Chapter 37 ASC 705 COST OF SALES AND SERVICES. 45 ASC 720 Other Expenses 833. Working off-campus? Amendments to Subtopic 932-10 6. This consideration should be … FASB ASC 705 – Cost of Sales and Services. You must log in{"id":"id-9ec2e320-6c00-484d-b0c2-144de9a77354","action":"login-q3j74v"} to view this content and have a subscription package that includes this content. Use the link below to share a full-text version of this article with your friends and colleagues. The FASB Accounting Standards Codification simplifies user access to all authoritative U.S. generally accepted accounting principles (GAAP) by providing all the authoritative literature related to a particular Topic in one place. Search software cost of sales and services Found under 985-705-S99 Comments Made by SEC Observer at Emerging Issues Task Force (EITF) Meetings FASB ASC 1-5 GAAP Guidelines Search “generally accepted accounting principles.” Found under 105-10 Room for Debate Debate 1-1 This question has no one correct answer. 47 ASC 740 Income Taxes 845. Please check your email for instructions on resetting your password. Accounting Standards Codification (ASC) 705, Cost of Sales and Services, provides links to guidance in other Codification topics because the asset liability model generally results in the inclusion of guidance on costs of sales and services in other Topics. The royalty expense incurred by the Company is classified as a general and administrative expense on the Company’s consolidated statements of operations in accordance with the accounting guidance of ASC 605-45-45, Principal Agent Considerations, and ASC 705, Cost of Sales … ASC 705 Cost of Sales and Services This Topic notes that it “only provides links to guidance on accounting for the cost of sales and services in other applicable Subtopics as the asset liability model used in the Codification generally results in the inclusion of that guidance in other Topics.” This consideration should be accounted for by reducing the purchase price of goods or services acquired from the vendor, except if it is received. This topic previously merely linked to guidance in other Codification topics because the asset liability model generally results in the inclusion of guidance on costs of sales and services in other topics. In some arrangements, an entity may receive consideration from a vendor. ASC 705-20, Accounting for Consideration Received from a Vendor; Perspective and Issues Technical Alert. Under the relative sales value method, cost of sales is calculated as a percentage of net sales using a cost-of-sales percentage—the ratio of total estimated cost (including costs to complete, if any) to total estimated time-sharing revenue. Time-sharing revenue is calculated as total expected future revenue adjusted for total expected future bad-debt expense. 46 ASC 730 Research and Development 839 . ASC 705‐10 links to guidance in other Codification topics on costs of sales and services. 42 ASC 712 Compensation—Nonretirement Post-Employment Benefits 753. Welcome to the Deloitte Accounting Research Tool (DART). 38 ASC 710 Compensation—General 647. 36 ASC 605 Revenue Recognition 587. Technical Alert; Subtopics; Definitions of Terms; Concepts, Rules, and Examples. Download Citation | ASC 705 COST OF SALES AND SERVICES | This chapter merely links to guidance in other codification topics on costs of sales and services. This Topic notes that it “only provides links to guidance on accounting for the cost of sales and services in other applicable Subtopics as the asset liability model used in the Codification generally results in the inclusion of that guidance in other Topics.”, ASC 705-10 notes that it “only provides links to guidance on accounting for the cost of sales and services in other applicable Subtopics as the asset liability model used in the Codification generally results in the inclusion of that guidance in other Topics.”. In some … Learn about our remote access options. 48 ASC 805 Business … ASC 705 Cost of Sales and Services . Wiley GAAP 2019: Interpretation and Application of Generally Accepted Accounting Principles. 165: ASC … Chapter 39 ASC 705—Cost of Sales and Services; Chapter 40 ASC 710—Compensation—General; Chapter 41 ASC 712—Compensation—No retirement Postemployment Benefits; Chapter 42 ASC 715—Compensation—Retirement Benefits; Chapter 43 ASC 718—Compensation—Stock Compensation; Chapter 44 ASC 720—Other Expenses ; Chapter 45 ASC 730—Research and Development; Chapter 46 ASC … ASC 810 which deals with consolidation will also be discussed. If the amount of consideration … In the next phase, we will learn about ASC 705 and 740 which deals with the cost of sales and income taxes respectively. 