Appendix Disclosure Checklist for Commercial Businesses
The disclosure checklist presented below provides a quick reference to those disclosures that are common to the financial statements of most commercial business enterprises. This checklist does not purport to be suitable for use as a comprehensive SEC disclosure checklist, nor is it designed to be used for reporting entities that are not-for-profit organizations, state or local governments, or that are engaged in other industries that are subject to specialized accounting and reporting rules. Readers are advised to access the FASB Codification for additional details on requirements.
Numbers preceding the topics refer to the relevant FASB ASC Topic. For each Topic, the related chapter in Wiley GAAP 2014 offers more information about implementing the requirements and gives examples.
CONTENTS
205 Presentation of Financial Statements
205-20 Discontinued Operations
205-30 Liquidation Basis of Accounting
225-20 Extraordinary and Unusual Items
235 Notes to Financial Statements
250 Accounting Changes and Error Corrections
270 Interim Financial Statements
310-20 Nonrefundable Fees and Other Costs
310-30 Loans and Debt Securities Acquired with Deteriorated Credit Quality
310-40 Troubled Debt Restructurings by Creditors
320 Investments—Debt and Equity
323 Investments—Equity Method and Joint Ventures
340 Other Assets and Deferred Costs
340-20 Capitalized Advertising Costs
340-30 Insurance Contracts That Do Not Transfer Insurance Risk
350 Intangibles—Goodwill and Other
350-30 General Intangibles Other than Goodwill
360 Property, Plant, and Equipment
405-40 Obligations Resulting from Joint and Several Liability Arrangements
410 Asset Retirement and Environmental Obligations
420 Exit or Disposal Cost Obligations
470-20 Debt with Conversion and Other Options
470-30 Participating Mortgage Loans
470-60 Troubled Debt Restructurings by Debtors
480 Distinguishing Liabilities from Equity
505-20 Stock Dividends and Stock Splits
505-50 Equity-Based Payments to Non-Employees
605-25 Multiple Element Arrangements
605-35 Construction-Type and Production-Type Contracts
605-45 Principal Agent Considerations
605-50 Customer Payments and Incentives
712 Compensation—Nonretirement Postemployment Benefits
715 Compensation—Retirement Benefits
715-20 Defined Benefit Plans—General
715-60 Defined Benefit Plans—Other Postretirement
715-70 Defined Contribution Plans
718 Compensation—Stock Compensation
718-40 Employee Stock Ownership Plans (ESOP)
720-20 Other Expenses—Insurance Costs
720-35 Other Expenses—Advertising Costs
740-30 Income Taxes—Other Considerations or Special Areas
740-270 Income Taxes—Interim Reporting
805-20 Identifiable Assets and Liabilities and Any Noncontrolling Interest
805-30 Goodwill or Gain from Bargain Purchase
805-50 Business Combinations—Related Issues
808 Collaborative Arrangements
815-40 Contracts in Entity's Own Entity
830-20 Foreign Currency Transactions
830-30 Translation of Financial Statements
835 Interest—Capitalization of Interest
840-40 Sale-Leaseback Transactions
852-20 Reorganization—Quasi Reorganizations
860 Transfers and Servicing of Financial Assets
860-20 Sales of Financial Assets
860-30 Secured Borrowing and Collateral
860-50 Servicing Assets and Liabilities
915 Development Stage Entities
PRESENTATION
205 Presentation of Financial Statements
1. Full set of financial statements consists of:
| a. Financial position | _____ |
| b. Earnings for the period as a separate statement or within a continuous statement of comprehensive income | _____ |
| c. Comprehensive income | _____ |
| d. Cash flows | _____ |
| e. Investments by and distributions to owners during this period. | _____ |
(FASB ASC 205-10-45-1A)
| 2. Comparative statements of financial position, income, and changes in equity are preferable. | _____ |
(FASB ASC 205-10-45-2)
(FASB ASC 205-10-45-4)
| 8. Differences between “economic” entity and legal entity being presented should be noted (e.g., consolidated or not? subsidiaries included and excluded, combined statements?, etc.) Disclose summarized financial information for previously unconsolidated subsidiaries. | _____ |
| 9. Identify new accounting principles not yet adopted and expected impact of adoption. | _____ |
| 10. For reclassifications or other reasons, changes have occurred in the manner or basis of presenting corresponding items in two or more periods, disclose the explanation of the change. | _____ |
(FASB ASC 205-10-50-1)
205-20 Discontinued Operations
Assets Sold or Held for Sale
1. For assets (or disposal groups) either sold or reclassified from held-and-used to held-for-sale during the period
| a. The facts and circumstances leading to the expected disposal, the expected manner and timing of the disposal, and if not separately presented on the face of the statement of financial position, the carrying amounts of the major classes of assets and liabilities included as part of the disposal group. | _____ |
| b. Gain or loss recognized for initial or subsequent write-downs to fair value less cost to sell, and, if not separately stated, the income statement caption in which included. | _____ |
| c. Amounts of revenue and pretax profit or loss reported as discontinued operations, if applicable. | _____ |
| d. If applicable, the segment in which the long-lived asset (disposal group) is reported under Topic 280. | _____ |
(FASB ASC 205-20-50-1)
Long-Lived Asset of Disposal Group Classified as Held for Sale
| 2. In the period of disposal, the major classes of assets and liabilities classified as held for disposal (either on the face of the income statement or in the notes to the financial statements). | _____ |
(FASB ASC 205-20-50-2)
3. For assets (or groups) reclassified from held-for-sale to held-and-used during the period, including the removal of individual assets or liabilities from a disposal group to be sold,
| a. The facts and circumstances leading to the decision to change the plan to sell the long-lived asset (disposal group). | _____ |
| b. The effect of the changed decision on the results of operations for the period in which the decision was made and any prior periods presented. | _____ |
(FASB ASC 205-20-50-3)
Continuing Cash Flows
4. For each discontinued operation that generates continuing cash flows:
| a. The nature of the activities that give rise to continuing cash flows. | _____ |
| b. The period of time continuing cash flows are expected to be generated. | _____ |
| c. The principal factors used to conclude that the expected continuing cash flows are not direct cash flows of the disposed component. | _____ |
(FASB ASC 205-20-50-4)
Adjustments to Previously Reported Amounts
| 5. The nature and amount of adjustments to amounts previously reported in discontinued operations that are directly related to the disposal of a component of an entity in a prior period. | _____ |
(FASB ASC 205-20-50-5)
Continuing Involvement by Ongoing Entity
| 6. In the period in which the discontinued operations are initially classified and for each discontinued operation in which the ongoing entity will engage in a continuation of activities after disposal and for which revenues and expenses that were intra-entity transactions are included in revenue, disclose those intra-entity amounts and the types of continuing involvement. | _____ |
(FASB ASC 205-20-50-6)
205-30 Liquidation Basis of Accounting
Note: The requirements of 205-30 are effective for December 15, 2013
| 1. Disclose information requited by other Topics relevant to understanding the statement of net assets in liquidation and statement of changes in net assets in liquidation, informing readers about the amount of cash or other consideration that the entity expects to collect and the amount that the entity is obligated or expects to be obligated to pay during the course of liquidation. | _____ |
(FASB ASC 205-30-50-1)
2. Disclose all of the following when for financial statements using the liquidation basis of accounting:
(FASB ASC 205-30-50-2)
210 Balance Sheet
The amounts at which current assets supplemented by information that reveals, for the various classifications of inventory items, the basis upon which their amounts are stated and, where practicable, indication of the method of determining the cost—for example, average cost, first-in first-out (FIFO), last-in first-out (LIFO), and so forth.
(FASB ASC 210-10-50-1)
210-20 Offsetting
1. The following disclosures for 210-20 are effective January 1, 2013. They apply to both of the following:
| a. Recognized derivative instruments that are offset in accordance with either Section 210-20-45 or Section 815-10-45. | _____ |
| b. Recognized derivative instruments that are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with either Section 210-20-45 or Section 815-10-45. | _____ |
(FASB ASC 210-20-50-1)
| 2. Information to enable financial statements users to evaluate the effect or potential effect of netting arrangements on its financial position. This includes the effect or potential effect of rights of setoff associated with an entity's recognized assets and recognized liabilities that are in the scope of ASC 210-20-50-1. | _____ |
(FASB ASC 210-20-50-2)
3. At the end of the reporting period the following quantitative information separately for assets and liabilities that are within the scope of paragraph 210-20-50-1:
| a. The gross amounts of those recognized assets and those recognized liabilities | _____ |
| b. The amounts offset in accordance with the guidance in Sections 210-20-45 and 815-10-45 to determine the net amounts presented in the statement of financial position | _____ |
| c. The net amounts presented in the statement of financial position | _____ |
| d. The amounts subject to an enforceable master netting arrangement or similar agreement not otherwise included in (b):
|
|
| e. The net amount after deducting the amounts in (d) from the amounts in (c). | _____ |
(FASB ASC 210-20-50-3)
| 4. Presented the information required above in a tabular format, separately for assets and liabilities, unless another format is more appropriate. The total amount disclosed in accordance with paragraph 210-20-50-3(d) for an instrument should not exceed the amount disclosed in accordance with paragraph 210-20-50-3(c) for that instrument. | _____ |
(FASB ASC 210-20-50-4)
5. A description of the rights of setoff associated with an entity's recognized assets and recognized liabilities subject to an enforceable master netting arrangement or similar agreement disclosed in accordance with paragraph 210-20-50-3(d), including the nature of those rights.
(FASB ASC 210-20-50-5)
225 Income Statement
225-20 Extraordinary and Unusual Items
1. Present descriptive captions and the amounts for individual extraordinary events or transactions, preferably on the face of the income statement, if practicable; otherwise disclosure in related notes is acceptable. Describe the nature of an extraordinary event or transaction and the principal items entering into the determination of an extraordinary gain or loss. Disclose the income taxes applicable to extraordinary items on the face of the income statement; alternatively, disclosure in the related notes is acceptable.
(FASB 225-20-45-11)
2. Present earnings per share information related to extraordinary items either on the face of the income statement or in the notes.
(FASB ASC 225-20-45-12)
3. Each adjustment in the current period of an element of an extraordinary item that was reported in a prior period shall be separately disclosed as to year of origin, nature, and amount.
(FASB ASC 225-20-50-2)
Unusual or Infrequent Items
4. Disclose the nature and financial effects of each event or transaction on the face of the income statement or, alternatively, in notes to financial statements.
