Generally, the taxpayer and the taxing authority negotiate a settlement to avoid the costs and hazards of litigation. Also refer to the example of these disclosures at ASC 820-10-55-100. 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 Cover. Please expand your tabular disclosure to include the net quantities of your proved developed reserves and proved undeveloped reserves. 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. 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. 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 CONSOLIDATED BALANCE SHEETS; CONSOLIDATED BALANCE SHEETS (Parenthetical) CONSOLIDATED STATEMENTS OF INCOME Segment Information (Tables) Notes Details. 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. Cover. The new guidance in ASC 606-10-55-83 provides four criteria to determine when an entity has effectively transferred control to … 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 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. Summary of Significant Accounting Policies (Details - Earnings per share) 3. 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. Critical Accounting Policies and Estimates (Tables) 4. 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. Document and Entity Information; Financial Statements. --> asc 480-10-25-4 2. Stockholders' Equity (Tables) 13. 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. Leases (Tables) 12. 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. sequence 56.1.2] 5. Document And Entity Information; Financial Statements. ASC 835, Interest, contains three subtopics. 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. Goodwill (Tables) 10. Presentation of other assets condensed consolidated statements of cash flows - usd ($) 6 months ended; jun. Liquidity and Capital Resources (Details - Cash) 2. ASC Codification Topic 835: Interest : ASC Codification Topic 840: Leases: ASC Codification Topic 845: Nonmonetary Transactions : ASC Codification Topic 850: Related Party Disclosures: ASC Codification Topic 852: Reorganizations: ASC Codification Topic 855: Subsequent Events : ASC Codification Topic 860: Transfers and Servicing ASC 320, Investments‐Debt and Equity Securities contains one subtopic, ASC 320‐10, Overall, that contains guidance for passive investments in all debt securities and equity securities that have a determinable fair value.ASC 320 applies to all entities that do not belong to specialized industries for purposes of ASC 320. Document and Entity Information; Financial Statements. 1. Organization and Recent Developments (Details Narrative) 2. Please refer to ASC 820-10-50-2(bbb) and (g). As a conditional contribution, the proceeds aren't recognized until the conditions for forgiveness are met or explicitly waived. Condensed Consolidated Statements of Operations (Unaudited) - USD ($) 3 Months Ended 9 Months Ended; Sep. 30, 2020 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. 3 Months Ended 9 Months Ended; Sep. 30, 2020. Property and Equipment (Tables) 5. We note that for 2010 your revenues attributable to foreign countries were $555 million. 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. (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 Stock-Based Compensation (Tables) 12. Aggregating operating segments is … 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). Consolidated Balance Sheets; Consolidated Balance Sheets (Parentheticals) Consolidated Statements of Operations (Unaudited) 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) 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. Consolidated Balance Sheets; Consolidated Balance Sheets (Parenthetical) Combined Statements of Operations (Unaudited) Twelve (yes, 12!) 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. 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. years later, in May 2014, the FASB issued ASC 606 and the IASB issued IFRS 15, both called Revenue from Contracts with Customers [1] . Under these agreements, the entity bills its customer for a product(s), but “holds” the product until a later date (e.g., the goods are stored in the factory before shipping). Modified Disclosure Requirements Level 3 Fair Value Measurements. Intangible Asset (Tables) 9. 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