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What is asc330?

What is asc330?

ASC 330 provides guidance on the accounting and reporting of inventory in the financial statements. An inventory has financial significance because revenues may be obtained from its sale, or from the sale of the goods or services in the production of which it is used.

How do you account for assets held for sale?

In general terms, assets (or disposal groups) held for sale are not depreciated, are measured at the lower of carrying amount and fair value less costs to sell, and are presented separately in the statement of financial position.

Has FAS 91 been superseded?

The SFAS have been superseded by the FASB Accounting Standards Codification (ASC). The codification is effective for interim and annual periods ending after September 15, 2009.

What is ASC 205?

Accounting Standards Codification (ASC) 205-20, Presentation of Financial Statements — Discontinued Operations, provides guidance on the presentation and disclosure of discontinued operations, including criteria for determining when the presentation of discontinued operations is appropriate.

What is ASC Topic 320?

This Topic provides detailed guidance on the accounting and reporting of “investments in equity securities that have readily determinable fair values” and “all investments in debt securities.”

What is the Accounting Standard Codification ASC number for the cost basis of inventory?

Accounting Standards Codification (ASC) 330, Inventory, consists of one subtopic: ASC 330-10, Overall, that provides guidance on the accounting and reporting practices on inventory.

What qualifies as discontinued?

In financial accounting, discontinued operations refer to parts of a company’s core business or product line that have been divested or shut down, and which are reported separately from continuing operations on the income statement.

Do you amortize assets held for sale?

If held for sale treatment is appropriate, the asset or disposal group is no longer amortized or depreciated. Assets held-for-sale are an exception to the fair value measurement principle used in most acquisition accounting, because they are measured at fair value less costs to sell.

What is FAS 5 called now?

5: Accounting for Contingencies (FAS 5), the original FASB pronouncement, superseded by the substantively same FASB Accounting Standards Codification (ASC) subtopic 450 -20, Contingencies: Loss Contingencies, is a principal source of guidance on accounting for impairment in a loan portfolio under GAAP.

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