(FASB ASC 225-20-50-3)
230 Statement of Cash Flows
| 1. Policy for determining which items are treated as cash equivalents | _____ |
(FASB ASC 230-10-50-1)
| 2. Disclose both interest and income taxes paid in a schedule following the statement or in the notes, if the indirect method of reporting net cash flows from operating activities is used. | _____ |
(FASB ASC 230-10-50-2)
| 3. Information about all investing and financing activities of an entity during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period shall be disclosed. Those disclosures may be either narrative or summarized in a schedule, and they shall clearly relate the cash and noncash aspects of transactions involving similar items. | _____ |
(FASB ASC 230-10-50-3)
| 4. Examples of noncash investing and financing transactions are converting debt to equity; acquiring assets by assuming directly related liabilities, such as purchasing a building by incurring a mortgage to the seller; obtaining an asset by entering into a capital lease; obtaining a building or investment asset by receiving a gift; and exchanging noncash assets or liabilities for other noncash assets or liabilities. | _____ |
(FASB ASC 230-10-50-4)
| 5. Some transactions are part cash and part noncash; only the cash portion shall be reported in the statement of cash flows. | _____ |
(FASB ASC 230-10-50-5)
| 6. If there are only a few such noncash transactions, it may be convenient to include them on the same page as the statement of cash flows. Otherwise, the transactions may be reported elsewhere in the financial statements, clearly referenced to the statement of cash flows. | _____ |
(FASB ASC 230-10-50-6)
235 Notes to Financial Statements
1. Identify and describe significant accounting principles followed and methods of applying them that materially affect statements; disclosures should include principles and methods that involve
| a. Selection from acceptable alternatives. | _____ |
| b. Principles and methods peculiar to the company's industry. | _____ |
| c. Unusual or innovative applications of generally accepted accounting principles. | _____ |
(FASB ASC 235-10-50-3)
2. Among others, common accounting policies are:
| a. Basis of consolidation | _____ |
| b. Depreciation methods | _____ |
| c. Amortization of intangibles | _____ |
| d. Inventory pricing | _____ |
| e. Accounting for recognition of profit on long-term construction-type contracts | _____ |
| f. Recognition of revenue from franchising and leasing operation | _____ |
| g. Use of estimates | _____ |
| h. Cash equivalents | _____ |
| i. Impairment | _____ |
| j. Property | _____ |
| k. Interperiod tax allocation. | _____ |
(FASB ASC 235-10-50-4)
| 3. Accounting policies disclosures do not duplicate details presented elsewhere. It may be appropriate to refer to related details presented elsewhere in the financial statements. | _____ |
(FASB ASC 235-10-50-5)
| 4. Location of accounting policies may be flexible, but it is preferable to disclose significant accounting policies in a separate summary preceding the notes to financial statements, or as the initial note, under the same or a similar title. | _____ |
(FASB ASC 235-10-50-6)
250 Accounting Changes and Error Corrections
Change in Accounting Principle
1. Nature and justification of change in accounting principle
| a. The nature of and reasons for making the change, addressing preferability of the newly adopted principle. | _____ |
| b. Descriptions of prior period items that have been restated. | _____ |
| c. The effects of the change for both current period and prior period(s) being presented; specific quantification of the effects on income from continuing operations, net income, any other financial statement caption materially affected, and corresponding per-share amounts for each. | _____ |
| d. The cumulative effect on retained earnings at the beginning of the earliest period's financial statements presented. | _____ |
| e. As of the beginning of the earliest statement presented, the cumulative effect of the change in retained earnings or other components of equity or net assets in the statement of financial position. | _____ |
| f. If ASC 250 requirement to restate prior periods is not adhered to, based on impracticability criterion, explain and provide details regarding method of accounting applied. | _____ |
| g. When indirect effects of change in accounting principle are included, describe these effects and state the amounts recognized in the current reporting period, together with per-share amounts. If possible, also state the indirect effects of the change in each of the prior periods being presented. | _____ |
(FASB ASC 250-10-50-1)
| 2. For interim reports after the date of adoption of a new accounting principle, the effect of the change on income from continuing operations, net income (or other appropriate captions of changes in the applicable net assets or performance indicator), and related per-share amounts, if applicable, for those post-change interim periods. | _____ |
(FASB ASC 250-10-50-3)
Change in Accounting Estimate
| 3. For a change in accounting estimate, if the change affects several future periods (e.g., for change in useful lives of fixed assets), disclose the effect on income from continuing operations and net income of current period (and related per-share amounts). For a change in estimate not having material effect in the current period, but which is deemed likely to have material effects on later periods, describe the change. | _____ |
(FASB ASC 250-10-50-4)
| 4. For change in reporting entity, nature of change and reason for it; also, effect of change on income before extraordinary items, net income, and comprehensive income for all periods presented (also per-share amounts). For a change in entity not having material effect currently but anticipated to have such effect in later periods, the nature of the change and reason the change was made. | _____ |
(FASB ASC 250-10-50-6)
Correction of an Error in Previously Issued Financial Statements
| 5. For the correction of an error, disclose that the previously issued statements have been reissued and the nature of the error in previously issued statements and the effect of its correction on each financial statement line item (only in period of discovery and correction), with per-share equivalents. Also, the cumulative effect on retained earnings or other appropriate components of equity or net assets. | _____ |
(FASB ASC 250-10-50-7)
| 6. The effects (both gross and net of applicable income tax) of prior period adjustments on the net income of prior periods in the annual report for the year in which the adjustments are made and in interim reports issued during that year after the date of recording the adjustments. | _____ |
(FASB ASC 250-10-50-8)
| 7. For single period only financial statements, indicate the effects of such restatement on the balance of retained earnings at the beginning of the period and on the net income of the immediately preceding period. For financial statements for more than one period are presented, the effects for each of the periods included in the statements. Include the amounts of income tax applicable to the prior period adjustments. Disclosure of restatements in annual reports issued after the first such post-revision disclosure would ordinarily not be required. | _____ |
(FASB ASC 250-10-50-9)
Error Corrections Related to Prior Interim Periods of the Current Fiscal Year
| 8. The effect on income from continuing operations, net income, and related per-share amounts for each prior interim period of the current fiscal year and income from continuing operations, net income, and related per-share amounts for each prior interim period restated in accordance with paragraph 250-10-45-26. | _____ |
(FASB ASC 250-10-50-11)
260 Earnings per Share
| 1. Earnings per-share amounts for income from continuing operations and net income, shown on the face of income statement for all periods presented. | _____ |
(FASB ASC 260-10-45-2)
| 2. If applicable, per-share amounts for discontinued operations, extraordinary items, and cumulative effect of an accounting change, presented either on face of income statement or in notes to financial statements. | _____ |
(FASB ASC 260-10-45-3)
3. For each income statement presented
| a. Reconciliation of the numerators and the denominators of the basic and diluted per-share computations for income from continuing operations. | _____ |
| b. Effect that has been given to preferred dividends in arriving at income available to common stockholders in computing basic EPS. | _____ |
| c. Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period(s) presented. | _____ |
(FASB ASC 260-10-50-1)
| 4. Amounts should be restated when stock dividends, splits, or reverses occur after close of period but before statements are issued with appropriate disclosure. | _____ |
(FASB ASC 260-10-50-2)
270 Interim Financial Information
1. Provide, at a minimum, the captions and disclosures required when publicly traded entities report summarized interim financial information. These required disclosures are
j. The following information regarding defined benefit pension plans and other defined benefit postretirement benefit plans, disclosed for interim statements that include an income statement:
| k. Information about the use of fair value to measure assets and liabilities recognized in the statement of financial position as required by ASC 820-10-50. | _____ |
| l. Information about derivative instruments required by ASC 815-10-50, 815-2050, 815-30-50, and 815-35-50. | _____ |
| m. The information about fair value of financial instruments as required by Section 825-10-50. | _____ |
| n. The information about certain investments in debt and equity securities as required by Sections 320-10-50 and 942-320-50. | _____ |
| o. The information about other-than-temporary impairments as required by Sections 320-10-50, 325-20-50, and 958-320-50. | _____ |
| p. All of the following information about the credit quality of financing receivables and the allowance for credit losses determined in accordance with the provisions of Topic 310:
|
|
| q. The gross information and net information required by paragraphs 210-20-50-1 through 50-6. | _____ |
r. The information about changes in accumulated other comprehensive income required by ASC 220-10-45-14A and ASC 220-10-45-17 through 45-17B.
If summarized financial data are regularly reported on a quarterly basis, the foregoing information with respect to the current quarter and the current year to date or the last 12 months to date should be furnished together with comparable data for the preceding year.
(FASB ASC 270-10-50-1)
| 2. In the absence of a separate fourth quarter report or disclosure of the results (as outlined in the preceding paragraph) for that quarter in the annual report, disclose disposals of components of an entity and extraordinary, unusual, or infrequently occurring items recognized in the fourth quarter, as well as the aggregate effect of year-end adjustments that are material to the results of that quarter (see paragraphs 270-10-05-2 and 270-10-45-10) in the annual report in a note to the annual financial statements. If a publicly traded company that regularly reports interim information makes an accounting change during the fourth quarter of its fiscal year and does not report the data specified by the preceding paragraph in a separate fourth quarter report or in its annual report, make the disclosures about the effect of the accounting change on interim periods that are required by paragraphs 270-10-45-12 through 4514 or by paragraph 250-10-45-15, as appropriate, in a note to the annual financial statements for the fiscal year in which the change is made. | _____ |
(FASB ASC 270-10-50-2)
| 3. Disclosure of the impact of the financial results for interim periods of the matters discussed in paragraphs 270-10-45-12 through 45-16 and 270-10-50-5 through 50-6 is desirable for as many subsequent periods as necessary to keep the reader fully informed. There is a presumption that users of summarized interim financial data will have read the latest published annual report, including the financial disclosures required by generally accepted accounting principles (GAAP) and management's commentary concerning the annual financial results, and that the summarized interim data will be viewed in that context. In this connection, management is encouraged to provide commentary relating to the effects of significant events upon the interim financial results. | _____ |
(FASB ASC 270-10-50-3)
| 4. Publicly traded companies are encouraged to publish balance sheet and cash flow data at interim dates since these data often assist users of the interim financial information in their understanding and interpretation of the income data reported. If condensed interim balance sheet information or cash flow data are not presented at interim reporting dates, significant changes since the last reporting period with respect to liquid assets, net working capital, long-term liabilities, or stockholders' equity shall be disclosed. | _____ |
(FASB ASC 270-10-50-4)
| 5. Extraordinary items shall be disclosed separately and included in the determination of net income for the interim period in which they occur. In determining materiality, extraordinary items shall be related to the estimated income for the full fiscal year. In addition, matters such as unusual seasonal results, business combinations, and acquisitions by not-for-profit entities shall be disclosed to provide information needed for a proper understanding of interim financial reports. | _____ |
(FASB ASC 270-10-50-5)
| 6. Contingencies and other uncertainties that could be expected to affect the fairness of presentation of financial data at an interim date shall be disclosed in interim reports in the same manner required for annual reports. Such disclosures shall be repeated in interim and annual reports until the contingencies have been removed, resolved, or have become immaterial. The significance of a contingency or uncertainty should be judged in relation to annual financial statements. Disclosures of such items shall include, but not be limited to, those matters that form the basis of a qualification of an independent auditor's report. | _____ |
(FASB ASC 270-10-50-6)
7. The following may not represent all references to interim disclosure:
| a. For business combinations and combinations accounted for by not-for-profit entities, see Sections 805-10-50, 805-20-50, 805-30-50, 805-740-50, and 958-805-50. | _____ |
| b. For compensation-related costs, see paragraphs 715-60-50-3 and 715-60-50-6 | _____ |
| c. For disclosures required for entities with oil- and gas-producing activities, see paragraph 932-270-50-1. | _____ |
| d. For disclosures related to prior interim periods of the current fiscal year, see paragraph 250-10-50-11. | _____ |
| e. For fair value requirements, see Section 820-10-50. | _____ |
| f. For guarantors, see Section 460-10-50. | _____ |
| g. For pensions and other postretirement benefits, see paragraphs 715-20-50-6 through 50-7. | _____ |
| h. For reportable segments, see paragraphs 280-10-50-39 and 280-10-55-16. | _____ |
| i. For suspended well costs and interim reporting, see Section 932-235-50. | _____ |
| j. For applicability of disclosure requirements related to risks and uncertainties, see paragraph 275-10-15-3. | _____ |
(FASB ASC 270-10-50-7)
275 Risks and Uncertainties
| 1. Nature of operations including description of major products, services, principal markets served locations, and relative importance of operations in various businesses and basis for determination of relative importance (e.g., sales volume, profits, etc.). Convey relative importance, but disclosures need not be quantified. | _____ |
(FASB ASC 275-10-50-2)
| 2. Explanation that the preparation of financial statements requires the use of management's estimates. | _____ |
(FASB ASC 275-10-50-4)
| 3. Significant estimates used in the determination of the carrying amounts of assets or liabilities or in the disclosure of gain or loss contingencies when, based on information known to management prior to issuance of the financial statements, it is at least reasonably possible that the effect on the financial statements of a condition or situation existing at the statement of financial position date for which an estimate has been made will change in the near term due to one or more future confirming events. (If the estimate involves a loss contingency covered by ASC 450, include an estimate of the possible loss or range of loss, or state such estimate cannot be made.) Indicate the nature of the uncertainty and that it is at least reasonably possible that a change in estimate may occur in the near term. | _____ |
(FASB ASC 275-10-50-6 through 9)
| 4. Vulnerability because of concentrations in the volume of business with a particular customer, supplier, or lender; revenue from particular products or services; available sources of supply of materials, labor, or other inputs; and market or geographic area. (For concentrations of labor subject to collective bargaining agreements, disclose both the percentage of the labor force covered by a collective bargaining agreement and the percentage of the labor force covered by a collective bargaining agreement that will expire within one year. For concentrations of operations located outside of the entity's home country, disclose the carrying amounts of net assets and the geographic areas in which they are located.) | _____ |
(FASB ASC 275-10-50-16 through 21)
280 Segment Reporting
1. General information on segments including
| a. Factors used to identify the enterprise's reportable segments, including the basis of organization (e.g., whether management has chosen to organize the enterprise around differences in products and services, geographic areas, regulatory environments, or a combination of factors and whether operating segments have been aggregated). | _____ |
| b. Types of products and services from which each reportable segment derives its revenues. | _____ |
(FASB ASC 280-10-50-21)
2. The following about each reportable segment if the specified amounts are included in the measure of segment profit or loss reviewed by the chief operating decision maker:
