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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 Contingencies Contingencies 1. Gain contingency --> a gain will incur if certain future events occur or not occur 2. Loss contingency --> a loss will incur if certain future events occur or not occur A loss contingency 1. if a loss is "probable" --> recognize in the financial statements 2. if a loss is "reasonably possible" --> disclose in the notes 3. if the possibility of a loss is "remote" --> disclosure is not required A gain contingency 1. a gain contingency is not recognized in the financial statements 2. if a gain contingency is disclosed in the notes --> should avoid misleading implications about realization |
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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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