Strike chapter in ASC

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Aug 6th, 2022
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How to strike chapter in ASC

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weamp;#39;re staging the biggest academic strike in U.S history because the University of California is paying its student workers poverty wages we make up one-fifth of the workforce and we only take up one percent of the ucamp;#39;s budget we donamp;#39;t think the University District appropriation and weamp;#39;re going to put a stop to it through workers power we Jew I donamp;#39;t know somewhere between like 70 and 90 of the labor at the University of California thereamp;#39;s just no way that this University will operate and we will continue to stay out on strike until we win when the university around the university finds out this is really unprecedented that four bargaining units have come together to strike at the same time so weamp;#39;re not just here at UCLA weamp;#39;re all across UC at 10 different campuses weamp;#39;re 48 000 strong for the first time and so we have an unprecedented opportunity to fight for really important demands that we normally wouldn

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In particular, ASC 480-10 applies only to freestanding instruments, whereas ASC 815 provides guidance for hybrid instruments, i.e., contracts comprised of a host such as a debt instrument and an embedded feature such as a conversion option.
To mitigate some of the accounting burden, the FASB issued ASC 848 (reference rate reform) unique because it is dedicated to providing relief from otherwise applicable US GAAP requirements via optional expedients. Further, the guidance in ASC 848 is temporary in nature and sunsets on December 31, 2024.
2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, to defer the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848.
A GAAP departure includes an explanation in the report and disclosures that explain what principle is not being followed and the effect on the financial statements. A GAAP departure is not uncommon and, in some cases, might be preferred. Begin to gather your documents related to all your leases.
Under Generally Accepted Accounting Principles (GAAP), Accounting Standards Codification (ASC) Topic 460, Guarantees, provides guidance on the recognition, measurement, and disclosure of financial guarantees.
A reporting entity is required to disclose its accounting for a contract indexed to its own shares (i.e., as equity or a liability/asset). ASC 815-40-50-5 provides guidance on how to comply with the requirements in ASC 505-10-50 for contracts in an entitys own equity.
ASC 842 requires lessees to recognize both an asset and a liability for each lease. The lease liability is represented as the present value of lease payments. The lease asset is measured as the lease liability adjusted for certain items like prepaid rent, initial direct costs, and lease incentives.
ASC 825 provides entities with the option to report certain financial instruments at fair value, simplifying financial reporting and enhancing comparability across entities.

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