| a. Revenues from external customers. | _____ |
| b. Revenues from transactions with other operating segments of the same enterprise. | _____ |
| c. Interest revenue. | _____ |
| d. Interest expense. | _____ |
| e. Depreciation, depletion, and amortization expense. | _____ |
| f. Unusual items. | _____ |
| g. Equity in the net income of investees accounted for by the equity method. | _____ |
| h. Income tax expense or benefit. | _____ |
| i. Extraordinary items. | _____ |
| j. Significant noncash items other than depreciation, depletion, and amortization expense. | _____ |
(FASB ASC 280-10-50-22)
| 3. Interest revenue and interest expense included in reported segment profit or loss is intended to provide information about the financing activities of a segment. | _____ |
(FASB ASC 280-10-50-23)
| 4. If a segment has no or only immaterial financial operations, no information about interest is required. For segments that are primarily a financial operation where interest revenue probably constitutes most of segment revenues and interest expense constitutes most of the difference between reported segment revenues and reported segment profit or loss, disclose interest revenue separately from interest expense. | _____ |
(FASB ASC 280-10-50-24)
5. Disclose the following about each reportable segment if the specific amounts are included in the determination of segment assets reviewed by the chief operating decision maker:
| a. The amount of investment in equity method investees. | _____ |
| b. Total expenditures for additions to long-lived assets other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets. | _____ |
(FASB ASC 280-10-50-25)
| 6. If no asset information is provided for a reportable segment, disclose that fact and the reason. | _____ |
(FASB ASC 280-10-50-26)
7. An explanation should be provided of the measurements of segment profit or loss and segment assets for each reportable segment; at a minimum, these shall include the following:
| a. The basis of accounting for any transactions between reportable segments. | _____ |
| b. The nature of any differences between the measurements of the reportable segments' profits or losses and the company's consolidated income before income taxes, extraordinary items, discontinued operations, and the cumulative effect of changes in accounting principles (if not apparent from the reconciliations); for example, accounting policies and policies for allocation of centrally incurred costs that are necessary for an understanding of the reported segment information. | _____ |
| c. The nature of any differences between the measurements of the reportable segments' assets and the company's consolidated assets (if not apparent from the reconciliations); for example, accounting policies and policies for allocation of jointly used assets that are necessary for an understanding of the reported segment information. | _____ |
| d. The nature of any changes from prior periods in the measurement methods used to determine reported segment profit or loss and the effect, if any, of those changes on the measure of segment profit or loss. | _____ |
| e. The nature and effect of any asymmetrical allocations to segments; for example, an enterprise might allocate depreciation expense to a segment without allocating the related depreciable assets to that segment. | _____ |
(FASB ASC 280-10-50-29)
8. Reconciliations of the totals of segment revenues, reported profit or loss, assets, and other significant items to corresponding company amounts, as follows:
| a. The total of the reportable segments' revenues to the enterprise's consolidated revenues. | _____ |
| b. The total of the reportable segments' measures of profit or loss to the company's consolidated income before income taxes, extraordinary items, discontinued operations, and the cumulative effect of changes in accounting principles. | _____ |
| c. The total of the reportable segments' assets to the company's consolidated assets. | _____ |
| d. The total of the reportable segments' amounts for every other significant item of information disclosed to the corresponding consolidated amount. | _____ |
(FASB ASC 280-10-50-30)
| 9. Identify and describe separately all significant reconciling items. | _____ |
(FASB ASC 280-10-50-31)
10. For a public entity disclose all of the following about each reportable segment in condensed financial statements of interim periods:
| a. Revenues from external customers | _____ |
| b. Intersegment revenues | _____ |
| c. A measure of segment profit or loss | _____ |
| d. Total assets for which there has been a material change from the amount disclosed in the last annual report | _____ |
| e. A description of differences from the last annual report in the basis of segmentation or in the basis of measurement of segment profit or loss | _____ |
| f. A reconciliation of the total of the reportable segments' measures of profit or loss to the public entity's consolidated income before income taxes, extraordinary items, and discontinued operations. However, if a public entity allocates items such as income taxes and extraordinary items to segments, the public entity may choose to reconcile the total of the segments' measures of profit or loss to consolidated income after those items. Significant reconciling items shall be separately identified and described in that reconciliation. | _____ |
(FASB ASC 280-10-50-32)
| 11. Interim disclosures are required for the current quarter and year-to-date amounts. Paragraph 270-10-50-1 states that when summarized financial data are regularly reported on a quarterly basis, the information in the previous paragraph with respect to the current quarter and the current year to date or the last 12 months to date should be furnished together with comparable data for the preceding year. | _____ |
(FASB ASC 280-10-50-33)
| 12. If revenues from transaction with a single external customer amount to ten percent or more of an enterprise's revenues, disclose that fact, the total amount of revenues from each such customer, and the identity of the segment or segments reporting the revenues. | _____ |
(FASB ASC 280-10-50-42)
| 13. Depreciation and amortization expense for each reportable segment, when the chief operating decision maker evaluates the performance of its segments based on earnings before interest, taxes, depreciation, and amortization. | _____ |
ASSETS
310 Receivables
| 1. Basis of accounting for loans and trade receivables | _____ |
| 2. Method used in determining the lower of cost or fair value of nonmortgage bonds held for sale | _____ |
| 3. Classification and method of accounting for interest-only strips, loans, other receivables or retained interests in securitizations that can contractually be prepaid or otherwise settled in a way that the holder would not recover substantially all of its recorded investment | _____ |
| 4. Methods for recognizing interest income on load and trade receivables. | _____ |
(FASB ASC 310-10-50-2)
For loans and trade receivables:
| 5. Separately report each major category of loans and trade receivables either on the face of the statement of financial position or in the notes. | _____ |
(FASB ASC 310-10-50-3)
| 6. State the allowance for doubtful accounts or credit losses and any unearned income, unamortized premiums or discounts, and any net unamortized deferred fees and costs. | _____ |
(FASB ASC 310-10-50-4)
| 7. Except for credit card receivables, disclose the policy for charging off uncollectible trade accounts receivable that have a contractual maturity of one year or less and that arose from the sale of goods or services. | _____ |
(FASB ASC 310-10-50-4A)
| 8. The carrying amount of financial instruments that serve as collateral for borrowings. (See also 860-30-50-1A) | _____ |
(FASB ASC 310-10-50-5)
| 9. By class of financing receivable, with some exceptions (FASB ASC 310-10-50-5b) accounting policies for financing receivables, including policies related to nonaccrual status, for recording payments received on nonaccrual financing receivables, for resuming accrual of interest, and for determining past due or delinquent status. | _____ |
(FASB ASC 310-10-50-6)
10. For nonaccrual and past due financing receivables as of each balance sheet date:
| a. State the recorded investment in loans (and trade receivables, if applicable on nonaccrual status) | _____ |
| b. State the recorded investment in financing receivables past due 90 days or more and still accruing. | _____ |
(FASB ASC 310-10-50-7)
| 11. Present an analysis of the age of the recorded investment in financing receivables. | _____ |
(FASB ASC 310-10-50-7a)
12. Policies and methodology used to estimate liability for off-balance-sheet credit exposures and related charges for those credit exposures.
(FASB ASC 310-10-50-9)
| 13. The amount of foreclosed or repossessed assets, which can be included in the other assets category if the notes to the financial statements disclose the amount. | _____ |
(FASB ASC 310-10-50-11)
14. All of the following by portfolio segment:
a. A description of the entity's accounting policies and methodology used to estimate the allowance for credit losses, including all of the following:
| b. A description of the policy for charging off uncollectible financing receivables | _____ |
| c. The activity in the allowance for credit losses for each period, including all of the following:
|
|
| d. The quantitative effect of changes identified in item (a)(3) on item (c)(2) | _____ |
| e. The amount of any significant purchases of financing receivables during each reporting period | _____ |
| f. The amount of any significant sales of financing receivables or reclassifications of financing receivables to held for sale during each reporting period | _____ |
| g. The balance in the allowance for credit losses at the end of each period disaggregated on the basis of the entity's impairment method | _____ |
| h. The recorded investment in financing receivables at the end of each period related to each balance in the allowance for credit losses, disaggregated on the basis of the entity's impairment methodology in the same manner as the disclosure in item (g). | _____ |
(FASB ASC 310-50-11B)
15. To disaggregate the information required by items (g) and (h) above on the basis of the impairment methodology, separately disclose:
| a. Amounts collectively evaluated for impairment (determined under Subtopic 450-20) | _____ |
| b. Amounts individually evaluated for impairment (determined under Section 310-10-35) | _____ |
| c. Amounts related to loans acquired with deteriorated credit quality (determined under Subtopic 310-30). | _____ |
(FASB ASC 310-10-50-11C)
| 16. For each class of financing receivable, for loans that are impaired, disclose the accounting for and the amount of impaired loans. | _____ |
(FASB ASC 310-10-50-14A)
17. For loans that meet the definition of an impaired loan by class of financing receivable:
| a. The recorded investment in the impaired loans and the amount for which there is a related allowance for credit losses, the amount of that allowance, and the amount of the investment for which there is no allowance for credit losses. | _____ |
| b. The total unpaid principal balance of the impaired loans. | _____ |
| c. The policy for recognizing interest income on impaired loans, including how cash receipts are recorded | _____ |
| d. The average recorded investment in the impaired loans | _____ |
| e. The related amount of interest income recognized during the time within that period that the loans were impaired | _____ |
| f. The amount of interest income recognized using a cash-basis method of accounting during the time within that period that the loans were impaired, if practicable. | _____ |
| g. The entity's policy for determining which loans the entity assesses for impairment | _____ |
| h. The factors considered in determining that the loan is impaired. | _____ |
(FASB ASC 310-10-50-15)
| 18. Disclose items in ASC 310-10-50-15 for impaired loans that have been charged off partially. | _____ |
(FASB ASC 310-10-50-16)
| 19. Information that enables financial statement users to understand how and to what extent management monitors the credit quality of its financing receivables in an ongoing manner assess the quantitative and qualitative risks arising from the credit quality of its financing receivables. | _____ |
(FASB ASC 310-10-50-28)
| 20. Provide quantitative and qualitative information by class about credit quality of financing receivables, including a description of the credit quality indicator, the recorded investment in financing receivables by credit quality indicator, and for each credit quality indicator, the date or range of dates in which the information was updated for that indicator. | _____ |
(FASB ASC 310-10-50-29)
| 21. If the entity discloses internal risk ratings, qualitative information on how those internal risk ratings relate to the likelihood of loss. | _____ |
(FASB ASC 310-10-50-30)
Modifications
22. For troubled debt restructurings of financing receivables that occurred during the period:
| a. By class of financing receivable, qualitative and quantitative information, including how the financing receivables were modified and the financial effects of the modifications | _____ |
| b. By portfolio segment, qualitative information about how such modifications are factored into the determination of the allowance for credit losses. | _____ |
(FASB ASC 310-10-50-33)
23. For financing receivables modified as troubled debt restructurings within the previous 12 months and for which there was a payment default during the period:
| a. By class of financing receivable, qualitative and quantitative information about those defaulted financing receivables, including types of financing receivables that defaulted and the amount that defaulted. | _____ |
| b. By portfolio segment, qualitative information about how such defaults are factored into the determination of the allowance for credit losses. | _____ |
(FASB ASC 310-10-50-34)
310-20 Nonrefundable Fees and Other Costs
| 1. The method for recognizing interest income on trade and loan receivables, including a statement about the entity's policy for treatment of related fees and costs, including the method of amortizing net deferred fees or costs. | _____ |
(FASB ASC 310-20-50-1)
| 2. If prepayments are anticipated in applying the interest method, the significant assumptions underlying the prepayment estimates. | _____ |
(FASB ASC 310-20-50-2)
| 3. The unamortized net fees and costs are reported as a part of each loan category. Additional disclosures such as unamortized net fees and costs may be included in the footnotes to the financial statements if the lender believes that such information is useful to the users of financial statements. | _____ |
(FASB ASC 310-20-50-3)
| 4. For credit card fees, the accounting policy for credit card fees, net amount capitalized at the balance sheet date, and the amortization period(s). | _____ |
(FASB ASC 310-20-50-4)
310-30 Loans and Debt Securities Acquired with Deteriorated Credit Quality
1. For certain loans or debt securities acquired with deteriorated credit quality, the following disclosures are required:
| a. How prepayments on loans receivable are considered in the determination of contractual cash flows and cash flows expected to be collected. | _____ |
(FASB ASC 310-30-50-1)
b. For loans acquired through purchase, including in a business combination, separately for loans accounted for as debt securities and for those not accounted for as debt securities
(FASB ASC 310-30-50-2)
310-40 Troubled Debt Restructurings by Creditors
| 1. In the body of the financial statements or in the accompanying notes, the amount of commitments, if any, to lend additional funds to debtors owing receivables whose terms have been modified in a troubled debt restructuring. | _____ |
(FASB ASC 310-40-50-1)
2. If both of the following conditions exist, it is not necessary to disclose information about an impaired loan that has been restructured in a troubled debt restructuring involving a modification of terms need not be included in the disclosures required by paragraphs 310-10-50-15(a) and 310-10-50-15(c) in years after the restructuring:
| a. The restructuring agreement specifies an interest rate equal to or greater than the rate that the creditor was willing to accept at the time of the restructuring for a new loan with comparable risk. | _____ |
| b. The loan is not impaired based on the terms specified by the restructuring agreement. | _____ |
(FASB ASC 310-40-50-2)
| 3. Apply consistently the exception in ASC 310-40-50-2 for paragraph 310-10-50-15(a) and 310-10-50-15(c) to all loans restructured in a troubled debt restructuring that meet the criteria in that paragraph. | _____ |
(FASB ASC 310-40-50-3)
| 4. For a loan whose terms are modified in a troubled debt restructuring and is already written and the measure of the restructured loan is equal to or greater than the recorded investment, no impairment would be recognized under ASC 310-40. Disclose the amount of the write-down and the recorded investment in the year of the write-down, but not in later years if the two criteria of paragraph 310-40-50-2 are met. | _____ |
(FASB ASC 310-40-50-4)
| 5. For a loan restructured in a troubled debt restructuring into two (or more) loan agreements, consider the restructured loans separately when assessing the applicability of the disclosures in paragraph 310-10-50-15 in years after the restructuring. | _____ |
(FASB ASC 310-40-50-5)
320 Investments—Debt and Equity
| 1. The disclosures for investments in debt and equity securities are required for all interim and annual periods. In determining whether disclosure for a particular security type is necessary and whether it is necessary to further separate a particular security type into greater detail, consider (shared) activity or business sector, vintage, geographic concentration, credit quality, and economic characteristic. | _____ |
(FASB ASC 320-10-50-1A and B)
2. For securities classified as available-for-sale, disclose by major security type as of each date for which a statement of financial position is presented.
