ASC 310 comprises four Subtopics (Overall, Nonrefundable Fees and Other Costs, Loans and Debt Securities Acquired with Deteriorated Credit Quality, and Troubled Debt Restructurings
What ASC replaced FAS 114?
The SFAS have been superseded by the FASB Accounting Standards Codification (ASC).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 constitutes a troubled debt restructure?
A troubled debt restructuring (TDR) is defined as a debt restructuring in which a creditor, for economic or legal reasons related to a debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider .
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.
What are SOP loans?
What is the SOP? The SOP is the SBA’s rule book . It outlines critical requirements that lenders must follow to both obtain and maintain their SBA guarantees. The SOP not only details complex regulations but is the all-around “how-to” manual for navigating SBA loan programs.
Is debt restructuring a good idea?
Debt restructuring can be a good idea if you’re having trouble affording your payments . It may depend, in part, on your overall financial situation and the types of debt restructuring that your lender offers.
What qualifies as a TDR?
A TDR occurs when a financial institution restructures a debt and, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider.
Has FAS 86 been superseded?
SFAS have been superseded by the FASB Accounting Standards Codification , which became effective after Sept. 15, 2009.
What is ASC Topic 320?
Accounting Standards Codification 320 (ASC 320) was released to address the more specific topic of investments in debt and equity securities . This category of debt and equity securities would include those long and short term investments such as marketable equity securities (stocks) and debt securities (bonds).
What does ASC stand for in accounting?
On July 1, the FASB Accounting Standards Codification (ASC) became the single source of authoritative U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the SEC.
What means GAAP?
Generally Accepted Accounting Principles (GAAP or US GAAP) are a collection of commonly-followed accounting rules and standards for financial reporting. ... The purpose of GAAP is to ensure that financial reporting is transparent and consistent from one organization to another.
What is ASC 606?
ASC 606 is the new revenue recognition standard that affects all businesses that enter into contracts with customers to transfer goods or services – public, private and non-profit entities.
What is goodwill explain in your own words provide citation from ASC 350?
Accounting Standards Codification (ASC) Topic 350, Intangibles–Goodwill and Other, defines goodwill as “ an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized .” In other words, goodwill is the excess ...
What is a purchased credit-impaired loan?
Purchased Credit-Impaired Loans means those loans for which Company Bank accounts for in accordance with Accounting Standards Codification 310-30 .
What is poci ifrs9?
IFRS 9 defines POCI as “ purchased or originated financial asset(s) that are credit-impaired on initial recognition ” and indicates that “a financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.”
What is Accretable yield?
The number of expected cash flows that exceed the initial investment in the loan represents the Accretable Yield, which is recognized as interest income on a level yield basis over the life of the loan.