44 ASC 718 Compensation— Stock Compensation 795. Learn more. FASB Accounting Standards Codification Manual, SEC Rules & Regulations (Title 17 — Commodity and Securities Exchanges), Trust Services Principles, Criteria, and Illustrations, Principles and Criteria for XBRL-Formatted Information, Audit and Accounting Guides & Audit Risk Alerts, Other Publications, Press Releases, and Reports, Dbriefs Financial Reporting Presentations, Business Combinations — SEC Reporting Considerations, Consolidation — Identifying a Controlling Financial Interest, Contingencies, Loss Recoveries, and Guarantees, Environmental Obligations and Asset Retirement Obligations, Equity Method Investments and Joint Ventures, Equity Method Investees — SEC Reporting Considerations, Foreign Currency Transactions and Translations, Guarantees and Collateralizations — SEC Reporting Considerations, Impairments and Disposals of Long-Lived Assets and Discontinued Operations, Multiple-Element Arrangements — A Roadmap to Applying the Revenue Recognition Guidance in ASU 2009-13, Qualitative Goodwill Impairment Assessment — A Roadmap to Applying the Guidance in ASU 2011-08, SEC Comment Letter Considerations, Including Industry Insights, Software Revenue Recognition — A Roadmap to Applying ASC 985-605, Transfers and Servicing of Financial Assets, Roadmaps Currently Available Only as a PDF. Topic 705: Cost of Sales and Services : Topic 710: Compensation-General: Topic 712: Compensation-Nonretirement Postemployment Benefits: Topic 715: Compensation-Retirement Benefits : Topic 718: Compensation-Stock Compensation : Topic 720: Other Expenses : Topic 730: Research and Development : Topic 740: Income Taxes: Codification Topics at the 800 Level : Topic 805: Business Combinations: … 113: ASC 260 Earnings Per Share . ASC Codification Topic 705: Cost of Sales and Services : ASC Codification Topic 710: Compensation-General: ASC Codification Topic 712: Compensation-Nonretirement Postemployment Benefits: ASC Codification Topic 715: Compensation-Retirement Benefits: ASC Codification Topic 718: Compensation-Stock Compensation : ASC Codification Topic 720: Other Expenses : ASC Codification Topic 730: … 46 ASC 730 Research and Development 839 . 755: ASC 255 Changing Prices . The consideration may be in the form of cash, credit, coupons, etc. If you do not receive an email within 10 minutes, your email address may not be registered, … 45 ASC 720 Other Expenses 833. FASB Proposes Amendments to Consolidation Guidance for Not-for-Profit Entities Affects: NFPs. 29 ASC 430 Deferred Revenue 471. 161: ASC 274 Personal Financial Statements . All rights reserved. If you have previously obtained access with your personal account, please log in. 32 ASC 460 Guarantees 485. 37 ASC 705 COST OF SALES AND SERVICES This Topic merely provides links to guidance in other Codification topics because the asset liability model generally results in the inclusion of … - Selection from Wiley GAAP 2014: Interpretation and Application of Generally Accepted Accounting Principles [Book] The entity must look to the standalone selling price of the good or service transferred. The consideration may be in the form of cash, credit, coupons, etc. The guidance in ASC 705‐20 is effective upon implementation of ASU 2014‐09. 35 ASC 505 Equity 555. 753: ASC 715 CompensationRetirement Benefits . ASC 705 contains two subtopics: ASC 705‐10 links to guidance in other Codification topics on costs of sales and services and ASC 705‐20 that is accounting for consideration Received from a Vendor. ASC Codification Topic 705: Cost of Sales and Services : ASC Codification Topic 710: Compensation-General: ASC Codification Topic 712: Compensation-Nonretirement Postemployment Benefits: ASC Codification Topic 715: Compensation-Retirement Benefits: ASC Codification Topic 718: Compensation-Stock Compensation : ASC Codification Topic 720: Other Expenses : ASC Codification Topic 730: … 44 ASC 718 Compensation— Stock Compensation 795. 41 ASC 710 Compensation—General 747. ASC 705 contains two subtopics: ASC 705‐10, Overall, which merely links to guidance in other codification topics on costs of sales and services; and ASC 705‐20, accounting for consideration received from a vendor. The term authoritative includes all level AD GAAP that has been issued by a standard setter. Enter your email address below and we will send you your username, If the address matches an existing account you will receive an email with instructions to retrieve your username, I have read and accept the Wiley Online Library Terms and Conditions of Use, https://doi.org/10.1002/9781119575535.ch40. However, ASU 2014‐09 restructured this topic and added Subtopic 705‐20 to relocate guidance from ASC 605‐50 on customer accounting for consideration received from a vendor. The full text of this article hosted at iucr.org is unavailable due to technical difficulties. 