| a. The amortized cost basis. | _____ |
| b. Aggregate fair value. | _____ |
| c. Total other-than-temporary impairment recognized in accumulated other comprehensive income. | _____ |
| d. Total gains for securities with net gains in accumulated other comprehensive income. | _____ |
| e. Total losses for securities with net losses in accumulated other comprehensive income. | _____ |
(FASB ASC 320-10-50-2)
3. Combined maturity information in appropriate groupings.
(FASB ASC 320-10-50-3)
4. For securities classified as held-to-maturity, by major security type as of each date for which a statement of financial position is presented
| a. Amortized cost basis. | _____ |
| b. Aggregate fair value. | _____ |
| c. Gross unrecognized holding gains. | _____ |
| d. Gross unrecognized holding losses. | _____ |
| e. Net carrying amount. | _____ |
| f. Total OTTI recognized in AOCI. | _____ |
| g. Gross gains and losses in AOCI for any derivatives that hedged the forecasted acquisition of the held-to-maturity securities. | _____ |
h. Information about the contractual maturities of those securities as of the date of the most recent statement of financial position presented. (Maturity information may be combined in appropriate groupings. In complying with this requirement, financial institutions [see paragraph 942-320-50-1] shall disclose the fair value and the net carrying amount (if different from fair value) of debt securities on the basis of at least the following four maturity groupings:
|
|
| May disclose separately securities not due at a single maturity date, such as mortgage-backed securities. If allocated, disclose the basis for allocation. | _____ |
(FASB ASC 320-10-50-5)
5. For SEC reporting—Substantial post-statement of financial position market decline.
Impairment of Securities
6. For all investments for which there is an unrealized loss where impairment has not been recognized because the loss is not considered “other than temporary”
| a. Quantitative disclosure in tabular form and aggregated by category of investment under ASC 320 and ASC 958-320, and cost-method investments, as of the date of each statement of financial position presented. | _____ |
NOTE: The disclosures in (1) and (2) below are to be segregated by those investments that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or longer.
| b. A narrative as of the date of the most recent statement of financial position that provides sufficient information to enable the reader of the financial statements to understand the disclosures in a. above, as well as both the positive and negative information that the investor considered in reaching the conclusion that the impairment is not other than temporary. | _____ |
NOTE: These disclosures may be aggregated by investment category; however, individually significant unrealized losses should not be aggregated.
Examples of relevant information that could be included in this narrative are
- The nature of the investments
- The causes(s) of the impairment(s)
- The number of investment positions in an unrealized loss position
- The severity and duration of the impairment(s)
| c. Other evidence considered by the investor in concluding that the impairment is not other than temporary (e.g., reports from industry analysts, sector credit ratings, volatility data regarding the fair value of the security, and/or any other relevant information that the investor considered). | _____ |
(FASB ASC 320-10-50-6 and 7)
7. The reference point for determining how long an investment has been in a continuous unrealized loss position is the balance sheet date of the reporting period in which the impairment is identified. For entities that do not prepare interim financial information, the reference point is the annual balance sheet date of the period during which the impairment was identified. The continuous unrealized loss position ceases upon either of the following:
| a. The recognition of the total amount by which amortized cost basis exceeds fair value as an other-than-temporary impairment in earnings | _____ |
| b. The investor becoming aware of a recovery of fair value up to (or beyond) the amortized cost basis of the investment during the period. | _____ |
(FASB ASC 320-10-5-8)
8. For interim and annual periods in which an other-than-temporary impairment of a debt security is recognized and only the amount related to a credit loss was recognized in earnings, an entity shall disclose by major security type, the methodology and significant inputs used to measure the amount related to credit loss. Examples of significant inputs include, but are not limited to, all of the following:
(FASB ASC 320-10-5-8A)
9. Disclose a tabular rollforward of the amount related to credit losses recognized in earnings in accordance with paragraph 320-10-35-34D, which including at a minimum:
| a. The beginning balance of the amount related to credit losses on debt securities held by the entity at the beginning of the period for which a portion of an other-than-temporary impairment was recognized in other comprehensive income | _____ |
| b. Additions for the amount related to the credit loss for which an other-than-temporary impairment was not previously recognized | _____ |
| c. Reductions for securities sold during the period (realized) | _____ |
| d. Reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis | _____ |
| e. If the entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis, additional increases to the amount related to the credit loss for which an other-than-temporary impairment was previously recognized | _____ |
| f. Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security (see paragraph 320-10-35-35) | _____ |
| g. The ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an other-than-temporary impairment was recognized in other comprehensive income. | _____ |
(FASB ASC 323-10-50-8B)
10. For sales, transfers, and related matters that occurred during the period:
| a. The proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. | _____ |
| b. The basis on which the cost of a security sold or the amount reclassified out of AOCI into earnings was determined. | _____ |
| c. The gross gains and gross losses included in earnings from transfers of securities from the available-for-sale category into the trading category. | _____ |
| d. The amount of the net unrealized holding gains or losses on available-for-sale securities for the period that are included in AOCI and the amount of gains and losses reclassified out of AOCI into earnings for the period. | _____ |
| e. The portion of trading gains and losses for the period that relates to trading securities still held at the reporting date. | _____ |
(FASB ASC 320-10-50-9)
11. For any sales/transfers from held-to-maturity classification, disclose
| a. Net carrying amount. | _____ |
| b. Net gain or loss in AOCI for any derivative that hedged the forecasted acquisition of the held-to-maturity security. | _____ |
| c. Realized or unrealized gain or loss. | _____ |
| d. Circumstances leading to decision to sell or transfer the security. (These transfers should be rare. See ASC 320-10-25-14 for the conditions under which sales of debt securities may be considered as maturities.) | _____ |
(FASB ASC 320-10-50-10 and 11)
323 Investments—Equity Method and Joint Ventures
| 1. If the investor has more than one investment in common stock, disclosures wholly or partly on a combined basis may be appropriate. Consider the significance of an investment to the investor's financial position and results of operations. | _____ |
(FASB ASC 323-10-50-2)
| 2. Name of each investee and the percentage of ownership of common stock. | _____ |
| 3. Accounting policies with respect to each of the investments. | _____ |
| 4. Difference between the carrying amount for each investment and its underlying equity in the investee's net assets and the accounting treatment of the difference between these amounts. | _____ |
| 5. For those investments which have a quoted market price, the aggregate value of each investment. | _____ |
| 6. If investments in corporate joint ventures or other investments accounted for under the equity method are considered to have a material effect on the investor's financial position and operating results, summarized data for the investor's assets, liabilities, and results of operations. | _____ |
| 7. If potential conversion of convertible securities and exercise of options and warrants would have material effects on the investor's percentage of the investee. | _____ |
(FASB ASC 323-10-50-3)
325 Investments—Other
Cost Method Investments
1. For investments valued using the cost method, as of the date of each statement of financial position presented in the annual financial statements
| a. The aggregate carrying amount of all investments valued using the cost method. | _____ |
| b. The aggregate carrying amount of cost-method investments not evaluated for impairment by the investor. | _____ |
| c. The fact that the fair value of a cost-method investment is not estimated by management if no events or changes in circumstances have been identified that potentially would have a significant adverse effect on the investment's fair value, and any of the following
|
|
(FASB ASC 325-20-50-1)
Investments in Insurance Contracts
| 2. If a policyholder, contractual restrictions on the ability to surrender a policy. | _____ |
(FASB ASC 325-30-50-1)
| 3. Accounting policy for life settlement contracts. including the classification of cash receipts and cash disbursements in statement of cash flows. | _____ |
(FASB ASC 325-30-50-2)
| 4. All of the following for life settlement contracts accounted for under the investment method based on the remaining life expectancy for each of the first five succeeding years from the date of the statement of financial position and thereafter, as well as in the aggregate: the number of life settlement contracts and their carrying value and the face value of underlying life insurance policies. | _____ |
(FASB ASC 325-30-50-4)
| 5. As of the date of the most recent statement of financial position, the life insurance premiums anticipated to be paid for each of the five succeeding fiscal years in order to keep the life settlement contracts in force. | _____ |
(FASB ASC 325-30-50-5)
| 6. The nature of new or updated information that causes the investor to change its expectations on the timing of the realization of proceeds from the investments in life settlement contracts. Include the information and the related effect on the timing of the realization of proceeds from the life settlement contracts. | _____ |
(FASB ASC 325-30-50-6)
| 7. The method and significant assumptions used to estimate the fair value of investments in life settlement contracts, including any mortality assumptions. | _____ |
(FASB ASC 325-30-50-7)
| 8. For life settlement contracts accounted for under the fair value method based on remaining life expectancy for each of the first five succeeding years from the date of the statement of financial position and thereafter, as well as in the aggregate: the number and carrying value of life settlement contracts and the face value (death benefits) of the life insurance policies underlying the contracts. | _____ |
(FASB ASC 325-30-50-8)
| 9. The reasons for changes in its expectation of the timing of the realization of the investments in life settlement contracts. | _____ |
(FASB ASC 325-30-50-9)
| 10. For each reporting period presented in the income statement, the gains or losses recognized during the period on investments sold during the period and the unrealized gains or losses recognized during the period on investments that are still held at the date of the statement of financial position. | _____ |
(FASB ASC 325-30-50-10)
330 Inventory
| 1. Change in basis of stating inventories and its effect. | _____ |
(FASB ASC 330-10-50-1)
| 2. Lower of cost or market “losses,” if material. | _____ |
(FASB ASC 330-10-50-2)
| 3. Goods stated above cost. | _____ |
(FASB ASC 330-10-50-3)
| 4. Inventories stated at sales price. | _____ |
(FASB ASC 330-10-50-4)
| 5. Amount of net losses on firm purchase commitments accrued under 330-10-35-1. | _____ |
(FASB ASC 330-10-50-5)
340 Other Assets and Deferred Costs
340-20 Capitalized Advertising Costs
| 1. a. The accounting policy selected from the two alternatives in paragraph 720-35-25-1 for reporting advertising, indicating whether such costs are expensed as incurred or the first time the advertising takes place | _____ |
| b. A description of the direct-response advertising reported as assets (if any), the accounting policy for it, and the amortization method and period | _____ |
| c. The total amount charged to advertising expense for each income statement presented, with separate disclosure of amounts, if any, representing a write-down to net realizable value | _____ |
| d. The total amount of advertising reported as assets in each balance sheet presented. | _____ |
(FASB ASC 340-20-50-1)
340-30 Insurance Contracts That Do Not Transfer Insurance Risk
| 1. A description of the contracts accounted for as deposits and the separate amounts of total deposit assets and total deposit liabilities reported in the statement of financial position. | _____ |
(FASB ASC 340-30-50-1)
| 2. Insurance entities—the changes in the recorded amount of the deposit arising from an insurance or reinsurance contract that transfers only significant underwriting risk. | _____ |
(FASB ASC 340-30-50-2)
350 Intangibles—Goodwill and Other
350-20 Goodwill
1. For goodwill, a reconciliation of changes in the carrying amount during the period, showing separately
| a. The gross amount and accumulated impairment losses at the beginning of the period. | _____ |
| b. Additional goodwill recognized during the period, except goodwill that is included in a disposal group that, upon acquisition, meets the criteria in ASC 360 to be classified as held for sale. | _____ |
| c. Adjustments resulting from the subsequent recognition of deferred tax assets during the period in accordance with ASC 805-740. | _____ |
| d. Goodwill included in a disposal group classified as held for sale in accordance with 360-10-45-9 and goodwill derecognized during the period without having previously been reported in a disposal group classified as held for sale. | _____ |
| e. Impairment losses recognized during the period. | _____ |
| f. Net foreign exchange differences arising during the period. | _____ |
| g. Any other changes in carrying amounts during the period. | _____ |
| h. The gross amount and accumulated impairment losses at the end of the period. | _____ |
For entities that report segment information in accordance with Topic 280, provide the above information about goodwill in total and for each reportable segment and disclose any significant changes in the allocation of goodwill by reportable segment. If any portion of goodwill has not yet been allocated to a reporting unit at the date the financial statements are issued, disclose that unallocated amount and the reasons for not allocating that amount.
