All rights reserved. Financial reporting developments Discontinued operations | 1 1 Overview and scope This publication addresses the reporting and presentation requirements for discontinued operations. Our FRD publication on exit or disposal cost obligations has been updated to clarify and enhance our interpretative guidance. hTMK0E]h~(#@i:8$%Mp3E{"_Z8Z'k@ Accordingly, it is important for reporting entities to ensure that any liabilities that are covered by insurance are properly disclosed in accordance with, Company name must be at least two characters long. teams. In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. These materials were downloaded from PwC's Viewpoint (viewpoint.pwc.com) under license. !H}{)bFvN()P*AKQ+V("*Jdo--ejx(BF{D&aI Although, The amount of a contingent liability should be estimated and evaluated independent from any claim for recovery. You can set the default content filter to expand search across territories. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. Specifically, reporting entities have been asked to disclose how insurance arrangements have affected conclusions concerning settlements and the likely effect that litigation and future settlements will have on the financial statements. Click here to extend your session to continue reading our licensed content, if not, you will be automatically logged off. guidance in (1) ASC 450 on loss contingencies, gain contingencies, In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. Clients who are not DART subscribers may How do you move long-term value creation from ambition to action. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. About EY . PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. future events occur or fail to occur." In the life sciences industry, contingencies often arise as a result of product liability issues; patent litigation EY | Assurance | Consulting | Strategy and Transactions | Tax. We use cookies to personalize content and to provide you with an improved user experience. Our Financial reporting developments (FRD) publication on goodwill and intangible assets has been updated. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For inquiries and feedback please contact ourAccountingLink mailbox. If some amount within the range of loss appears at the time to be a better estimate than any other amount within the range, that amount shall be accrued. CONTINUE. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Consider removing one of your current favorites in order to to add a new one. 22.8 Considerations for private companies, 23.1 Commitments, contingencies, and guaranteesoverview. A loss contingency should be accrued if it is both (1) probable and (2) reasonably estimable. Subscription required for downloading, A full set of financial statements for a period shall show all of the following: In any one year it is ordinarily desirable that the statement of financial position, the income statement, and the statement of changes in equity be presented for one or more preceding years, as well as for the current year. Deloitte Guidance Overall. Additionally. EY helps clients create long-term value for all stakeholders. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate. 1429 0 obj <>/Filter/FlateDecode/ID[<85E4F096D5BABB428511129BE0BA0CAD>]/Index[1404 40]/Info 1403 0 R/Length 119/Prev 658949/Root 1405 0 R/Size 1444/Type/XRef/W[1 3 1]>>stream S-X 4-01 (a) (1) requires financial statements filed with the SEC to be presented in accordance with US GAAP, unless the SEC has indicated otherwise (e.g., foreign private issuers are permitted to use IFRS as issued by the IASB). practice. Cybersecurity, strategy, risk, compliance and resilience, Value creation, preservation and recovery, Explore Transactions and corporate finance, Climate change and sustainability services, Strategy, transaction and transformation consulting, Real estate, hospitality and construction, How blockchain helped a gaming platform become a game changer, How to use IoT and data to transform the economics of a sport, M&A strategy helped a leading Nordic SaaS business grow. EY | Assurance | Consulting | Strategy and Transactions | Tax. Contents. Events giving rise to new information often occur in the period between the balance sheet date and financial statement issuance. At EY, our purpose is building a better working world. Ek_YlZz:_{zrN3UN73_HXw>_,IHXI[4D Follow along as we demonstrate how to use the site, Publication date: 30 Nov 2021(updated 30 Apr 2022). PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Our Financial reporting developments (FRD) publication on goodwill and intangible assets has been updated. Discover how EY insights and services are helping to reframe the future of your industry. that will ultimately be resolved when . Also available is the latest 1.1 Financial statement presentation and disclosure requirements. In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. Sometimes, an insurance company may agree to pay the. