U.S. GAAP, Codification of Accounting Standards, ASC - Accounting Standards Codification by FASB

U.S. GAAP Codification of Accounting Standards

U.S. GAAP-Codification

IFRS International Standards

Accounting Standards, ASC

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

U.S. GAAP Codification, Accounting Standards ASC,

IFRS Overview, IFRS, IAS by Topic, IFRS Dictionary

U.S. GAAP by Topic, Accounting by Topic, Securities Law Library

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

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