(FASB ASC 350-20-50-1)
2. Goodwill impairment losses recognized during the period
| a. The facts and circumstances causing the impairment. | _____ |
| b. The amount of the impairment loss and the method of determining fair value of the associated reporting unit (whether based on quoted market prices; prices of comparable businesses; or present value or other valuation techniques; or a combination of these methods). | _____ |
| c. If the amount recognized is an estimate that has not yet been finalized, that fact and the reasons why the estimate is not yet complete. | _____ |
(FASB ASC 350-20-50-2)
| 3. The quantitative disclosures about significant unobservable inputs used in fair value measurements categorized within Level 3 of the fair value hierarchy required by paragraph 820-10-50-2(bbb) are not required for fair value measurements related to the financial accounting and reporting for goodwill after its initial recognition in a business combination. | _____ |
(FASB ASC 350-20-50-3)
350-30 General Intangibles Other Than Goodwill
1. For each major class of intangible asset, for each period-end for which a statement of financial position is presented:
a. For intangible assets subject to amortization, all of the following:
| (1) The total amount assigned and the amount assigned to any major intangible asset class | _____ |
| (2) The amount of any significant residual value, in total and by major intangible asset class | _____ |
| (3) The weighted-average amortization period, in total and by major intangible asset class. | _____ |
(FASB ASC 350-30-50-1a)
| b. For intangible assets not subject to amortization, the total carrying amount and the carrying amount for each major intangible asset class. | _____ |
(FASB ASC 350-30-50-1b)
| c. The amount of research and development assets acquired in a transaction other than a business combination or an acquisition by a not-for-profit entity and written off in the period and the line item in the income statement in which the amounts written off are aggregated. | _____ |
(FASB ASC 350-30-50-1c)
| d. For intangible assets with renewal or extension terms, the weighted-average period before the next renewal or extension (both explicit and implicit), by major intangible asset class. | _____ |
(FASB ASC 350-30-50-1d)
2.
| a. Gross carrying amount and accumulated amortization, in total and by major class of intangible asset. | _____ |
| b. Amortization expense for the period. | _____ |
| c. Estimated aggregate amortization expenses for each of the five succeeding fiscal years as of the date of the latest statement of financial position presented. | _____ |
(FASB ASC 350-30-50-2a)
| 3. For intangible asset not subject to amortization, the total carrying amount and the carrying amount for each major intangible asset class. | _____ |
(FASB ASC 350-30-50-2b)
| 4. The entity's accounting policy on the treatment of costs incurred to renew or extend the term of a recognized intangible asset. | _____ |
(FASB ASC 350-30-50-2c)
| 5. The entity's accounting policy on the treatment of costs incurred to renew or extend the term of a recognized intangible asset. | _____ |
(FASB ASC 350-30-50-6)
6. For intangible assets that have been renewed or extended in the period for which the statement of financial position is presented
| (1) For entities that capitalize renewal or extension costs, the total amount of costs incurred in the period to renew or extend the term of a recognized intangible asset, by major intangible asset class. | _____ |
| (2) The weighted-average period prior to the next renewal or extension (both explicit and implicit), by major intangible asset class. | _____ |
(FASB ASC 350-30-50-2d)
7. For each impairment loss recognized related to an intangible asset, the following disclosures are to be made in financial statements that include the period the loss is recognized:
| a. A description of the impaired intangible asset and the facts and circumstances that caused the impairment. | _____ |
| b. The amount of the impairment loss and the method used to determine fair value. | _____ |
| c. The caption of the income statement in which it is included. | _____ |
| d. If applicable, the segment in which the impaired intangible asset is reported under Topic 280. | _____ |
(FASB ASC 350-30-50-3)
| 8. A nonpublic entity is not required to disclose the quantitative information about significant unobservable inputs used in fair value measurements categorized within Level 3 of the fair value hierarchy required by paragraph 820-10-50-2(bbb) that relate to the financial accounting and reporting for an indefinite-lived intangible asset after its initial recognition. | _____ |
(FASB ASC 350-30-50-3A)
| 9. For a recognized intangible asset, information that enables users of financial statements to assess the extent to which the expected future cash flows associated with the asset are affected by the entity's intent and/or ability to renew or extend the arrangement. | _____ |
(FASB ASC 350-30-50-4)
360 Property, Plant, and Equipment
| 1. Depreciation expense for the period | _____ |
| 2. Balances of major classes of depreciable assets, by nature or function, at the balance sheet date | _____ |
| 3. Accumulated depreciation, either by major classes of depreciable assets or in total, at the balance sheet date | _____ |
| 4. A general description of the method or methods used in computing depreciation with respect to major classes of depreciable assets. | _____ |
(FASB ASC 360-10-50-1)
5. In the period in which an impairment loss is incurred:
| a. A description of the impaired long-lived asset (asset group) and the facts and circumstances leading to the impairment | _____ |
| b. If not separately presented on the face of the statement, the amount of the impairment loss and the caption in the income statement or the statement of activities that includes that loss | _____ |
| c. The method or methods for determining fair value (whether based on a quoted market price, prices for similar assets, or another valuation technique) | _____ |
| d. If applicable, the segment in which the impaired long-lived asset (asset group) is reported under Topic 280. | _____ |
(FASB ASC 360-10-50-2)
LIABILITIES
405-40 Obligations Resulting from Joint and Several Liability Arrangements
| 1. About each obligation, or each group of similar obligations, resulting from joint and several liability arrangements for which the total amount under the arrangement is fixed at the reporting date, the nature of the arrangement (including how the liability arose, the relationship with other co-obligors, terms and conditions of the arrangement); the total outstanding amount under the arrangement (not reduced by the effect of any amounts that may be recoverable from other entities); the carrying amount of the liability and the carrying amount of any receivable recognized; the nature of any recourse provisions that would enable recovery from other entities of the amounts paid, including any limitations on the amounts that might be recovered; in the period the liability is initially recognized and measured or in a period the measurement changes significantly, the corresponding entry and where the entry was recorded in the financial statements. | _____ |
(FASB ASC 405-40-50-2)
| 2. The disclosure requirements in this Section are incremental to related party disclosures required. | _____ |
(FASB ASC 405-40-50-2)
410 Asset Retirement and Environmental Obligations
Asset Retirement Obligations
| 1. General description of asset retirement obligations and the related long-lived assets. | _____ |
| 2. Fair value of assets, if any, that are legally restricted to satisfy the liability. | _____ |
| 3. Reconciliation of the beginning and ending aggregate carrying amount of the liability separately, whenever there is a significant change in any of these components during the reporting period, showing the changes resulting from | _____ |
(FASB ASC 410-20-50-1)
| 4. If the fair value of an asset retirement obligation cannot be reasonably estimated, that fact and the reasons therefor shall be disclosed. | _____ |
(FASB ASC 410-20-50-2)
Environmental Obligations
| 5. Whether the accrual for environmental remediation liabilities is measured on a discounted basis. If an entity utilizes present-value measurement techniques, additional disclosures are appropriate. See ASC 410-30-50-7. | _____ |
(FASB ASC 410-30-50-4)
| 6. With respect to recorded accruals for environmental remediation loss contingencies and assets for third-party recoveries related to environmental remediation obligations, disclose if any portion of the accrued obligation is discounted, the undiscounted amount of the obligation, and the discount rate used in the present-value determinations. | _____ |
(FASB ASC 410-30-50-7)
| 7. May include a contingency conclusion that addresses the estimated total unrecognized exposure to environmental remediation and other loss contingencies. | _____ |
(FASB ASC 410-30-50-14)
| 8. Optionally, a description of the general applicability and impact of environmental laws and regulations upon the business and how the laws and regulations may give rise to loss contingencies for future environmental remediation. | _____ |
(FASB ASC 410-30-50-17)
420 Exit or Disposal Cost Obligations
1. All of the following information shall be disclosed in notes to financial statements that include the period in which an exit or disposal activity is initiated and any subsequent period until the activity is completed:
| a. A description of the exit or disposal activity, including the facts and circumstances leading to the expected activity and the expected completion date | _____ |
| b. For each major type of cost associated with the activity (for example, one-time employee termination benefits, contract termination costs, and other associated costs), both of the following shall be disclosed:
|
|
| c. Line item(s) in the income statement or the statement of activities in which the costs in (b) are aggregated. | _____ |
| d. For each reportable segment, as defined in Subtopic 280-10, the total amount of costs expected to be incurred in connection with the activity, the amount incurred in the period, and the cumulative amount incurred to date, net of any adjustments to the liability with an explanation of the reason(s) why. | _____ |
| e. If a liability for a cost associated with the activity is not recognized because fair value cannot be reasonably estimated, that fact and the reasons why. | _____ |
(FASB ASC 420-10-50-1)
440 Commitments
1. All of the following:
| a. Unused letters of credit | _____ |
| b. Long-term leases | _____ |
| c. Assets pledged as security for loans | _____ |
| d. Pension plans | _____ |
| e. The existence of cumulative preferred stock dividends in arrears | _____ |
| f. Commitments, including a commitment for plant acquisition, and obligations to reduce debts, maintain working capital, and restrict dividends. | _____ |
(FASB ASC 440-10-50-1)
2. Unconditional purchase obligations are to be disclosed in accordance with FASB ASC 440-10-50-4 (if not recorded on the statement of financial position) or FASB ASC 440-10-50-6 (if recorded on the statement of financial position), if all the following criteria are met:
a. It is noncancelable, or cancelable only
| b. It is negotiated as part of a supplier's product financing arrangement for the facilities that will provide the contracted goods or services or for costs related to those goods or services (e.g., carrying costs for contracted goods); and | _____ |
| c. It has a remaining term in excess of one year. | _____ |
(FASB ASC 440-10-50-2)
3. If the obligation meets the criteria of FASB ASC 440-10-50-2 and is not recorded on the statement of financial position, then the following footnote disclosures are required:
| a. The nature and term of the obligation(s). | _____ |
| b. The amount of the fixed and determinable portion of the obligation(s) at the statement of financial position date in the aggregate and for each of the next five years, if determinable. | _____ |
| c. The nature of any variable components of the obligation(s). | _____ |
| d. The amounts purchased under the obligation(s) (as in take-or-pay or through-put contracts) for each period for which an income statement is presented. | _____ |
(FASB ASC 440-10-50-4)
| 4. If the obligation fulfills the criteria in FASB ASC 440-10-50-2 and is recorded on the statement of financial position, disclose the aggregate amount of payments to be made for each of the five years following the date of the balance sheet. | _____ |
(FASB ASC 440-10-50-6)
450 Contingencies
450-20 Loss Contingencies
| 1. If necessary to avoid misleading statements, the nature of the loss accrual and the amount accrued. | _____ |
(FASB ASC 450-20-50-1)
| 2. If prior to issuance of financial statements, management has an indication that it is at least reasonably possible that a change in an entity's estimate of its probable liability could occur in the near term, disclose that information. (See FASB ASC 275-10-50- 8 and 9). | _____ |
(FASB ASC 450-20-50-2)
| 3. Disclose the contingency if there is at least a reasonable possibility that a loss or an additional loss may have been incurred and the contingency does not meet the criteria for accrual or an exposure to loss exists in excess of the amount accrued. | _____ |
(FASB ASC 450-20-50-3)
4. When accruals are not made because probable loss could not be estimated, describe
| a. The nature of the contingency | _____ |
| b. Provide an estimate of the possible loss or range of loss or a statement that such an estimate cannot be made. | _____ |
(FASB ASC 450-20-50-4)
| 5. Disclosure is preferable to accrual when a reasonable estimate of loss cannot be made or it is reasonably possible that a loss has occurred. | _____ |
(FASB ASC 450-20-50-5)
| 6. Describe the nature of the loss and an estimate of the range of loss for unasserted claims for which it is both probable that a claim will be asserted, and reasonably possible that an unfavorable outcome will result. | _____ |
(FASB ASC 450-20-50-6)
| 7. Disclose events occurring after the date of the statement of financial position but before those financial statements are issued that may give rise to a loss contingency, including the nature of the loss or loss contingency and an estimate of the possible loss or range of loss, or a statement that an estimate cannot be made. | _____ |
(FASB ASC 450-20-50-9 through 10)
450-30 Gain Contingencies
| 1. Gain contingencies, if described such that the likelihood of realization is not overstated. | _____ |
(FASB ASC 450-30-50-1)
460 Guarantees
1. Disclose about guarantees, including guarantees of the indebtedness of others
| a. The nature of the guarantee, including the approximate term, how the guarantee arose, the events or circumstances that would require the guarantor to perform under the guarantee, and the current status (that is, as of the date of the statement of financial position) of the payment/performance risk of the guarantee. For example, the current status of the payment/performance risk of a credit-risk-related guarantee could be based on either recently issued external credit rating or current internal groupings used by the guarantor to manage its risks. An entity that uses internal groupings shall disclose how those groupings are determined and used for managing risk. | _____ |
| b. The maximum potential amount of the future payments (undiscounted) that the entity would be required to make, or if the guarantee provides no limitation on future payments, that fact. | _____ |
| c. The reasons why the maximum future payments cannot be estimated, if the entity is unable to estimate that amount. | _____ |
| d. The current carrying amount of the liability. | _____ |
| e. The nature of any recourse provisions that would enable the entity to recover from third parties any amounts paid under the guarantee, and the extent to which the proceeds are expected to cover the amount in b. above. | _____ |
| f. The nature of any assets (collateral) that can be liquidated to recover amounts paid under the guarantee, and the extent to which the proceeds from liquidation are expected to cover the amount in b. above. | _____ |
(FASB ASC 460-10-50-4)
2. For product warranties:
| a. Information required by FASB ASC 460-10-50-4 except for “b” above. | _____ |
| b. Accounting policy and method used in determining liability for product warranties. | _____ |
