The Financial Accounting Standards Board (FASB) provides comprehensive guidance on accounting for different types of entities, including defined benefit pension plans, through its Accounting Standards Codification (ASC). One such guideline is the ASC 960-325, which pertains to plan accounting, specifically for defined benefit pension plans. This regulation specifically deals with the investment components of pension plans, focusing on the principles of fair value measurement transactions.
The Financial Accounting Standards Board (FASB) provides comprehensive guidance on accounting for different types of entities, including defined benefit pension plans, through its Accounting Standards Codification (ASC). One such guideline is the ASC 960-325, which pertains to plan accounting, specifically for defined benefit pension plans. This regulation specifically deals with the investment components of pension plans, focusing on the principles of fair value measurement transactions.
The Capital Construction Fund (CCF) program, established under the Merchant Marine Act of 1936, is a significant financial tool for U.S. Steamship Entities. It encourages the construction, reconstruction, or acquisition of new vessels through tax deferral mechanisms. ASC 995, which specifically focuses on U.S. Steamship Entities, provides guidance on accounting for deferred tax liabilities in connection with the CCF program. This article aims to explain the deferred tax liability for capital construction fund transactions with illustrative journal entries.
Accounting Standards Codification (ASC) Topic 987, Foreign Currency Transactions, provides guidance on the accounting treatment for foreign currency transactions under Generally Accepted Accounting Principles (GAAP). One key aspect of foreign currency transactions is the remeasurement of monetary items, which involves adjusting the value of monetary assets and liabilities denominated in a foreign currency to reflect changes in exchange rates. This article will explore the key aspects of remeasurement of monetary items under ASC 987 and provide examples of journal entries to help you better understand the accounting treatment.
Accounting Standards Codification (ASC) Topic 986-20, Extractive Activities - Oil and Gas - Reserve Recognition Accounting, provides guidance on the accounting treatment for reserve recognition accounting (RRA) in the oil and gas industry under Generally Accepted Accounting Principles (GAAP). RRA is a method used to recognize oil and gas reserves in the financial statements, which plays a critical role in evaluating the financial position and performance of oil and gas entities. This article will explore the key aspects of reserve recognition under ASC 986-20 and provide examples of journal entries to help you better understand the accounting treatment.