Link substance in ASC

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Upload your file to our editor. Select how you prefer - dragging and dropping it into our uploading pane, browsing from your device, the cloud, or using a secure URL to a third-party resource.
Start modifying your ASC file. Use our toolbar above to type and edit text, or insert images, lines, symbols, and comments.
Make more adjustments to your work. Transform your ASC document into a fillable form with fields for text, dropdowns, initials, dates, and signatures.
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Share and save your document. Send your modified ASC file to other people as an email attachment, via fax, or create a shareable link for it - download or export your paperwork to the cloud with edits or in its initial version.

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How to Link substance in ASC

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hi everybody so this video is talking about commercial versus non-commercial substance so we have two independent companies in periyar and polar and they each on a warehouse and they are willing to exchange with no cash involved their warehouses so we have the cost of and part barrier and parlor was 85,000 polar was forty thousand accumulated depreciation was 50 20 fair value has been assessed now one thing I want to do is I want to bring in the book value so the book value is the difference between your costs and your accumulated depreciation there should be nothing new from our financial accounting so what I need to do is I need to do the journal entries to exhume first to assume the exchange has commercial substance okay so well do the first one here this one has commercial substance okay so and we will do Poirier and then we will also do um polar okay so he is acquiring a new building and were going to use the fair value so we are going to do a debit to building and Im going to

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What is step 1 of ASC 606?

Criterion 1: Approval and Commitment to the Contract Both parties must approve the contact and be committed to their performance obligations. Per ASC 606, contracts dont always have to be written. They can be oral or even implied by the typical way that a company does business or deals with a specific customer.

What does lacks commercial substance mean?

97. ( 1) An arrangement shall be deemed to lack commercial substance, if (a) the substance or effect of the arrangement as a whole, is inconsistent with, or differs docHubly from, the form of its individual steps or a part; or. (b) it involves or includes

What is exchange with and without commercial substance?

If the cash flow pattern changes, the transaction is said to have commercial substance; if it doesnt change, it has no commercial substance. An exchange has commercial substance if, as a result of the exchange, future cash flows are expected to change docHubly.

What are transactions with no commercial substance?

Non-Commercial Substance. If monetary gains exist due to exchange transactions, the transaction is said to have a commercial substance. If there is no change in monetary gains, the transaction does not have a commercial substance. There must be a change in risk, value, or timing of cash flows for commercial substances.

What are examples of transactions with no commercial substance?

Examples of situations where there is no commercial substance include: Sale of assets to the owner of a sole proprietorship, who immediately leases it back to the business. There is little distinction between a proprietorship and its owner, so it is likely that no real change of ownership occurred.

What does commercial substance mean ASC 606?

The standard defines commercial substance in ASC 606-10-25-1(d) as when the risk, timing, or amount of the entitys future cash flows is expected to change as a result of the contract. This attribute helps to avoid recognizing revenue for transactions that have no economic impact or business purpose.

What is an example of commercial substance?

When the timing of the cash inflow changes as a result of a transaction, it is considered as having a commercial substance. An example would be if a company agrees to receive delayed payment, provided that they receive a larger payment amount.

What is ASC 610 20?

ASC 610-20 addresses the recognition of gains or losses when nonfinancial assets and in substance nonfinancial assets are derecognized. The term nonf inancial asset is not defined in U.S. GAAP but is a descriptive term that includes all assets that do not meet the definition of a financial asset.

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