| c. Tabular reconciliation of the changes in aggregate product warranty liability for the period, including the beginning and ending balances, the aggregate reductions for payments made, and aggregate changes in the liability related to product warranties issued during the reporting period. | _____ |
(FASB ASC 460-10-50-8)
470 Debt
1. Long-Term Obligations
| a. The combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet presented. | _____ |
(FASB ASC 470-10-50-1)
2. Long-term debt is classified as current if the debtor is in violation of a debt covenant at the statement of financial position date which
| a. Makes the obligation callable within one year, or | _____ |
| b. Will make the obligation callable within one year if the violation is not cured within a specified grace period. | _____ |
(FASB ASC 470-10-50-3)
3. The debt referred to in d. above need not be reclassified if either of the following conditions are met:
| a. The creditor has waived or has subsequently lost the right to demand repayment for one year (or, if longer, the operating cycle) from the statement of financial position date, or | _____ |
| b. It is probable (likely) that the violation will be cured by the debtor within the grace period stated in the terms of the debt agreement, thus preventing the obligation from being called. | _____ |
(FASB ASC 470-10-45-11)
| 4. If a short-term obligation is expected to be refinanced under 470-10, include in the notes a general description of the financing agreement and the terms of any new obligations incurred or expected to be incurred or equity securities issued or expected to be issued as a result of a refinancing. | _____ |
(FASB ASC 470-10-50-4)
470-20 Debt with Conversion and Other Options
Own-Share Lending Arrangements Issued in Contemplation of Convertible Debt Issuance
1. Make the following disclosures if there is a share-lending arrangement of an entity's own shares in contemplation of a convertible debt offering or other financing:
| a. Describe outstanding share-lending arrangements on the entity's own stock. | _____ |
| b. All significant terms of the arrangement, including the number of shares, the term, circumstances under which cash settlement would be required, and any collateral requirements for the counterparty. | _____ |
| c. The reasons for entering into the arrangement. | _____ |
| d. The fair value of the loaned shares. | _____ |
| e. The treatment of the share-lending arrangement for calculating earnings per share. | _____ |
| f. The unamortized amount of issuance costs associated with the arrangement. | _____ |
| g. The classification of issuance costs associated with the arrangement. | _____ |
| h. The amount of interest cost associated with the share-lending arrangement. | _____ |
| i. The amount of dividends paid related to the loaned shares that will not be reimbursed. | _____ |
(FASB ASC 470-20-50-2A)
| j. If it is probable in the current period that the counterparty will default, disclose the amount of expense related to the default. In subsequent periods, disclose material changes in the fair value of the shares or probable recoveries. If default is probable but has not yet occurred, disclose the number of shares related to the arrangement that will be included in basic and diluted earnings per share when there is a default. | _____ |
(FASB ASC 470-20-50-2C)
2. With respect to convertible debt instruments that were outstanding during any of the periods presented and that are within the scope of ASC 470-20 disclose:
a. As of each date for which a statement of financial position is presented
|
|||||
(FASB ASC 470-20-50- 4)
3. As of the date of the most recent statement of financial position presented
| a. The remaining period over which any discount on the liability component will be amortized. | _____ |
| b. The conversion price and the number of shares on which the aggregate consideration to be delivered on conversion is determined. | _____ |
| c. For public entities (as defined in the Mater Glossary), the amount by which the if-converted value of the instrument exceeds its principal amount, irrespective of whether the instrument is currently convertible. | _____ |
| d. Information about derivative transactions entered into in connection with the issuance of the instruments, including the terms of those derivative transactions, how those transactions relate to the instruments, the number of shares underlying the derivative transactions, and the reasons for entering into those derivatives transactions. This disclosure is required regardless of whether the related derivative transactions are accounted for as assets, liabilities, or equity instruments. | _____ |
(FASB ASC 470-20-50-5)
4. For each period for which a statement of financial performance is presented
| a. The effective interest rate for the period on the liability component. | _____ |
| b. The amount of interest cost recognized in the period relating to both the contractual interest coupon and amortization of the discount on the liability component. | _____ |
(FASB ASC 470-20-50-6)
470-30 Participating Mortgage Loans
| 1. The aggregate amount of participating mortgage obligations at the balance sheet date, with separate disclosure of the aggregate participation liabilities and related debt discounts | _____ |
| 2. Terms of the participations by the lender in either the appreciation in the fair value of the mortgaged real estate project or the results of operations of the mortgaged real estate project, or both. | _____ |
(FASB ASC 470-30-50-1)
470-60 Troubled Debt Restructurings by Debtors
1. Disclosures by the debtor
| a. A description of the changes in terms and/or major features of the settlement. | _____ |
| b. The aggregate gain on restructuring and the related tax effect. | _____ |
| c. The aggregate net gain or loss on the transfer of assets recognized during the period. | _____ |
| d. The per share amount of the aggregate gain or loss. | _____ |
(ASC 470-60-50-1)
| 2. Disclose in financial statements for periods after a troubled debt restructuring the extent to which amounts contingently payable are included in the carrying amount of restructured payables pursuant to the provisions of paragraph 470-60-35-7. If required by paragraphs 450-20-50-1 through 50-6 and 450-20-50-9 through 50-10, disclose in those financial statements total amounts that are contingently payable on restructured payables and the conditions under which those amounts would become payable or would be forgiven. | _____ |
(FASB ASC 470-60-50-2)
480 Distinguishing Liabilities from Equity
1. Issuers of financial instruments within the scope of 480-10-25 must disclose
| a. The nature and terms of the financial instruments. | _____ |
| b. The rights and obligations embodied therein. | _____ |
| c. Settlement alternatives, if any, in the contract. | _____ |
| d. The entity that controls the settlement alternatives. | _____ |
(FASB ASC 480-10-50-1)
2. For all outstanding financial instruments and for each settlement alternative, issuers disclose
| a. The amount that would be paid, or the number and fair value of shares that would be issued, determined under the conditions specified in the contract, if the settlement were to occur at the reporting date. | _____ |
| b. How changes in the fair value of the issuer's equity shares would affect those settlement amounts. | _____ |
| c. The maximum amount that the issuer could be required to pay to redeem the instrument by physical settlement, if applicable. | _____ |
| d. The maximum number of shares that could be required to be issued, if applicable | _____ |
| e. That a contract does not limit the amount that the issuer could be required to pay or the number of shares that the issuer could be required to issue, if applicable. | _____ |
| f. For a forward contract or an option indexed to the issuer's equity shares, the forward price or option strike price, the number of issuer's shares to which the contract is indexed, and the settlement date or dates of the contract, as applicable. | _____ |
(FASB ASC 480-10-50-2)
| 3. For entities having no equity instruments outstanding but having financial instruments in the form of shares, all of which are mandatorily redeemable financial instruments required to be classified as liabilities, disclose the components of the liability that would otherwise be related to shareholders' interest and other comprehensive income (if any) subject to the redemption feature. | _____ |
(FASB ASC 480-10-50-4)
EQUITY
505 Equity
| 1. If both financial position and results of operations are presented, disclose changes in the separate accounts comprising shareholders' equity (in addition to retained earnings) and the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented. Disclosure of such changes may take the form of separate statements or may be made in the basic financial statements or notes thereto. | _____ |
(FASB ASC 505-10-50-2)
| 2. Explain, in summary form within its financial statements, the pertinent rights and privileges of the various securities outstanding. Examples of information that shall be disclosed are dividend and liquidation preferences, participation, call prices and dates, conversion or exercise prices or rates and pertinent dates, sinking-fund requirements, unusual voting rights, and significant terms of contracts to issue additional shares. An entity shall disclose within its financial statements the number of shares issued upon conversion, exercise, or satisfaction of required conditions during at least the most recent annual fiscal period and any subsequent interim period presented. | _____ |
(FASB ASC 505-10-50-3)
| 3. An entity that issues preferred stock (or other senior stock) that has a preference in involuntary liquidation considerably in excess of the par or stated value of the shares shall disclose the liquidation preference of the stock (the relationship between the preference in liquidation and the par or stated value of the shares). That disclosure shall be made in the equity section of the statement of financial position in the aggregate, either parenthetically or in short, rather than on a per-share basis or through disclosure in the notes. | _____ |
(FASB ASC 505-10-5-4)
4. In addition, disclose both of the following within its financial statements (either on the face of the statement of financial position or in the notes thereto):
| a. The aggregate or per-share amounts at which preferred stock may be called or is subject to redemption through sinking-fund operations or otherwise | _____ |
| b. The aggregate and per-share amounts of arrearages in cumulative preferred dividends. | _____ |
(FASB ASC 505-10-50-5)
5. To comply with the general disclosure requirements of paragraph 505-10-50-3, disclose the significant terms of the conversion features of the contingently convertible security to enable users of financial statements to understand the circumstances of the contingency and the potential impact of conversion. Quantitative and qualitative terms of the contingently convertible security, disclosure of which would be helpful in understanding both the nature of the contingency and the potential impact of conversion, include all of the following:
| a. Events or changes in circumstances that would cause the contingency to be met and any significant features necessary to understand the conversion rights and the timing of those rights (for example, the periods in which the contingency might be met and the securities may be converted if the contingency is met) | _____ |
| b. The conversion price and the number of shares into which a security is potentially convertible | _____ |
| c. Events or changes in circumstances, if any, that could adjust or change the contingency, conversion price, or number of shares, including significant terms of those changes | _____ |
| d. The manner of settlement upon conversion and any alternative settlement methods (for example, cash, shares, or a combination). | _____ |
(FASB ASC 505-10-50-6)
| 6. In order to meet the disclosure requirements of the preceding paragraph, disclose the possible conversion prices and dates as well as other significant terms for each convertible instrument. | _____ |
(FASB ASC 505-10-50-7)
| 7. Additionally, the issuer shall disclose in the footnotes to its financial statements the terms of the transaction, including the excess of the aggregate fair value of the instruments that the holder would receive at conversion over the proceeds received and the period over which the discount is amortized. | _____ |
(FASB ASC 505-10-50-8)
| 8. Indicate whether the shares that would be issued if the contingently convertible securities were converted are included in the calculation of diluted earnings per share (EPS) and the reasons why or why not. | _____ |
(FASB ASC 505-10-50-9)
| 9. Disclosures of information about derivative instruments entered into in connection with the issuance of the contingently convertible securities may be useful in terms of fully explaining the potential impact of the contingently convertible securities. That information might include the terms of those derivative instruments (including the terms of settlement), how those instruments relate to the contingently convertible securities, and the number of shares underlying the derivative instruments. One example of a transaction entered into in connection with the issuance of a contingently convertible security is the purchase of a call option such that the terms of the purchased call option would be expected to substantially offset changes in value of the written call option embedded in the convertible security. Derivative instruments are also subject to disclosure information, as required by Topic 815. | _____ |
(FASB ASC 505-10-50-10)
| 10. An entity that issues redeemable stock shall disclose the amount of redemption requirements, separately by issue or combined, for all issues of capital stock that are redeemable at fixed or determinable prices on fixed or determinable dates in each of the five years following the date of the latest statement of financial position presented. | _____ |
(FASB ASC 505-10-50-11)
505-20 Stock Dividends and Stock Splits
| 1. Paragraph 505-20-25-2 identifies a situation in which a stock dividend in form is a stock split in substance. In such instances make every effort to avoid the use of the word dividend in related corporate resolutions, notices, and announcements and that, in those cases in which because of legal requirements this cannot be done, the transaction be described, for example, as a stock split effected in the form of a dividend. | _____ |
(FASB ASC 505-20-50-1)
505-30 Treasury Stock
| 1. State laws may affect an entity's repurchase of its own outstanding common stock. If state laws relating to an entity's repurchase of its own outstanding common stock restrict the availability of retained earnings for payment of dividends or have other effects of a significant nature, those facts shall be disclosed. | _____ |
(FASB ASC 505-30-50-2)
| 2. A repurchase of shares at a price significantly in excess of the current market price creates a presumption that the repurchase price includes amounts attributable to items other than the shares repurchased. A repurchase of shares at a price significantly in excess of the current market price may require an entity to allocate amounts to other elements of the transaction under the requirements of paragraph 505-30-30-23. | _____ |
(FASB ASC 505-30-50-4)
505-50 Equity-Based Payments to Non-Employees
| 1. For an entity that acquires goods or services other than employee services in share-based payment transactions, make disclosures similar to those required by paragraphs 718-10-50-1 through 50-2 to the extent that those disclosures are important to an understanding of the effects of those transactions on the financial statements. | _____ |
(FASB ASC 505-50-50-1)
| 2. In accordance with paragraphs 845-10-50-1 through 50-2, disclose, in each period's financial statements, the amount of gross operating revenue recognized as a result of nonmonetary transactions addressed by the guidance in this subtopic. | _____ |
(FASB ASC 505-50-50-2)
REVENUE
605 Revenue
605-20 Services
Advertising Barter Transactions
