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U.S. GAAP Codification of Accounting Standards |
| U.S. GAAP Codification | Accounting Standards, ASC |
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U.S. GAAP
Codification of Accounting Standards |
| U.S. GAAP Codification Updates |
| Principles of Accounting, Intermediate Accounting, Advanced Accounting |
| Accounting Terms |
| Codification Topic 210-20 Offsetting FASB Interpretations (FIN) FASB Interpretation (FIN) No. 39, March 1992 "Offsetting of Amounts Related to Certain Contracts an interpretation of APB Opinion No. 10 and FASB Statement No. 105" FASB Interpretation (FIN) No. 41, December 1994 "Offsetting of Amounts Related to Certain Repurchase and Reverse Repurchase Agreements an interpretation of APB Opinion No. 10 and a modification of FASB Interpretation No. 39" General Principle 1. It is not proper to offset assets and liabilities in the balance sheet. 2. An exception --> when a right of setoff exists Right of setoff Debtor's right to "discharge" the debt --> by applying (A) against the debt (A) an amount that "other party" owes to the debtor Right of setoff exists if all of the following are satisfied: 1. Amounts of debt are determinable 2. Reporting entity has the "right" to setoff 3. The right is enforceable by law 4. Reporting entity has the "intention" to setoff |
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Codification Topic 210 Balance Sheet |
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Subtopics of Codification Topic 210 210-10 Overall 210-20 Offsetting |
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Accounting Terms of Codification Topic 210-10 Cash equivalents Current assets Current liabilities Operating cycle Short-term obligations Working capital |
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Accounting Terms of Codification Topic 210-20 Daylight overdraft Repurchase agreement Reverse repurchase agreement Right of setoff Securities custodian |
| U.S. GAAP by Topic |
| Accounting Topics |
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