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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 450-20 Loss Contingencies Loss contingency --> a loss will incur if certain future events occur or not occur Recognition of a loss contingency 1. Recognized in the financial statements 2. Disclosed in the notes Recognized in the financial statements --> if both (A) and (B) are satisfied (A) it is "probable" that a loss will incur (B) amount of loss can be reasonably estimated Disclosed in the notes, without recognition --> if it is "reasonably possible" that a loss will incur Disclosure is not required --> if the possibility of loss is "remote" |
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Codification Topic 450 Contingencies |
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Subtopics of Codification Topic 450 450-10 Overall 450-20 Loss contingencies 450-30 Gain contingencies |
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Accounting Terms of Codification Topic 450-10 Contingency Gain contingency Loss contingency |
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Accounting Terms of Codification Topic 450-20 Probable Reasonably possible Remote |
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Accounting Terms of Codification Topic 450-30 |
| U.S. GAAP by Topic |
| Accounting Topics |
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