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Articles about Gridlex Academy by Gridlex

ASC 605-25 Multiple-Element Revenue Recognition: Explanation & Journal Entries

Posted In | ASC Education | Gridlex Academy

Accounting Standards Codification (ASC) Topic 605-25, "Revenue Recognition - Multiple-Element Arrangements," provides guidance on how to allocate revenue to different elements in a multiple-element arrangement. A multiple-element arrangement occurs when an enterprise enters into a contract with a customer to deliver multiple products or services, which are often referred to as deliverables. The legacy standard, ASC 605-25, is no longer the primary guidance for revenue recognition, as it has been superseded by ASC 606, "Revenue from Contracts with Customers." However, understanding the historical approach under ASC 605-25 can provide valuable context for the evolution of revenue recognition standards. This article will …

Overview & Journal Entries of ASC 480 Redeemable Instruments

Posted In | ASC Education | Gridlex Academy

Accounting Standards Codification (ASC) Topic 480, "Redeemable Financial Instruments," provides guidance on accounting for certain financial instruments that are redeemable, either mandatorily or at the option of the holder, for cash or other assets. These financial instruments create a redemption liability for the issuer, which must be recognized and reported in the financial statements. This article will explain the concept of redemption liability transactions under ASC 480 and provide examples of journal entries that illustrate the proper accounting treatment for these transactions.

ASC 450-20: Explanation of Legal Claim Contingent Liability & Journal Entries

Posted In | ASC Education | Gridlex Academy

Contingencies are uncertain events or conditions that may occur in the future, with outcomes dependent on one or more factors. In accounting, the term "contingencies" refers to potential liabilities and losses that may arise from such events or conditions. The Accounting Standards Codification (ASC) Topic 450-20, also known as "Loss Contingencies," provides guidance for reporting contingent liabilities and losses in financial statements. This article will explain the concept of legal claim contingent liability transactions under ASC 450-20 and provide examples of journal entries that illustrate the proper accounting treatment for these transactions.

ASC 825: Fair Value Option Election Transactions & Journal Entries Explained

Posted In | ASC Education | Gridlex Academy

Accounting Standards Codification (ASC) 825 is a financial reporting standard issued by the Financial Accounting Standards Board (FASB) that addresses the fair value option for financial instruments. The fair value option allows companies to elect to measure certain financial instruments at fair value, with changes in fair value recognized in the income statement. This article provides an overview of ASC 825, its benefits, and how to apply it with the help of journal entries.

ASC 805-740: Deferred Tax Liability Transactions & Journal Entries Explained

Posted In | ASC Education | Gridlex Academy

The Accounting Standards Codification (ASC) 805-740, also known as the Business Combinations - Income Taxes, is a comprehensive guidance on how to account for income taxes in business combinations. This article focuses on the deferred tax liability transactions arising from a business combination, breaking down the process with relevant journal entries to help you understand the intricacies of ASC 805-740.

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