What is ASC 450?
Moreover, what does ASC stand for in accounting?
FASB Accounting Standards Codification
One may also ask, when must a loss contingency be accrued? ACCRUAL OF LOSS CONTINGENCIES Paragraph 8 requires that a loss contingency be accrued if the two specified conditions are met. The purpose of those conditions is to require accrual of losses when they are reasonably estimable and relate to the current or a prior period.
Also know, what is FAS 5 called now?
FAS 5, or Financial Accounting Standards No. 5, Accounting for Contingencies, was the original FASB pronouncement superseded by FASB Accounting Standards Codification (ASC) subtopic 450-20, Contingencies: Loss Contingencies.
What is a gain contingency?
A gain contingency is an uncertain situation that will be resolved in the future, possibly resulting in a gain. The accounting standards do not allow the recognition of a gain contingency prior to settlement of the underlying event.