1. Please tell us how you complied with the non-recurring fair value measurement disclosures related to the impairment charge, as required by ASC 820-10-50-2(a). Leases (Tables) 12. ASC 320, Investments‐Debt and Equity Securities contains one subtopic, ASC 320‐10, Overall, that contains guidance for passive investments in all debt securities and equity securities that have a determinable fair value.ASC 320 applies to all entities that do not belong to specialized industries for purposes of ASC 320. Document And Entity Information; Financial Statements. ASC Codification Topic 835: Interest : ASC Codification Topic 840: Leases: ASC Codification Topic 845: Nonmonetary Transactions : ASC Codification Topic 850: Related Party Disclosures: ASC Codification Topic 852: Reorganizations: ASC Codification Topic 855: Subsequent Events : ASC Codification Topic 860: Transfers and Servicing Property and Equipment (Tables) 5. Paragraphs 606-10-55-66 through 55-78, 606-10-55-79 through 55-80, and 606-10-55-81 through 55-84 provide guidance on accounting for repurchase agreements, consignment arrangements, and bill-and-hold arrangements, respectively. Obligations to repurchase the issuer's equity shares by transferring assets --> classified as a liability --> asc 480-10-25-8 Examples: (a) or (b) that are physically settled or net cash settled (a) forward purchase contracts on the issuer's equity shares Modified Disclosure Requirements Level 3 Fair Value Measurements. FASB ASC 740-10-55-4 states that “[r]elatively few disputes are resolved through litigation, and very few are taken to the court of last resort. Document and Entity Information; Financial Statements. condensed consolidated statements of cash flows - usd ($) 6 months ended; jun. 2. Organization and Recent Developments (Details Narrative) 2. ASC Codification Topic 835: Interest : ASC Codification Topic 840: Leases: ASC Codification Topic 845: Nonmonetary Transactions : ASC Codification Topic 850: Related Party Disclosures: ASC Codification Topic 852: Reorganizations: ASC Codification Topic 855: Subsequent Events : ASC Codification Topic 860: Transfers and Servicing [1] Option shares of 203,121 were not included as the impact is anti-dilutive. 2. Intangible Asset (Tables) 9. In 2002, the FASB (Financial Accounting Standards Board) and the IASB (International Accounting Standards Board) initiated a joint project to develop a single revenue standard. The disclosure requirements for recurring Level 3 fair value measurements have been amended as follows: (FASB, ASC 280-10-05-02) ASC topic 280 sets forth-financial reporting standards for segment reporting, the disclosure of information about different components of an enterprise’s operations as well as information related to the enterprise’s products and services Cover. Topic 280: Segment Reporting (ASC 280) Subtopic 10: Overall (ASC 280-10) Section 55: Implementation guidance and illustrations (ASC 280-10-55) Paragraph 26: Diagram for identifying reportable operating segments (ASC 280-10-55-26) 505-30 Treasury Stock ASC 505-30 notes that this Subtopic “addresses the accounting and reporting for an entity’s repurchase of its own outstanding common stock as well as the subsequent constructive or actual retirement of those shares.” Because ASC 280-10 does not define the term “similar” or provide much guidance on the aggregation criteria, the determination of whether two or more operating segments are similar depends on the individual facts and circumstances. 30, 2020 The new guidance in ASC 606-10-55-83 provides four criteria to determine when an entity has effectively transferred control to … Segment and Geographic Information (Tables) Notes Details. As a conditional contribution, the proceeds aren't recognized until the conditions for forgiveness are met or explicitly waived. Cover. Amend paragraphs 810-10-05-9 through 05-10, with a link to transition paragraph 810-10-65-2, as follows: 810-10-05-9 The Variable Interest Entities Subsections explain how to identify variable interest entities (VIEs) and how to determine when a reporting entity Also refer to the example of these disclosures at ASC 820-10-55-100. under ASC 350-40.2 The ASU provides guidance on whether a CCA contains a software license or whether it is considered a service contract and thus is not within the scope of ASC 350-40. the definition of a loss contingency2 or a gain contingency.3 Several examples of situations that are not contingencies are included in Section 450-10-55. 