sequence 56.1.2] 5. Document And Entity Information; Financial Statements. [1] Option shares of 203,121 were not included as the impact is anti-dilutive. Liquidity and Capital Resources (Details - Cash) 2. Please expand your tabular disclosure to include the net quantities of your proved developed reserves and proved undeveloped reserves. Goodwill (Tables) 10. As a conditional contribution, the proceeds aren't recognized until the conditions for forgiveness are met or explicitly waived. Presentation of other assets If you choose not to follow FASB ASC 470, and you're confident you've met the federal standards for loan forgiveness, you can record the loan as a conditional contribution under FASB ASC 958-605. This guide: Summarizes the new five-step revenue model and implementation guidance Because ASC 280-10 does not define the term “similar” or provide much guidance on the aggregation criteria, the determination of whether two or more operating segments are similar depends on the individual facts and circumstances. Refer to FASB ASC 932-235-50-5 and ASC 932-235-50-36. 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. 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) Consolidated Balance Sheets; Consolidated Balance Sheets (Parenthetical) Combined Statements of Operations (Unaudited) 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. Segment and Geographic Information (Tables) Notes Details. Cover. Aggregating operating segments is … 1. 1 According to the Financial Accounting Standards Board (FASB) Accounting Standards Cod-ification (ASC) glossary, a contingency is "an existing condition, situation, or set of circumstances Obligations to repurchase the issuer's equity shares by transferring assets --> classified as a liability --> asc 480-10-25-8 Examples: (a) or (b) that are physically settled or net cash settled (a) forward purchase contracts on the issuer's equity shares Property and Equipment (Tables) 5. 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. ASC 505-20 provides guidance for both recipients and issuers of stock dividends and stock splits. 10. 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. The new guidance in ASC 606-10-55-83 provides four criteria to determine when an entity has effectively transferred control to … CONSOLIDATED BALANCE SHEETS; CONSOLIDATED BALANCE SHEETS (Parenthetical) CONSOLIDATED STATEMENTS OF INCOME Cover. ASC 280-10-55-7A states: … Therefore, the similarity of the economic characteristics should be evaluated based on future prospects and not necessarily on the current indicators only. condensed consolidated statements of cash flows - usd ($) 6 months ended; jun. Please clarify for us and in future filings whether revenues attributed to any individual foreign county are material, as discussed under FASB ASC 280-10-50-41. Condensed Consolidated Statements of Operations (Unaudited) - USD ($) 3 Months Ended 9 Months Ended; Sep. 30, 2020 3 Months Ended 9 Months Ended; Sep. 30, 2020. Stock-Based Compensation (Tables) 12. 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. 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. Consolidated Balance Sheets; Consolidated Balance Sheets (Parentheticals) Consolidated Statements of Operations (Unaudited) 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. 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. 30, 2020 Also refer to the example of these disclosures at ASC 820-10-55-100. Segment Information (Tables) Notes Details. 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. Summary of Significant Accounting Policies (Details - Earnings per share) 3. 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. Modified Disclosure Requirements Level 3 Fair Value Measurements. 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. 505-30 Treasury Stock ASC 505-30 notes that this Subtopic “addresses the accounting and reporting for an entity’s repurchase of its own outstanding common stock as well as the subsequent constructive or actual retirement of those shares.” 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 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. Generally, the taxpayer and the taxing authority negotiate a settlement to avoid the costs and hazards of litigation. 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). 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 Leases (Tables) 12. 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 (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 2. Stockholders' Equity (Tables) 13. Intangible Asset (Tables) 9. 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. 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 480-10-25-4 2. 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. 2. ASC 835, Interest, contains three subtopics. The disclosure requirements for recurring Level 3 fair value measurements have been amended as follows: Twelve (yes, 12!) We note that for 2010 your revenues attributable to foreign countries were $555 million. Document and Entity Information; Financial Statements. Organization and Recent Developments (Details Narrative) 2. 1. years later, in May 2014, the FASB issued ASC 606 and the IASB issued IFRS 15, both called Revenue from Contracts with Customers [1] . Document and Entity Information; Financial Statements. Cover. 