U.S. GAAP Codification of Accounting Standards

U.S. GAAP Codification IFRS International Standards Accounting Standards, ASC

U.S. GAAP Accounting Standards
Codification Topic 210-20: Offsetting


Principles of Accounting Intermediate Financial AccountingU.S. GAAP Textbook
IFRS,  IFRS Dictionary IFRS U.S. GAAP Comparison IFRS Texbook
Securities Law Library,  Accounting by Topic Accounting Terms Dictionary


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


International Financial Reporting Standards (IFRS)

   IAS 1: Presentation of Financial Statements


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   Codification Topic 210
   Balance Sheet
 
Subtopics of Codification Topic 210
 
   210-10 Overall
   210-20 Offsetting
 
Accounting Terms of Codification Topic 210-10
 
   Cash equivalents
   Current assets
   Current liabilities
   Operating cycle
   Short-term obligations
   Working capital
   
Accounting Terms of Codification Topic 210-20
 
   Daylight overdraft
   Repurchase agreement
   Reverse repurchase agreement
   Right of setoff
   Securities custodian



   Other Topics at the Codification 200 
Accounting Standards Codification, ASC, Overview
 
ASC Codification Topic 205: Presentation of Financial Statements
 
ASC Codification Topic 210: Balance Sheet
ASC Codification Topic 215: Statement of Shareholder Equity
 
ASC Codification Topic 220: Comprehensive Income
ASC Codification Topic 225: Income Statement
 
ASC Codification Topic 230: Statement of Cash Flows
ASC Codification Topic 235: Notes to Financial Statements
 
ASC Codification Topic 250: Accounting Changes and Error Corrections
ASC Codification Topic 255: Changing Prices
 
ASC Codification Topic 260: Earnings per Share
 
ASC Codification Topic 270: Interim Reporting
ASC Codification Topic 272: Limited Liability Entities
ASC Codification Topic 274: Personal Financial Statements
ASC Codification Topic 275: Risks and Uncertainties
 
ASC Codification Topic 280: Segment Reporting


   U.S. GAAP Codification of Accounting Standards
Accounting Standards Codification, ASC, Overview
ASC Codification 200: Presentation
ASC Codification 300: Assets
ASC Codification 400: Liabilities
ASC Codification 500: Equity
ASC Codification 600: Revenue
ASC Codification 700: Expenses
ASC Codification 800: Broad Transactions
ASC Codification 900: Industry

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