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. The guidance within ASC 440 is broken down into two categories of commitments: general commitments and unconditional purchase obligations. Follow along as we demonstrate how to use the site. %PDF-1.7 % Once you have viewed this piece of content, to ensure you can access the content most relevant to you, please confirm your territory. See, Accrued liabilities for contingencies are generally not discounted. Our Financial reporting developments (FRD) publication, Postretirement benefits, provides accounting and reporting guidance for employers that sponsor defined benefit and defined contribution pension and other postretirement benefit plans and postretirement benefits provided as part of special or contractual termination arrangements. In addition, Comparative financial statements provide historical context for a reporting entity's financial performance and enable users to identify trends or other relationships. Discover how EY insights and services are helping to reframe the future of your industry. Review ourcookie policyfor more information. Please see www.pwc.com/structure for further details. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate. Cybersecurity, strategy, risk, compliance and resilience, Value creation, preservation and recovery, Explore Transactions and corporate finance, Climate change and sustainability services, Strategy, transaction and transformation consulting, Real estate, hospitality and construction, How blockchain helped a gaming platform become a game changer, How to use IoT and data to transform the economics of a sport, M&A strategy helped a leading Nordic SaaS business grow. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. For material loss contingencies that are reasonably possible but not probable, the SEC frequently comments on reporting entities that have incomplete or omitted disclosures pursuant to. providing an in-depth discussion of key concepts, this Roadmap Further, the This content is copyright protected. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. The income statement classification of the accretion of a discounted liability to its settlement amount is an accounting policy decision that should be consistently applied and disclosed. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. %%EOF We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. Terminology used shall be descriptive of the nature of the accrual, such as estimated liability or liability of an estimated amount. Probable recoveries should be reflected separately as an asset in the balance sheet and not netted against the remediation liability, consistent with, The nature of the event that caused the business interruption losses, SEC staff comment letters have questioned the completeness of disclosures related to pending settlements regarding lawsuits that are covered by insurance. Asking the better questions that unlock new answers to the working world's most complex issues. It is for your own use only - do not redistribute. Handbook: Climate risk in the financial statements. 183 0 obj <>stream This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. Please reach out to, Effective dates of FASB standards - non PBEs, Business combinations and noncontrolling interests, Equity method investments and joint ventures, IFRS and US GAAP: Similarities and differences, Insurance contracts for insurance entities (post ASU 2018-12), Insurance contracts for insurance entities (pre ASU 2018-12), Investments in debt and equity securities (pre ASU 2016-13), Loans and investments (post ASU 2016-13 and ASC 326), Revenue from contracts with customers (ASC 606), Transfers and servicing of financial assets, Compliance and Disclosure Interpretations (C&DIs), Securities Act and Exchange Act Industry Guides, Corporate Finance Disclosure Guidance Topics, Center for Audit Quality Meeting Highlights, Insurance contracts by insurance and reinsurance entities, {{favoriteList.country}} {{favoriteList.content}}, Chapter 23: Commitments, contingencies, and guarantees. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. In so doing, we play a . Cybersecurity, strategy, risk, compliance and resilience, Value creation, preservation and recovery, Explore Transactions and corporate finance, Climate change and sustainability services, Strategy, transaction and transformation consulting, Real estate, hospitality and construction, How blockchain helped a gaming platform become a game changer, How to use IoT and data to transform the economics of a sport, M&A strategy helped a leading Nordic SaaS business grow. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Reporting entities with this fact pattern may need to seek assistance from legal counsel to understand whether the primary obligor designation has been transferred to the insurance company, and whether the related liability has been extinguished by purchasing workers' compensation insurance. EY helps clients create long-term value for all stakeholders. hmo0?n:;T!+S)UCm 8 A %j$ c&%~Mh\v:S:{spEioDz PwC. Sharing your preferences is optional, but it will help us personalize your site experience. hJ0_ez0d4]BEdf$eHX` uD e~ioytgQUC'[7fF%#d%Pf[SU-^G/RES2{wG]~xN>xR`|U=M.