of Professional Practice, KPMG US. Get unlimited access to books, videos, and. O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers. This Lexus Gx 460 Luxury Is An Incredibly Versatile Vehicle That Is A "Must Have" For Any Family. Per ASC 340-20-15-4: In particular, the relevant guidance is included in the “Impairment or Disposal of Long-Lived Asset” subsections of ASC … © 2020, O’Reilly Media, Inc. All trademarks and registered trademarks appearing on oreilly.com are the property of their respective owners. Delivering insights to financial reporting professionals. KPMG refers to the global organization or to one or more of the member firms of KPMG International Limited (“KPMG International”), each of which is a separate legal entity. PwC's in-depth accounting guidance for topics of significant interest. In contrast, IFRS 16 and GASB 87 do not have a distinction between types of leases. Although unrelated to the proposed ASU, we have also identified some additional ... changes in scope of Topics 810 and 845. Informing your decision-making. 5 Overview and Background 10 Objectives 15 Scope and Exceptions. ASC Topic 842 (ASU 2016-02, ASU 2018-01, ASU 2018-10, ASU 2018-11, ASU 2018-20, ASU 2019-01, ASU 2019-10, ASU 2020-02, ASU 2020-05), Annual periods – Fiscal years beginning after, Interim periods – In fiscal years beginning after. Exchanges of a nonfinancial asset for a noncontrolling ownership interest. Latest edition: In this handbook, KPMG explains the new leases standard (ASC 842) in detail. Get your annual revenue recognition update here! Accounting and reporting issues concerning certain related party transactions and relationships are addressed in other Topics. Terms of service • Privacy policy • Editorial independence, Example of accounting for a nonreciprocal transfer with a nonowner, Nonmonetary Exchanges That Include Monetary Consideration (Boot), Example of an exchange involving no commercial substance and boot, Exchanges of Real Estate Involving Monetary Consideration (Boot), Inventory Purchases and Sales with the Same Counterparty, Determining whether transactions constitute a single exchange, Example of counterparty inventory transfers, Exchange of Product or Property Held for Sale for Productive Assets, Exchanges of a Nonfinancial Asset for a Noncontrollng Ownership Interest, Purchases and sales of inventory with the same counterparty, Exchanges involving monetary consideration. 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. Additionally, the guide addresses the accounting for the servicing of financial assets. Appendix A — Selected Glossary Terms From ASC 805-50 28 Appendix B — Glossary of Standards and Other Literature 29 Appendix C — Abbreviations 31. v Preface October 2017 To our friends and clients: We are pleased to present A Roadmap to Accounting for Asset Acquisitions. The final revenue recognition standard from FASB and IASB outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current guidance, including guidance for oil and gas (O&G) entities. Nonmonetary transactions within the scope of ASC 845, Nonmonetary Transactions Lease contracts under ASC 840 Contributions of cash and other assets, including promises to give cash, that are either made by certain entities or received by not-for-profit entities within the scope of ASC … Exercise your consumer rights by contacting us at donotsell@oreilly.com. 2016-01 January 2016 Financial Instruments—Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and 2 FASB ASC Topic 810, Consolidation; and FASB ASC Subtopic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets, both available at www.fasb.org. The guidance in ASC 845-10-25-9 requires the excess of net monetary consideration received over the fair value of the transferred assets to first reduce the cost of any retained investment in the sold assets with any remainder being recognized as additional gain. 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