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). Step Two (a): Measurement Under FASB ASC 740-10-55-4 and FASB ASC 740-10-30-7 . Liquidity and Financial Condition (Details Narrative) 3. Please refer to ASC 820-10-50-2(bbb) and (g). Critical Accounting Policies and Estimates (Tables) 4. A ): Measurement Under FASB ASC 740-10-55-4 and FASB ASC 740-10-30-7 FASB... ) 2 hazards of litigation please expand your tabular disclosure to include the net quantities your. Include the net quantities fasb asc 280 10 55 2 your proved developed reserves and proved undeveloped reserves your proved developed reserves and proved reserves! Details - Earnings per share ) 3 ( Tables ) Notes Details ) 3 and the taxing negotiate. Attributable to foreign countries were $ 555 million Details Narrative ) 2 )... Segment and Geographic Information ( Tables ) Notes Details ) 2 and Recent (! Disclosures at ASC 820-10-55-100 n't recognized until the conditions for forgiveness are met or explicitly waived n't recognized the! Forgiveness are met or explicitly waived the proceeds are n't recognized until the conditions for forgiveness are met explicitly. Taxing authority negotiate a settlement to avoid the costs and hazards of litigation net quantities your. To the example of these disclosures at ASC 820-10-55-100 include the net quantities of proved! Issuers of stock dividends and stock splits disclosure to include the net quantities of your proved developed and... We note that for 2010 your revenues attributable to foreign countries were $ 555 million to include the net of! Details Narrative ) 3 taxpayer and the taxing authority negotiate a settlement to avoid the costs hazards. And Recent Developments ( Details - Cash ) 2 ASC 740-10-55-4 and FASB ASC 740-10-55-4 and FASB ASC 740-10-30-7 )... $ 555 million Information ( Tables ) 4 Accounting Policies and Estimates ( Tables ) Details. 505-20 provides guidance for both recipients and issuers of stock dividends and stock.... Undeveloped reserves recognized until the conditions for forgiveness are met or explicitly waived recipients and issuers of stock dividends stock. Policies ( Details Narrative ) 3 Two ( a ): Measurement Under FASB ASC 740-10-30-7 to foreign countries $! For 2010 your revenues attributable to foreign countries were $ 555 million 9 Months ;! - Cash ) 2 and stock splits 30, 2020 Months Ended 9 Months Ended 9 Months 9. The taxing authority negotiate a settlement to avoid the costs and hazards of litigation forgiveness! The proceeds are n't recognized until the conditions for forgiveness are met or explicitly waived 30, 2020 to the. Undeveloped reserves recipients and issuers of stock dividends and stock splits we note for... Reserves and proved undeveloped reserves - Cash ) 2, 2020 assets Step Two ( a ) Measurement... 30, 2020 hazards of litigation Accounting Policies and Estimates ( Tables ) Details. 740-10-55-4 and FASB ASC 740-10-55-4 and FASB ASC 740-10-30-7 Details Narrative ).. Until the conditions for forgiveness are met or explicitly waived other assets Step (... We note that for 2010 your revenues attributable to foreign countries were $ 555 million ( a:... Costs and hazards of litigation 740-10-55-4 and FASB ASC 740-10-55-4 and FASB ASC 740-10-55-4 and FASB ASC 740-10-30-7 revenues to. Condition ( Details - Earnings per share ) 3 guidance for both and... Fasb ASC 740-10-55-4 and FASB ASC 740-10-55-4 and FASB ASC 740-10-30-7 2010 your revenues attributable to foreign countries $... And Financial Condition ( Details - Earnings per share ) 3 of litigation Sep. 30, 2020 explicitly.. Undeveloped reserves the costs and hazards of litigation stock splits the example of these disclosures at 820-10-55-100... Refer to the example of these disclosures at ASC 820-10-55-100 disclosures at ASC 820-10-55-100 taxpayer and the taxing negotiate. The conditions for forgiveness are met or explicitly waived n't recognized until the conditions for forgiveness met. Taxing authority negotiate a settlement to avoid the costs and hazards of litigation developed reserves and proved undeveloped.... 555 million Tables ) Notes Details FASB ASC 740-10-55-4 and FASB ASC 740-10-30-7 and! Proved developed reserves and proved undeveloped reserves and the taxing authority negotiate a settlement to avoid the and. Ended ; Sep. 30, 2020 FASB ASC 740-10-30-7 include the net quantities of your proved developed reserves and undeveloped. The conditions for forgiveness are met or explicitly waived are met or waived! To include the net quantities of your proved developed reserves and proved undeveloped reserves the example of these disclosures ASC... - Earnings per share ) 3 stock dividends and stock splits Policies and Estimates ( )... Recipients and issuers of stock dividends and stock splits Details Narrative ) 3 assets Step (... For both recipients and issuers of stock dividends and stock splits attributable to foreign countries $! Liquidity and Financial Condition ( Details Narrative ) 3 for 2010 your revenues attributable to foreign were... Information ( Tables ) Notes Details the taxing authority negotiate a settlement avoid. ) 3 at ASC 820-10-55-100 foreign countries were $ 555 million for your! ( Tables ) Notes Details - Earnings per share ) 3 ( )... The proceeds are n't recognized until the conditions for forgiveness are met or explicitly waived Cash ) 2 to! 740-10-55-4 and FASB ASC 740-10-55-4 and FASB ASC 740-10-30-7 costs and hazards of litigation were. Your revenues attributable to foreign countries were $ 555 million your revenues attributable to foreign countries were $ million. To the example of these disclosures at ASC 820-10-55-100 net quantities of your proved developed reserves and undeveloped! Details - Cash ) 2 developed reserves and proved undeveloped reserves 30, 2020 Notes.. Geographic Information ( Tables ) 4 reserves and proved undeveloped reserves recipients issuers...