| 1. Disclose the amount of revenue and expense recognized from advertising barter transactions for each income statement period presented. In addition, if an entity engages in advertising barter transactions for which the fair value is not determinable within the limits of paragraphs 605-20-25-15 through 25-18, information regarding the volume and type of advertising surrendered and received (such as the number of equivalent pages, the number of minutes, or the overall percentage of advertising volume) shall be disclosed for each income statement period presented. | _____ |
(FASB ASC 605-20-50-1)
605-25 Multiple Element Arrangements
| 1. In addition to specifically required disclosures, any other qualitative and quantitative information that will provide both qualitative and quantitative information about revenue arrangements and about the significant judgments made about the application of the requirements in the 605-25 guidance and changes in those judgments or in the application that may significantly affect the timing or amount of revenue recognition. | _____ |
(FASB ASC 605-25-50-1)
2. If the company is a party to multiple-deliverable arrangements
| a. The nature of the entity's multiple-deliverable arrangements. | _____ |
| b. Significant deliverables within the arrangements. | _____ |
| c. General timing of the delivery of goods or performance of services. | _____ |
| d. Performance, cancellation, termination, and refund provisions. | _____ |
| e. Significant factors, inputs, assumptions, and methods used to determine selling price for significant deliverables. | _____ |
| f. Whether significant deliverables are separable into units of accounting and the reasons they do not qualify as separate units of accounting if applicable. | _____ |
| g. General timing of revenue recognition for significant units of accounting. | _____ |
| h. The effect of changes in selling price or the methods used to determine the selling price for a unit of accounting if the change has a significant effect on the allocation of consideration in an arrangement. | _____ |
(FASB ASC 605-25-50-1 and 2)
605-28 Milestone Method
1. If an entity uses the milestone method of revenue recognition, disclose the following:
| a. The accounting policy for using the milestone method. | _____ |
| b. Describe each such arrangement. | _____ |
| c. Describe each milestone and related contingent consideration. | _____ |
| d. Note whether each milestone is substantive. | _____ |
| e. The factors considered in determining whether the milestones are substantive. | _____ |
| f. The amount of consideration recognized during the period for the milestones. | _____ |
(FASB ASC 605-28-50-2)
605-35 Construction-Type and Production-Type Contracts
Percentage of Completion Method
| 1. If the percentage-of-completion method is used, the method of measuring extent of progress toward completion (e.g., cost-to-cost, efforts-expended). | _____ |
(FASB ASC 605-35-50-2)
| 2. An entity that departs from use of the percentage-of-completion method as its basic accounting policy in the circumstances described in paragraph 605-35-25-61 shall disclose such a departure from the basic policy. | _____ |
(FASB ASC 605-35-50-3)
Completed-Contract Method
| 3. If the completed-contract method is used, disclose the specific criterion used to determine when a contact is substantially completed. | _____ |
(FASB ASC 605-35-50-4)
| 4. An entity that departs from use of the completed-contract method as its basic accounting policy in the circumstances described in paragraph 605-35-25-95 shall disclose such a departure. | _____ |
(FASB ASC 605-35-50-5)
| 5. As indicated in paragraph 605-35-25-31, if certain requirements are met, revenue from a claim is recorded only to the extent that contract costs relating to the claim have been incurred. The amounts recorded shall be disclosed in the notes to financial statements. | _____ |
(FASB ASC 605-35-50-6)
| 6. As indicated in paragraph 605-35-25-31, a practice such as recording revenues from claims only when the amounts have been received or awarded may be used. If that practice is followed, the amounts shall be disclosed in the notes to financial statements. | _____ |
(FASB ASC 605-35-50-7)
| 7. If the requirements in paragraph 605-35-25-31 are not met or if those requirements are met but the claim exceeds the recorded contract costs, a contingent asset shall be disclosed in accordance with paragraph 450-30-50-1. | _____ |
(FASB ASC 605-35-50-8)
Revision of Estimates
| 8. Although estimating is a continuous and normal process for contractors, paragraph 250-10-50-4 requires disclosure of the effect of revisions if the effect is material. | _____ |
(FASB ASC 605-35-50-9)
| 9. Events occurring after the date of the financial statements that are outside the normal exposure and risk aspects of the contract shall not be considered refinements of the estimating process of the prior year but should be disclosed as subsequent events. | _____ |
(FASB ASC 605-35-50-10)
605-45 Principal Agent Considerations
| 1. For significant shipping or handling costs, both the amount of such costs and the line item or items on the income statement that include them. | _____ |
(FASB ASC 605-45-50-2)
| 2. The presentation of taxes within the scope of this Subtopic on either a gross or a net basis (excluded from revenues) is an accounting policy decision that shall be disclosed pursuant to Topic 235. | _____ |
(FASB ASC 605-45-50-2)
| 3. For any such taxes, significant in amount, that are reported on a gross basis, the amounts of those taxes in interim and annual financial statements for each period for which an income statement is presented. The disclosure of those taxes can be done on an aggregate basis. | _____ |
(FASB ASC 605-45-50-2)
605-50 Customer Payments and Incentives
| 1. If significant, the nature of incentive programs and the amounts recognized in the statement of operations for those incentive programs and their related classification for each period presented. | _____ |
(FASB ASC 605-50-50-1)
EXPENSES
710 Compensation—General
| 1. If the employer's obligation is from service already rendered, the obligation vests or accumulates, and payment is probable, but the amount cannot be estimated, disclose that fact. | _____ |
(FASB ASC 710-10-50-1)
712 Compensation—Nonretirement Postemployment Benefits
| 1. If an obligation for other postemployment benefits is not accrued only because the amount cannot be reasonably estimated, the financial statements shall disclose that fact. | _____ |
(FASB ASC 712-10-50-2)
715 Compensation—Retirement Benefits
| 1. An employer that sponsors one or more defined benefit pension plans or one or more other defined benefit postretirement plans is to provide the following information, separately for pension plans and postretirement plans. Amounts related to the employer's results of operations are to be included for each period for which an income statement is presented. Amounts related to the employer's financial position are to be disclosed as of the date of each statement of financial position presented. | _____ |
| 2. Note that the term “changes in foreign currency exchange rates” as used herein is applicable to plans of a foreign operation whose functional currency is not the reporting currency, as those terms are defined in FASB ASC 830-10-45. | _____ |
715-20 Defined Benefit Plans—General
Disclosures by Public Entities
1. Defined benefit plans and other postretirement plans
a. Shown separately for each plan, schedule reconciling beginning and ending balances of the benefit obligation, (for defined benefit pension plans, the benefit obligation is the projected benefit obligation; for defined benefit postretirement plans, the benefit obligation is the accumulated postretirement benefit obligation) separately showing if applicable, the effects during the period attributable to each of the following (not required for nonpublic entities)
| (1) Service cost. | _____ |
| (2) Interest cost. | _____ |
| (3) Contributions by plan participants. | _____ |
| (4) Actuarial gains and losses. | _____ |
| (5) Changes in foreign currency exchange rates. | _____ |
| (6) Benefits paid. | _____ |
| (7) Plan amendments. | _____ |
| (8) Business combinations. | _____ |
| (9) Divestitures. | _____ |
| (10) Curtailments. | _____ |
| (11) Settlements. | _____ |
| (12) Special and contractual termination benefits. | _____ |
b. Schedule reconciling beginning and ending balances of the fair value of plan assets, separately showing if applicable (not required for nonpublic entities)
| (1) Actual return on plan assets. | _____ |
| (2) Changes in foreign currency exchange rates. | _____ |
| (3) Employer contributions. | _____ |
| (4) Contributions by plan participants. | _____ |
| (5) Benefits paid. | _____ |
| (6) Business combinations. | _____ |
| (7) Divestitures. | _____ |
| (8) Settlements. | _____ |
| c. Information on the funded status of the plan(s), and amounts recognized in the statement of financial position, separately presenting the assets and current and noncurrent liabilities recognized (not required for nonpublic entities). | _____ |
d. When making the disclosures that follow, consider the objectives of the disclosures about postretirement benefit plan assets are to provide users of financial statements with an understanding of:
| (1) How investment allocation decisions are made, including the factors that are pertinent to an understanding of investment policies and strategies | _____ |
| (2) The classes of plan assets | _____ |
| (3) The inputs and valuation techniques used to measure the fair value of plan assets | _____ |
| (4) The effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets for the period | _____ |
| (5) Significant concentrations of risk within plan assets. | _____ |
e. The following information regarding assets of the plan:
| (1) A narrative description of investment policies and strategies, including target allocation percentages or ranges of percentages considering the major categories of plan assets disclosed pursuant to (2) below, as of the latest statement of financial position presented (on a weighted-average basis for employers with more than one plan), and other factors pertinent to an understanding of those policies and strategies such as investment goals, risk management practices, permitted and prohibited investments including the use of derivatives, diversification, and the relationship between plan assets and benefit obligations. For investment funds disclosed as major categories as described in (2) below, a description of the significant investment strategies of those funds shall be provided. | _____ |
| (2) The fair value of each major category of plan assets as of each date for which a statement of financial position is presented. Asset categories shall be based on the nature and risks of assets in an employer's plan(s). Examples of major categories include, but are not limited to, the following: cash and cash equivalents; equity securities; debt securities issued by national, state and local governments; corporate debt securities; asset-backed securities; structured debt; derivatives on a gross basis (segregated by type of underlying risk in the contract); investment funds (segregated by type of fund); and real estate. Those examples are not meant to be all-inclusive. | _____ |
| (3) A narrative description of the basis used to determine the overall expected long-term rate-of-return-on-assets assumption, such as the general approach used, the extent to which the overall rate-of-return-on-assets assumption was based on historical returns, the extent to which adjustments were made to those historical returns to reflect expectations of future returns, and how those adjustments were determined. The description should consider the major categories of assets described in (2) above, as appropriate. | _____ |
(4) Information that enables users of financial statements to assess the inputs and valuation techniques used to develop fair value measurements of plan assets at the reporting date. For fair value measurements using significant unobservable inputs, an employer shall disclose the effect of the measurements on changes in plan assets for the period. To meet those objectives, the employer shall disclose the following information for each major category of plan assets disclosed pursuant to (3) above:
| (a) The level of the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets and liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3) | _____ |
| (b) For fair value measurements of plan assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: actual return on plan assets, separately identifying the amount related to assets still held at the reporting date and the amount related to assets sold during the period; purchases, sales, and settlements net; and transfers in and/or out of Level 3. | _____ |
| (c) Information about the valuation technique(s) and inputs used to measure fair value and a discussion of changes in valuation techniques and inputs, if any, during the period. | _____ |
| f. Defined benefit pension plans: The accumulated benefit obligation. | _____ |
| g. The benefits, as of the date of the latest statement of financial position presented, that are expected to be paid in each of the next five fiscal years, and in the aggregate for the five fiscal years thereafter. The estimate of expected benefits is to be based on the same assumptions used to measure the entity's benefit obligation at the end of the year and is to include benefits attributable to estimated future service by employees. | _____ |
h. The best estimate of the employer, as soon as reasonably determinable, of contributions expected to be paid to the plan during the next fiscal year that begins after the date of the latest statement of financial position presented. Estimated contributions are permitted to be presented in the aggregate combining
i. The amount of net benefit cost recognized, separately showing (not required for nonpublic entities)
| j. Separate disclosure of the net gain or loss and net prior service cost or credit recognized in other comprehensive income (OCI) for the period and reclassification adjustments of OCI for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. | _____ |
| k. The amounts in accumulated other comprehensive income (AOCI) not yet recognized as components of net periodic benefit cost, separately presenting the net gain or loss, net prior service cost or credit, and net transition asset or obligation. | _____ |
l. The following assumptions used in the accounting for the plans, on a weighted-average basis specifying in a tabular format:
| m. Assumed health-care cost trend rate(s) for the next year used to measure the expected cost of benefits covered by the plan (gross eligible charges), and a general description of the direction and pattern of change in the assumed trend rates thereafter, along with the ultimate trend rate(s) and when that rate is expected to be achieved. | _____ |
n. The effect of both a 1% increase and a 1% decrease in the assumed health-care cost trend rates on each of the following: (not required for nonpublic entities)
o. If applicable
| p. Any alternative method used to amortize prior service amounts or net gains and losses, if applicable (not required for nonpublic entities). | _____ |
| q. Any substantive commitments, such as past practice or a history of regular benefit increases, used as the basis for accounting for the benefit obligation, if applicable (not required for nonpublic entities). | _____ |
r. Cost of providing special or contractual termination benefits recognized during the period (not required for nonpublic entities) including a description of the
s. An explanation (not required for nonpublic entities) of matters of significance in regard to changes in
t. The amounts in AOCI expected to be recognized as components of net periodic benefit cost during the fiscal year following the most recent annual statement of financial position presented, separately presenting
| u. The amount and timing of any plan assets expected to be returned to the business entity during the 12-month period, or operating cycle if longer, that follows the most recent annual statement of financial position presented. | _____ |
(FASB ASC 715-20-50-1)
Entities (Public and Nonpublic) with Two or More Plans
2. Employers with two or more defined benefit plans (pension, postretirement, or both) are, in general, to separately aggregate all of the employer's defined benefit pension plans and all of the employer's defined benefit postretirement plans.
