Accounting Standards Codification (ASC) Topic 958-720, Not-for-Profit Entities - Other Expenses, provides guidance on the allocation of functional expenses for not-for-profit (NFP) entities under Generally Accepted Accounting Principles (GAAP). Functional expense allocation is an essential aspect of NFP accounting, as it allows organizations to accurately report expenses by function, such as program services and supporting activities. This article will explore the key aspects of functional expense allocation under ASC 958-720 and provide examples of journal entries to help you better understand the accounting treatment.
Accounting Standards Codification (ASC) Topic 946-210, Investment Companies - Balance Sheet, provides guidance on the presentation and disclosure requirements for investment companies' financial statements under Generally Accepted Accounting Principles (GAAP). One essential aspect of investment company accounting is the calculation of net asset value (NAV) per share, which represents the value of a single share of an investment company, such as a mutual fund or exchange-traded fund (ETF). This article will explore the key aspects of NAV per share calculation under ASC 946-210 and provide examples of journal entries to help you better understand the accounting treatment.
Accounting Standards Codification (ASC) Topic 944-20, Financial Services - Insurance - Insurance Contracts, provides guidance on the accounting for insurance contracts under Generally Accepted Accounting Principles (GAAP). One of the critical aspects of insurance accounting is the estimation and recognition of claim liabilities, which represent an insurer's obligation to policyholders for insured events that have occurred. This article will explore the key aspects of claim liability estimation under ASC 944-20 and provide examples of journal entries to help you better understand the accounting treatment.
Accounting Standards Codification (ASC) Topic 920-350, Entertainment - Broadcasters - Intangibles - Goodwill and Other, provides guidance on the accounting for broadcast rights under Generally Accepted Accounting Principles (GAAP). Broadcast rights are intangible assets that grant a broadcaster the legal right to transmit specific content, such as television shows, movies, or sporting events, over a specified period. This article will explore the key aspects of broadcast rights amortization under ASC 920-350 and provide examples of journal entries to help you better understand the accounting treatment.
Accounting Standards Codification (ASC) Topic 850, Related Party Disclosures, provides guidance on the disclosure of related party transactions in financial statements under Generally Accepted Accounting Principles (GAAP). Related parties are entities or individuals that have control, joint control, or significant influence over an entity or are subject to common control. This article will explore the key aspects of ASC 850, intercompany transactions, and provide examples of journal entries to help you better understand the accounting treatment and disclosure requirements.