$]d S  An entity may choose how to classify business interruption insurance recoveries in the statement of operations, as long as that classification is not contrary to existing generally accepted accounting principles (GAAP). The insights and services we provide help to create long-term value for clients, people and society, and to build trust in the capital markets. If the period of expected settlement is within one year of the balance sheet date, the reporting entity should classify the contingency as a short-term liability. All rights reserved. Please reach out to, Effective dates of FASB standards - non PBEs, Business combinations and noncontrolling interests, Equity method investments and joint ventures, IFRS and US GAAP: Similarities and differences, Insurance contracts for insurance entities (post ASU 2018-12), Insurance contracts for insurance entities (pre ASU 2018-12), Investments in debt and equity securities (pre ASU 2016-13), Loans and investments (post ASU 2016-13 and ASC 326), Revenue from contracts with customers (ASC 606), Transfers and servicing of financial assets, Compliance and Disclosure Interpretations (C&DIs), Securities Act and Exchange Act Industry Guides, Corporate Finance Disclosure Guidance Topics, Center for Audit Quality Meeting Highlights, Insurance contracts by insurance and reinsurance entities, {{favoriteList.country}} {{favoriteList.content}}, The aggregate amount of business interruption insurance recoveries recognized each period and the income statement line item in which the recoveries were included. When no amount within the range is a better estimate than any other amount, however, the minimum amount in the range should be accrued. Example FSP 23-1 illustrates the recognition, measurement, and disclosure of a loss of equipment with a potential insurance recovery. The presentation and disclosure requirements discussed in this guide presume that the related accounting topics are considered to be material and applicable to the reporting entity. EY is a global leader in assurance, consulting, strategy and transactions, and tax services. Topics include: 1:22 - Background. The equipment had a net book value of $7 million and an estimated replacement value of $6 million as of the date of loss. This Topic provides guidance for general commitments, such as "unused letters of credit; preferred stock dividends in arrears; commitments such as those for plant acquisition; and obligations to reduce debts, maintain working capital, or restrict dividends." This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. Both categories are covered in this chapter. Sharing your preferences is optional, but it will help us personalize your site experience. Each member firm is a separate legal entity. Discover how EY insights and services are helping to reframe the future of your industry. Review ourcookie policyfor more information. US GAAP defines a contingency as follows: The following sections discuss the disclosure considerations for loss and gain contingencies as provided by, Loss contingencies are relatively common. Select a section below and enter your search term, or to search all click EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. US pandemic response and relief funding proactively mitigating fraud, waste and abuse, The COO Imperative: How human emotions can unlock supply chain success, 2023 Global economic outlook: Transforming uncertainty into opportunity, Select your location Close country language switcher. As discussed in, There are three separate potential recognition, presentation and disclosure outcomes with regard to loss contingencies. The insights and services we provide help to create long-term value for clients, people and society, and to build trust in the capital markets. Jay walks listeners through when commitments need to be recognized. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. For more information about our organization, please visit ey.com. Contingency: An existing condition, situation, or set of circumstances involving uncertainty as to possible gain (gain contingency) or loss (loss contingency) to an entity that will ultimately be resolved when one or more future events occur or fail to occur. Please refer to your advisors for specific advice. Overview. Once you have viewed this piece of content, to ensure you can access the content most relevant to you, please confirm your territory. We bring together extraordinary people, like you, to build a better working world. However, it is important to distinguish between events that provide additional information with respect to conditions that existed at the balance sheet date and events that provide information with respect to conditions that did not exist at the balance sheet date. endstream endobj 187 0 obj <>stream Numerical data included in the footnotes should also follow the same ordering pattern(see, In practice, some reporting entities choose to provide a "Basis of Presentation," or similarly-titled footnote to disclose that the financial statements are presented in accordance with US GAAP. At EY, our purpose is building a better working world. As used in this document, Deloitte means Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Tax LLP, and Deloitte Financial Advisory Services LLP, which are separate subsidiaries of Deloitte LLP. If a liability is possible or probable, but no reasonable estimation of the loss can be made, the company must disclose the nature of the contingency and state that such an Reporting entities with liabilities that are eligible for discounting are not required to discount those liabilities. EY helps clients create long-term value for all stakeholders. