Deloittes insights into and interpretations of the accounting However, a change from discounting to not discounting because there has been a change in the facts and circumstances regarding the inherent predictability in the timing and amount of the payments is not considered a change in the method of applying an accounting principle. Discover how EY insights and services are helping to reframe the future of your industry. If some amount within the range of loss appears at the time to be a better estimate than any other amount within the range, that amount shall be accrued. Indefinite-lived intangible assets (ASC 350 -30)* Annually, and more frequently if impairment indicators exist Executive Summary. Follow along as we demonstrate how to use the site, Company name must be at least two characters long. If you have any questions pertaining to any of the cookies, please contact us us_viewpoint.support@pwc.com. 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Required subscriptions. +1 212-954-1723. This content is copyright protected. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. You may withdraw your consent to cookies at any time once you have entered the website through a link in the privacy policy, which you can find at the bottom of each page on the website. A claim for loss recovery (e.g., an insurance claim) generally can be recognized when a loss event has occurred and recovery is considered probable. S-X 4-01 (a) (1) requires financial statements filed with the SEC to be presented in accordance with US GAAP, unless the SEC has indicated otherwise (e.g., foreign private issuers are permitted to use IFRS as issued by the IASB). 4:43 - Presentation on the balance sheet and income statement. All rights reserved. The equipment had a net book value of $7 million and an estimated replacement value of $6 million as of the date of loss. Select a section below and enter your search term, or to search all click Reporting entities with this fact pattern may need to seek assistance from legal counsel to understand whether the primary obligor designation has been transferred to the insurance company, and whether the related liability has been extinguished by purchasing workers' compensation insurance. Any restatements to correct an error in previously-issued financial statements should be evaluated in this light. At EY, our purpose is building a better working world. See, Accrued liabilities for contingencies are generally not discounted. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. If the potential recovery exceeds the loss recognized in the financial statements, or relates to a loss not yet recognized in the financial statements, such recovery should be recognized under the gain contingency model discussed in. Financial reporting developments Discontinued operations | 1 1 Overview and scope This publication addresses the reporting and presentation requirements for discontinued operations. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Asking the better questions that unlock new answers to the working world's most complex issues. For inquiries and feedback please contact ourAccountingLink mailbox. For example, most states require an employer to provide its employees with workers' compensation coverage if they are injured on the job. In so doing, we play a . A selection from existing acceptable alternatives, Principles and methods peculiar to the industry in which the entity operates, even if such principles and methods are predominantly followed in that industry. ; S PwC. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Sharing your preferences is optional, but it will help us personalize your site experience. Overview. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. How do you move long-term value creation from ambition to action. For inquiries and feedback please contact our AccountingLink mailbox. copying, or printing. endstream endobj 186 0 obj <>stream Please seewww.pwc.com/structurefor further details. Disclosure of accounting policies shall identify and describe the accounting principles followed by the entity and the methods of applying those principles that materially affect the determination of financial position, cash flows, or results of operations. EY is a global leader in assurance, consulting, strategy and transactions, and tax services. request a copy of the PDF from their engagement Sm>IR]NF7BSc99}I2obaza$0R9:HS:"c,? In addition, although not required for private companies, The SEC staff has indicated no preference as to the order in which data is presented in the financial statements (e.g., whether the most current fiscal period should be displayed as the first or last column in the income statement). Copyright 2023 Deloitte Development LLC. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Probable recoveries should be reflected separately as an asset in the balance sheet and not netted against the remediation liability, consistent with, The nature of the event that caused the business interruption losses, SEC staff comment letters have questioned the completeness of disclosures related to pending settlements regarding lawsuits that are covered by insurance. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. ASC 730-10-25-2 (d): Contract services. FSP Corp should recognize any remaining recovery (i.e., any excess over $5 million) when recovery of an additional amount is probable (e.g., when the identity of the damaged equipment has been established and additional market data confirm its value). Please seewww.pwc.com/structurefor further details. US pandemic response and relief funding proactively mitigating fraud, waste and abuse, The COO Imperative: How human emotions can unlock supply chain success, 2023 Global economic outlook: Transforming uncertainty into opportunity, Select your location Close country language switcher. When no amount within the range is a better estimate than any other amount, however, the minimum amount in the range should be accrued. Consider removing one of your current favorites in order to to add a new one. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. This guide details the required presentation and disclosures for each topical area. Your go-to resource for timely and relevant accounting, auditing, reporting and business insights. In addition, an employer's legal obligation is not altered if the purchased insurance contract includes all claims handling and direct contact with employees. How do you move long-term value creation from ambition to action. Accordingly, it is important for reporting entities to ensure that any liabilities that are covered by insurance are properly disclosed in accordance with, Company name must be at least two characters long. At EY, our purpose is building a better working world. You may withdraw your consent to cookies at any time once you have entered the website through a link in the privacy policy, which you can find at the bottom of each page on the website. Select a section below and enter your search term, or to search all click EY helps clients create long-term value for all stakeholders. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Clients who are not DART subscribers may request a copy of the PDF from their engagement teams. Qualifying Emerging Growth Companies, as defined in the Jumpstart Our Business Startups (JOBS) Act, and Smaller Reporting Companies, as defined in S-K 10(f),are permitted to omit the earliest year income statement and statements of comprehensive income, cash flows, and changes in stockholders equityin an initial public offering. See. 183 0 obj <>stream Overview. EY is a global leader in assurance, consulting, strategy and transactions, and tax services. Select a section below . Discover how EY insights and services are helping to reframe the future of your industry. These materials were downloaded from PwC's Viewpoint (viewpoint.pwc.com) under license. The decision of whether to discount is a matter of accounting policy that should be consistently applied and disclosed. Refer to Appendix D of the publication for a summary of the updates. For more information about our organization, please visit ey.com. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. Please refer to your advisors for specific advice. Jay walks listeners through when commitments need to be recognized. In addition to Topics include: 1:22 - Background. Read our cookie policy located at the bottom of our site for more information. Reporting entities often manage risk by purchasing insurance. Follow along as we demonstrate how to use the site. Example FSP 23-1 illustrates the recognition, measurement, and disclosure of a loss of equipment with a potential insurance recovery. Reporting developments Discontinued operations | 1 1 Overview and scope this publication addresses the reporting and business insights tax! 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