Accounting Standards Codification (ASC) 350-20, Intangibles - Goodwill and Other - Goodwill, provides guidance on the accounting treatment of goodwill and its impairment. This standard is essential for entities with goodwill on their balance sheets, as it ensures consistent accounting treatment for the valuation and potential impairment of goodwill. In this article, we will discuss the key aspects of ASC 350-20 and provide examples of journal entries to illustrate the accounting treatment of goodwill impairment loss transactions.
Accounting Standards Codification (ASC) 985-20, Capitalization of Software Costs, provides guidance on the accounting treatment of software costs, particularly during the post-implementation stage. This standard is essential for entities developing or acquiring software for internal use, as it ensures consistent accounting treatment for these transactions. In this article, we will discuss the key aspects of ASC 985-20 and provide examples of journal entries to illustrate the accounting treatment of software costs during post-implementation activities.
Accounting Standards Codification (ASC) 980-20, Regulated Operations - Measurement Focus, provides guidance on the accounting for revenue recognition in the context of cost of service regulation. This standard is crucial for entities operating in regulated industries, such as utilities and telecommunications, where rates are set by regulatory authorities. In this article, we will discuss the key aspects of ASC 980-20 and provide examples of journal entries to illustrate the accounting treatment of cost of service revenue recognition transactions.
The accounting standards for health care entities are governed by the Accounting Standards Codification (ASC) 954, a part of the Financial Accounting Standards Board (FASB) framework. The ASC 954 establishes the financial reporting standards for organizations that operate within the health care sector, including hospitals, nursing homes, and ambulatory care facilities. One of the critical components of these financial statements is the patient service revenue and the adjustments required to account for contractual allowances, bad debt, and third-party settlements. This article aims to provide a comprehensive understanding of patient service revenue adjustment transactions and the related journal entries in the …
Accounting Standards Codification (ASC) Topic 940, "Financial Services - Brokers and Dealers," provides guidance on accounting for commission revenue recognition in the brokerage industry. Brokers and dealers generate commission revenue by executing securities transactions on behalf of clients, providing investment advice, or facilitating other financial services. Proper accounting for commission revenue recognition is essential to accurately reflect the financial position and performance of brokers and dealers. This article will explain the concept of commission revenue recognition transactions under ASC 940 and provide examples of journal entries that illustrate the proper accounting treatment for these transactions.