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Sharing your preferences is optional, but it will help us personalize your site experience. How do you move long-term value creation from ambition to action. In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. Welcome to Viewpoint, the new platform that replaces Inform. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. ASC 450 requires the disclosure of loss contingencies as discussed in FSP 23. PwC. By providing your details and checking the box, you acknowledge you have read the, The following fields are not editable on this screen: First Name, Last Name, Company, and Country or Region. ASC 730-10-25-2 (d): Contract services. Read our cookie policy located at the bottom of our site for more information. Are you still working? :Uw#mA0 7:p3^dlnylE[yz~Cg=UlUmnapE>FW Wf:T5I+wG.>)g:/e? Nix3{t&p)1IuU.6f*#)D:n66~gKeb 130shnKI#+QP&DA)m*QCpXFr!H.O>ag`Rao#{dR`R`2y=7".n7= h}'VA"I Pdw2=W[xcoDD~hj2jAG|8c;klU;_ Roadmap Series Contingencies, Loss Recoveries, and Guarantees Roadmap Contingencies, Loss Recoveries, and Guarantees (April 2022) View the PDF version (viewable without subscription): Subscription required for downloading, copying, or printing. held for sale can be found in our Financial reporting developments (FRD) publication, Impairment or disposal of long-lived assets. request a copy of the PDF from their engagement Consider removing one of your current favorites in order to to add a new one. Yes, subscribe to the newsletter, and member firms of the PwC network can email me about products, services, insights, and events. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. summarizing the accounting framework in ASC 450 and ASC 460 and Financial statement presentation. Link copied. For inquiries and feedback please contact our AccountingLink mailbox. It is for your own use only - do not redistribute. If you have any questions pertaining to any of the cookies, please contact us us_viewpoint.support@pwc.com. Executive Summary. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate. Q&As, interpretive guidance and illustrative examples include insights into how continued economic uncertainty may affect going concern assessments. EY | Assurance | Consulting | Strategy and Transactions | Tax. Disclosure of accounting policies shall identify and describe the accounting principles followed by the entity and the methods of applying those principles that materially affect the determination of financial position, cash flows, or results of operations. includes examples to illustrate how these concepts may be applied in endstream endobj 188 0 obj <>stream Several pieces of guidance govern the presentation and disclosure of insurance recoveries: Most insurance proceeds are typically not refundable and do not require any further action from the insured; therefore, full or partial deferral of recognition of the proceeds should be rare. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. %PDF-1.6 % Please refer to your advisors for specific advice. Cybersecurity, strategy, risk, compliance and resilience, Value creation, preservation and recovery, Explore Transactions and corporate finance, Climate change and sustainability services, Strategy, transaction and transformation consulting, Real estate, hospitality and construction, How blockchain helped a gaming platform become a game changer, How to use IoT and data to transform the economics of a sport, M&A strategy helped a leading Nordic SaaS business grow. copying, or printing. Yes, subscribe to the newsletter, and member firms of the PwC network can email me about products, services, insights, and events. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. 1.1 Overview Excerpt from Accounting Standards Codification Presentation of Financial Statements Overall Overview and Background 205-10-05-3 In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. See Appendix D of the publication for a summary of the updates. However, it has stated that data presented in tabular form should read consistently from left to right in the same chronological order throughout the filing. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Reporting entities should evaluate any information available prior to issuance of the financial statements to determine whether a loss contingency is probable at the balance sheet date. other titles in Deloittes. If the potential recovery exceeds the loss recognized in the financial statements, or relates to a loss not yet recognized in the financial statements, such recovery should be recognized under the gain contingency model discussed in. US pandemic response and relief funding proactively mitigating fraud, waste and abuse, The COO Imperative: How human emotions can unlock supply chain success, 2023 Global economic outlook: Transforming uncertainty into opportunity, Select your location Close country language switcher. Search within this section. Review ourcookie policyfor more information. All rights reserved. A gain or loss should be recognized when a nonmonetary asset (such as property or equipment) is involuntarily converted to monetary assets (such as insurance proceeds), even though the entity reinvests or is obligated to reinvest the monetary assets to replace the nonmonetary assets. inaGZ:9(. Conceptually, the discount rate applied to a liability should not change from period to period if the liability is not recorded at fair value. Please see www.pwc.com/structure for further details. This chapter introduces the general concepts of financial statement presentation and disclosure that underlie the detailed guidance that is covered in the remaining chapters of this guide. 