entity expects to recover those costs. Authored by: Phil Santarelli. While we have been focused on the transformational changes in revenue recognition that Accounting Standards Codification ASC 606 has brought about, the standard itself also addresses costs associated with obtaining and fulfilling revenue from contracts with customers.</p> <p>ASC 340-10 provides guidance on accounting for the costs of designing and developing “molds, dies, and other tools that will be used in producing” products under a long-term supply agreement. ASC 606 did not amend or supersede the guidance provided on pre-production costs in ASC 340-10. DIVISION OF TRADING AND MARKETS January 4, 2018 Mary Kay Scucci, PhD, CPA Managing Director Securities Industry and Financial Markets Association. See FASB ASC No. 340-40, Other Assets and Deferred Costs —Contracts with Customers. See FASB ASU No. 2014-09, Revenue from Contracts with Customers Topic 606. While FASB ASC 606 will an impact on revenue recognition for book purposes, it’s important to note that tax law has not made any such changes. As a result, companies will likely have more book/tax differences, and C-Corporations will need to make additional considerations regarding deferred.</p> <p>FASB Accounting Standards Codification Manual Find the GAAP Tool FASB Literature. SEC. SEC Rules & Regulations. ASC 340 Other Assets and Deferred Costs. Previous Section Next Section. DART pending content manager is OFF You are here. Assets. 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