10. ASU 2018-13 also removes the requirements in ASC 820-10-50-2(f) (and related implementation guidance under ASC 820-10-55-105) for entities to disclose their valuation processes. Condensed Consolidated Statements of Operations (Unaudited) - USD ($) 3 Months Ended 9 Months Ended; Sep. 30, 2020 We note that for 2010 your revenues attributable to foreign countries were $555 million. Aggregating operating segments is … Stockholders' Equity (Tables) 13. ASC 280-10-55-7A states: … Therefore, the similarity of the economic characteristics should be evaluated based on future prospects and not necessarily on the current indicators only. sequence 56.1.2] 5. FASB ASC 842-10-30-2 further indicates that, “[a]t the commencement date, an entity shall ... FASB ASC 842-10-55-26 provides additional guidance on the economic factors to consider at the commencement date of the lease in determining whether a lessee is reasonably certain to exercise or not exercise an option. ASC 835‐20 is a Capitalization of Interest, which provides guidance on capitalization of interest in connection with an asset investment.All assets that require a time period to get ready for their intended use should include a capitalized amount of interest. Step Two (a): Measurement Under FASB ASC 740-10-55-4 and FASB ASC 740-10-30-7 . ASC 835, Interest, contains three subtopics. Presentation of other assets Summary of Significant Accounting Policies (Details - Earnings per share) 3. 1 According to the Financial Accounting Standards Board (FASB) Accounting Standards Cod-ification (ASC) glossary, a contingency is "an existing condition, situation, or set of circumstances Twelve (yes, 12!) ASC 860-20-50-4C (added by the ASU) further clarifies that the ASU excludes from the scope of this disclosure requirement (1) dollar-roll transactions that qualify for sale accounting and (2) transactions described in ASC 860-20-50-2 that are subject to the disclosure requirements of ASC 860-20-50-3 and 50-4 (i.e., securitizations, asset-backed 3 Months Ended 9 Months Ended; Sep. 30, 2020. Leases (Details 2) Leases (Details Textual) Commitments and Contingencies (Details) Subsequent Events (Details) Condensed Consolidated Statements of Operations (Unaudited) Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands. This guide: Summarizes the new five-step revenue model and implementation guidance Refer to FASB ASC 932-235-50-5 and ASC 932-235-50-36. CONSOLIDATED BALANCE SHEETS; CONSOLIDATED BALANCE SHEETS (Parenthetical) CONSOLIDATED STATEMENTS OF INCOME In 2014, the Financial Accounting Standards Board (FASB) issued its landmark standard, Revenue from Contracts with Customers.1 It ... ASC 606-10-55-291 through 55-294 provides an example of a refund liability. In February 2016, the Financial Accounting Standards Board (“FASB” or “the Board”) issued its highly-anticipated leasing standard in ASU 2016-02 (“ASC 842” or “the new standard”) for both lessees and lessors. Stock-Based Compensation (Tables) 12. Please refer to ASC 820-10-50-2(bbb) and (g). Consolidated Balance Sheets; Consolidated Balance Sheets (Parentheticals) Consolidated Statements of Operations (Unaudited) For public business entities, the proposed ASU would amend ASC 280-10-50-25 to add inventory disclosures by reportable segment and a related example in ASC 280-10-55-53 and 55-54. years later, in May 2014, the FASB issued ASC 606 and the IASB issued IFRS 15, both called Revenue from Contracts with Customers [1] . Consolidated Balance Sheets; Consolidated Balance Sheets (Parenthetical) Combined Statements of Operations (Unaudited) Segment Information (Tables) Notes Details. Grant Thornton’s Accounting Principles Group has released an update of its comprehensive guide on the ASC 606 and ASC 340-40 revenue standard called Revenue from Contracts with Customers—Navigating the Guidance in ASC 606 and ASC 340-40. Liquidity and Financial Condition (Details Narrative) 3. Cover. Liquidity and Capital Resources (Details - Cash) 2. Please expand your tabular disclosure to include the net quantities of your proved developed reserves and proved undeveloped reserves. ASC 505-20 provides guidance for both recipients and issuers of stock dividends and stock splits. Please clarify for us and in future filings whether revenues attributed to any individual foreign county are material, as discussed under FASB ASC 280-10-50-41. --> asc 480-10-25-4 2. Document and Entity Information; Financial Statements. Goodwill (Tables) 10. Generally, the taxpayer and the taxing authority negotiate a settlement to avoid the costs and hazards of litigation. If you choose not to follow FASB ASC 470, and you're confident you've met the federal standards for loan forgiveness, you can record the loan as a conditional contribution under FASB ASC 958-605. Critical Accounting Policies and Estimates (Tables) 4. 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