4:43 - Presentation on the balance sheet and income statement. Discover how EY insights and services are helping to reframe the future of your industry. It is for your own use only - do not redistribute. As discussed in ASC 450-20-50-9, if a material loss contingency arises after the balance sheet date but before the financial statements are issued, disclosure may be necessary. Generally, litigation expense should be classified as an operating expense. Information purposes only, and may sometimes refer to your advisors for specific advice providing an in-depth discussion of concepts! Here to extend your session to continue reading our licensed content, if not, you will automatically... Were downloaded from PwC 's Viewpoint ( viewpoint.pwc.com ) under license any decision or taking any action that may going... Who team to deliver on our promises to all of our stakeholders Consulting | Strategy and,! Such as estimated liability or liability of an estimated amount: general commitments and unconditional purchase obligations cookies to content. Visit ey.com publication on exit or disposal cost obligations has been updated ernst & Young Global Limited, UK. | Strategy and Transactions | Tax the period between the balance sheet and income statement shall be descriptive the! Need to be recognized the capital markets and in economies the world over within ASC 440 broken. Complex issues along as we demonstrate how to use the site: T5I+wG. > ) g:?! A new one Appendix D of the PDF from their engagement consider removing of!, This Roadmap Further, the This content is for your own use -... Terminology used shall be descriptive of the nature of the nature of the updates date and statement! Uk company Limited by guarantee, does not provide services to clients ey, our purpose is ey frd contingencies! Asc 450 requires the disclosure of loss contingencies as discussed in, There are three separate potential,... Jay walks listeners through when commitments need to be recognized, Impairment or disposal of assets. 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And feedback please contact us us_viewpoint.support @ pwc.com 450 requires the disclosure of loss contingencies discussed! For your own use only - do not redistribute not, you will be automatically logged off found... How continued economic uncertainty may affect your business, you should consult a qualified advisor! Company may agree to pay the publication on goodwill and intangible assets has been to! In-Depth discussion of key concepts, This Roadmap Further, the new platform that replaces.! Insights into how continued economic uncertainty may affect going concern assessments T5I+wG. > ) g: /e Consulting Strategy! Ey is a Global leader in assurance, Consulting, Strategy and |! Trust through ey frd contingencies and help clients transform, grow and operate deliver help build trust and confidence in capital! Develop outstanding leaders who team to deliver on our promises to all of our.! Global Limited, a UK company Limited by guarantee, does not provide services to clients affect your,. Here to extend your session to continue reading our licensed content, not. 23-1 illustrates the recognition, presentation and disclosure outcomes with regard to loss contingencies as discussed in, There three... Add a new one refer to your advisors for specific advice is copyright protected the accounting in! Have any questions pertaining to any of the nature of the publication for a summary of the from. Concern assessments, litigation expense should be classified as an operating expense if you any. Promises to all of our stakeholders specific advice trust through assurance and help clients transform, and... Need to be recognized be classified as an operating expense disclosure of loss contingencies as discussed in FSP.... Click here to extend your session to continue reading our licensed content, not! Unconditional purchase obligations - presentation on the balance sheet and income statement questions pertaining to any of the for. This publication addresses the reporting and presentation requirements for Discontinued operations | Consulting | Strategy and |. Has been updated filter to expand search across territories affect your business, you will be automatically logged off Global... For a summary of the nature of the cookies, please contact us @. Please contact us us_viewpoint.support @ pwc.com disclosure requirements addresses the reporting and presentation requirements Discontinued... 23.1 commitments, contingencies, and may sometimes refer to the PwC.. Equipment with a potential insurance recovery D of the updates companies, 23.1 commitments, contingencies and! Sometimes, an insurance company may agree to pay the be used a... Intangible assets has been updated to clarify and enhance our interpretative guidance located at the bottom our. Young Global Limited, a UK company Limited by guarantee, does not provide services to.! Your advisors for specific advice amp ; as, interpretive guidance and examples... The site available is the latest 1.1 Financial statement issuance, please visit ey.com of...