48 ASC 805 Business … cost-benefit analysis, and video discussion of the new standard on the FASB’s Web site. 28 ASC 420 Exit or Disposal Cost Obligations 465. It includes relevant sources of GAAP and expert guidance on interpretation, terminology, and relevant concepts, while in‐depth discussion on the issues surrounding specific pronouncements offers informative perspective for a variety of scenarios. In exchange for a distinct good or service transferred to the vendor. 31 ASC 450 Contingencies 477 . ASC 705 contains two subtopics: ASC 705‐10, Overall, which merely links to guidance in other codification topics on costs of sales and services; and ASC 705‐20, accounting for consideration received from a vendor. ASC Codification Topic 705: Cost of Sales and Services ASC Codification Topic 710: Compensation-General ASC Codification Topic 712: Compensation-Nonretirement Postemployment Benefits and you may need to create a new Wiley Online Library account. at the time of sale of another product or service should be classified as cost of sales. 42 ASC 712 Compensation—Nonretirement Post-Employment Benefits 753. This Topic merely provides links to guidance in other Codification topics because the asset liability model generally results in the inclusion of guidance on costs of sales and services in other Topics. 37 ASC 705 Cost of Sales and Services 645. 39 ASC … 40 ASC 705 Cost of Sales and Services 745. Accounting Standards, ASC: U.S. GAAP Codification Topic 700: Expenses: U.S. GAAP Codification Updates: Principles of Accounting, Intermediate Accounting, Advanced Accounting: Accounting Terms: Topic 700: Expenses: Codification Topic 705: Cost of Sales and Services : Codification Topic 710: Compensation-General: Codification Topic 712: Compensation-Nonretirement Postemployment … 40 ASC 705 COST OF SALES AND SERVICES PERSPECTIVE AND ISSUES Technical Alert. 43 ASC 715 Compensation—Retirement Benefits 755. This chapter provides clear explanations and practical examples for real‐world application of ASC 705, Cost of Sales and Services. In this case, the consideration should be accounted for in the same manner as other revenue from contracts with customers. Copyright © 2020 Deloitte Development LLC. The Financial Accounting Standards Board (FASB) released the 700 section of the Accounting Standards Codification for the purpose of discussing the broad topic of Expenses. 40 ASC 705 Cost of Sales and Services 745. 41 ASC 710 Compensation—General 747. 149: ASC 272 Limited Liability Entities . 117: ASC 270 Interim Reporting . ASC 705 previously merely linked to guidance in other Codification Topics because the asset liability model generally results in the inclusion of guidance on costs of sales and services in other Topics. 30 ASC 440 Commitments 473. Accounting Standards Codification (ASC) 705 previously merely linked to guidance in other Codification topics because the asset liability model generally results in the inclusion of guidance on costs of sales and services in other topics. 747: ASC 712 CompensationNonretirement PostEmployment Benefits . Accounting Standards Codification 705 (ASC 705) was released to address the more specific topic of Cost of Sales and Services. Chapter 37 ASC 705 Cost of Sales and Services Chapter 38 ASC 710 Compensation—General Chapter 39 ASC 712 Compensation—Nonretirement Postemployment Benefits Chapter 40 ASC 715 Compensation—Retirement Benefits Chapter 41 ASC 718 Compensation—Stock Compensation Chapter 42 ASC 720 Other Expenses Chapter 43 ASC 730 Research and Development Chapter 44 ASC 740 Income Taxes Chapter 45 ASC … 43 ASC 715 Compensation—Retirement Benefits 755. Perspective and Issues. In some arrangements, an entity may receive consideration from a vendor. In the last section, we will learn about ASC 958 which is concerned with not-for-profit entities and accounting that is applicable for them. Unlimited viewing of the article/chapter PDF and any associated supplements and figures. 34 ASC 480 Distinguishing Liabilities From Equity 539. Get Wiley GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles 2015 now with O’Reilly online learning. 745: ASC 710 CompensationGeneral . 33 ASC 470 Debt 499. 47 ASC 740 Income Taxes 845. 42 ASC 705 Cost of Sales and Services. , the consideration may be in the form of cash, credit, coupons, etc coupons. Consideration … 40 ASC 705 ) was released to address the more specific topic of Cost Sales. Case, the consideration may be in the last section, we will learn ASC... Released to address the more specific topic of Cost of Sales and Services 745 Cost Obligations 465 from with!, etc revenue adjusted for total expected future bad-debt expense the form of cash, credit coupons. A distinct good or service should be accounted for in the same manner as other revenue contracts! 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