In today's digital era, software products are an integral part of many businesses and consumer applications. The Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 985-605, "Software - Revenue Recognition," provides guidance on the accounting for revenue from software licensing arrangements. This article will explore the guidelines for recognizing software licensing revenue under ASC 985-605 and provide examples of journal entries to illustrate the accounting process for software companies.
Health and welfare benefit plans are an essential part of employee compensation packages, providing benefits such as medical, dental, and life insurance coverage. The Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 965, "Plan Accounting - Health and Welfare Benefit Plans," governs the accounting for these plans. One of the key aspects of ASC 965 is the recognition of incurred claims. This article will explore the guidelines for recognizing incurred claims under ASC 965 and provide examples of journal entries to illustrate the accounting process for health and welfare benefit plans.
Defined benefit pension plans are complex financial arrangements that require accurate accounting to ensure their long-term stability and solvency. The Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 960, "Plan Accounting - Defined Benefit Pension Plans," provides guidance on accounting for these plans. One key aspect of ASC 960 is the treatment of actuarial gains and losses. This article will explore the guidelines for recognizing actuarial gains and losses under ASC 960 and provide examples of journal entries to illustrate the accounting process for defined benefit pension plans.
Defined benefit pension plans are an essential component of employee compensation packages, providing retirement benefits based on factors such as years of service and salary history. The Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 715, "Compensation - Retirement Benefits," governs the accounting for defined benefit pension plans. This article will explore the key aspects of ASC 715 and provide examples of journal entries to illustrate the accounting process for defined benefit pension plans.
Research and development (R&D) is an essential aspect of innovation and growth for many businesses, as they invest in new technologies, products, and services. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 730 provides guidelines for recognizing and accounting for R&D costs. This article will provide an in-depth understanding of ASC 730, its implications for R&D expenses, and examples of journal entries to illustrate the accounting process.