| a. Disaggregate into groups if otherwise required or if it would provide useful information. | _____ |
(FASB ASC 715-20-50-2)
b. Generally, the entity is permitted to aggregate disclosures regarding pension plans with assets in excess of the ABO with disclosures regarding pension plans with ABO in excess of assets. The same aggregation is permitted for other post-retirement benefit plans. If the disclosures are aggregated, however, the employer is to disclose
- (1) For plans where the ABO is in excess of plan assets as of the measurement date of each statement of financial position presented, disclose the
- (2) For pension plans where the ABO is in excess of plan assets, disclose the
(FASB ASC 715-20-50-3)
| c. US pension and OPEB plans and plans outside the US may be combined unless benefit obligations outside the US are significant relative to the total benefit obligation and those plans use significantly different assumptions. A foreign reporting entity that prepares financial statements in conformity with US GAAP applies this guidance to its domestic and foreign plans. | _____ |
(FASB ASC 715-20-50-4)
Disclosures by Nonpublic Entities
3. A nonpublic entity sponsoring one or more defined benefit pension plans or one or more other defined benefit postretirement plans is to provide the following information, separately for pension plans and other postretirement benefit plans. Amounts related to the employer's results of operations are to be disclosed for each period for which an income statement is presented. Amounts related to the employer's financial position are to be disclosed at the date of each statement of financial position presented.
| a. Benefit obligation, fair value of plan assets, funded status of plan. | _____ |
| b. Employer contributions, participant contributions, benefits paid. | _____ |
| c. When providing the information below, consider the objectives of the disclosures about postretirement benefit plan assets to provide users of financial statements with an understanding of: | |
d. Information about plan assets
| (1) A narrative description of the plan's investment policies and strategies, including target allocation percentages or range of percentages considering the major categories of plan assets disclosed pursuant to (2) below, as of the latest statement of financial position presented (on a weighted-average basis for employers with more than one plan), and other factors pertinent to understanding those policies or strategies, such as investment goals, risk management practices, permitted and prohibited investments including the use of derivatives, diversification, and the relationship between plan assets and benefit obligations. For investment funds disclosed as major categories as described in (2) below, a description of the significant investment strategies of those funds shall be provided. | _____ | ||||||
| (2) The fair value of each major category of plan assets as of each date for which a statement of financial position is presented. Asset categories shall be based on the nature and risks of assets in an employer's plan(s). Examples of major categories include, but are not limited to, the following: cash and cash equivalents; equity securities (segregated by industry type, company size, or investment objective); debt securities issued by national, state, and local government; corporate debt securities; asset-backed securities; structured debt; derivatives on a gross basis (segregated by type of underlying risk in the contract); investment funds (segregated by type of fund); and real estate. Those are examples but are not meant to be all-inclusive. | _____ | ||||||
| (3) A narrative description of the basis used to determine the overall expected long-term rate-of-return-on-assets assumption, such as the general approach used, the extent to which the assumption was based on historical returns, the extent to which adjustments were made to those historical returns to reflect expectations of future returns, and how those adjustments were determined. The description should consider the major categories of assets described in (2) above, as appropriate. | _____ | ||||||
(4) Information that enables users of financial statements to assess the inputs and valuation techniques used to develop fair value measurements of plan assets at the reporting date. For fair value measurements using significant unobservable inputs, an employer shall disclose the effect of the measurements on changes in plan assets for the period. To meet those objectives, the employer shall disclose the following information for each major category of plan assets disclosed pursuant to (3) above:
|
|||||||
| e. For defined benefit plans, the accumulated benefit obligation (ABO). | _____ |
| f. As of the date of the latest statement of financial position presented, the benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five fiscal years thereafter. The expected benefits are to be estimated using the same assumptions used to measure the entity's end-of-year benefit obligation and are to include benefits attributable to estimated future service by employees. | _____ |
| g. The employer's best estimate, as soon as it can be determined reasonably, of contributions expected to be paid to the plan during the next fiscal year beginning after the date of the latest statement of financial position presented. Estimated contributions may be presented in the aggregate, combining | |
| h. The amounts recognized in the statements of financial position, showing separately the postretirement benefit assets and current and noncurrent postretirement benefit liabilities. | _____ |
| i. Separate disclosure of the net gain or loss, and the net prior service cost or credit recognized in OCI for the period, and reclassification adjustments of OCI for the period as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. | _____ |
| j. The amounts in AOCI that have not yet been recognized as components of net periodic benefit cost, separately presenting the net gain/loss, net prior service cost/credit, and net transition asset/obligation. | _____ |
| k. On a weighted-average basis, all of the following assumptions used in the accounting for the plans, specifying in a tabular format, the assumptions used to determine the benefit obligation and the assumptions used to determine net benefit cost: | |
| l. The assumed health-care cost trend rate(s) for the next year used to measure the expected cost of benefits covered by the plan (gross eligible charges), and a general description of the direction and pattern of change in the assumed trend rates thereafter, together with the ultimate trend rate(s) and when the rate is expected to be achieved. | _____ |
| m. The amounts and types of securities, if applicable, of the employer and related partied included in plan assets, the approximate amount of future annual benefits of plan participants covered by insurance contracts, including annuity contracts, issued by the employer or related parties, and any significant transactions between the employer or related parties and the plan during the period. | _____ |
| n. The nature and effect of significant nonroutine events, such as amendments, combinations, divestitures, curtailments, and settlements. | _____ |
| o. The amounts in AOCI expected to be recognized as components of net periodic benefit cost over the fiscal year following the date of the most recent annual statement of financial position presented, with separate presentation of the net gain/loss, net prior service cost/credit, and net transition asset/obligation. | _____ |
| p. The amount and timing of any plan assets expected to be returned to the employer during the 12-month period (or operating cycle, if longer) following the most recent annual statement of financial position presented. | _____ |
| q. The amount of net periodic benefit recognized. | _____ |
(FASB ASC 715-20-50-5)
Disclosures Related to Expected Rate of Return on Plan Assets
| 4. If the weighted-average expected rate of return on plan assets changes because of interim measurement, disclose the beginning and most recently assumed rate or a weighted combination of the two. | _____ |
(FASB ASC 715-20-50-8)
715-60 Defined Benefit Plans—Other Postretirement
| This Subsection provides guidance on disclosures regarding the effect of the Medicare subsidy. This Subsection also provides guidance on the disclosures about the effects of the subsidy for an employer that sponsors a postretirement health care benefit plan that provides prescription drug coverage but for which the employer has not yet been able to determine actuarial equivalency. | _____ |
(FASB ASC 715-60-50-2)
1. In interim and annual financial statements for the first period in which an employer includes the effects of the subsidy in measuring the accumulated postretirement benefit obligation and the first period in which an employer includes the effects of the subsidy in measuring net periodic postretirement benefit cost, it shall disclose all of the following:
| a. The reduction in the accumulated postretirement benefit obligation for the subsidy related to benefits attributed to past service. | _____ |
| b. The effect of the subsidy on the measurement of net periodic postretirement benefit cost for the current period. That effect includes any amortization of the actuarial gain in (a) of this paragraph as a component of the net amortization called for by paragraphs 715-60-35-29 through 35-30, the reduction in current period service cost due to the subsidy, and the resulting reduction in interest cost on the accumulated postretirement benefit obligation as a result of the subsidy. | _____ |
| c. Any other disclosures required by paragraph 715-20-50-1(r). | _____ |
(FASB ASC 715-60-50-3)
| 2. For purposes of the disclosures required by paragraph 715-20-50-1(a) and 715-20-50-1(f), disclose gross benefit payments (paid and expected, respectively), including prescription drug benefits, and separately the gross amount of the subsidy receipts (received and expected, respectively). | _____ |
(FASB ASC 715-60-50-4)
3. Until an employer is able to determine whether benefits provided by its plan are actuarially equivalent disclose both of the following in financial statements for interim or annual periods:
| a. The existence of the Medicare Prescription Drug, Improvement, and Modernization Act. | _____ |
| b. That measures of the accumulated postretirement benefit obligation or net periodic postretirement benefit cost do not reflect any amount associated with the subsidy because the employer is unable to conclude whether the benefits provided by the plan are actuarially equivalent to Medicare Part D under the Act. | _____ |
(FASB ASC 715-60-50-6)
715-70 Defined Contribution Plans
1. Separately from disclosures regarding defined benefit plans, the employer is to disclose the following information for all periods presented:
| a. Cost recognized for defined contribution pension plans. | _____ |
| b. Cost recognized for other defined contribution postretirement benefit plans. | _____ |
| c. Description of the nature and effect of any significant changes during the period affecting comparability, such as a change in the employer contribution rate, a business combination, or a divestiture. | _____ |
(FASB ASC 715-70-50-1)
715-80 Multiemployer Plans
1. Apply the accounting and disclosure provisions of ASC 450, Contingencies, in situations where it is either reasonably possible or probable that
| (a) The employer would withdraw from the plan under circumstances resulting in an obligation to the plan for a portion of the unfunded pension plan benefit obligation, or | _____ |
| (b) The employer's contributions to the fund would be increased during the remainder of the contract period to make up for a shortfall in the funds needed to maintain the negotiated level of benefit coverage (referred to as a “maintenance of benefits” clause). | _____ |
(FASB ASC 715-80-50-2)
2. An employer shall apply the provisions of Topic 450 to its participation in a multiemployer plan if it is either probable or reasonably possible that either of the following would occur:
| a. An employer would withdraw from the plan under circumstances that would give rise to an obligation. | _____ |
| b. An employer's contribution to the fund would be increased during the remainder of the contract period to make up a shortfall in the funds necessary to maintain the negotiated level of benefit coverage (a maintenance of benefits clause). | _____ |
(FASB ASC 715-80-50-2)
Multiemployer Plans That Provide Pension Benefits
| 3. Provide the disclosures required by paragraphs 715-80-50-4 through 50-10 in annual financial statements. The disclosures of the employer's contributions made to the plan in paragraphs 715-80-50-4 through 50-10 include all items recognized as net pension costs. The disclosures based on the most recently available information are the most recently available through the date at which the employer has evaluated subsequent events. | _____ |
(FASB ASC 715-80-50-3)
| 4. For an employer that participates in a multiemployer plan that provides pension benefits, a narrative description both of the general nature of the multiemployer plans that provide pension benefits and of the employer's participation in the plans that would indicate how the risks of participating in these plans are different from single-employer plans. | _____ |
(FASB ASC 715-80-50-4)
5. When feasible, present the information required by this paragraph in a tabular format. Information that requires greater narrative description may be provided outside the table. For each individually significant multiemployer plan that provides pension benefits, disclose the following:
| a. Legal name of the plan. | _____ |
| b. The plan's Employer Identification Number and, if available, its plan number. | _____ |
| c. For each statement of financial position presented, the most recently available certified zone status provided by the plan, as currently defined by the Pension Protection Act of 2006 or a subsequent amendment of that Act. The disclosure shall specify the date of the plan's year-end to which the zone status relates and whether the plan has utilized any extended amortization provisions that affect the calculation of the zone status. If the zone status is not available, an employer shall disclose, as of the most recent date available, on the basis of the financial statements provided by the plan, the total plan assets and accumulated benefit obligations, whether the plan was: | |
| d. The expiration date(s) of the collective-bargaining agreement(s) requiring contributions to the plan, if any. If more than one collective-bargaining agreement applies to the plan, the employer shall provide a range of the expiration dates of those agreements, supplemented with a qualitative description that identifies the significant collective-bargaining agreements within that range as well as other information to help investors understand the significance of the collective-bargaining agreements and when they expire (for example, the portion of employees covered by each agreement or the portion of contributions required by each agreement). | _____ |
e. For each period that a statement of income (statement of activities for nonpublic entities) is presented:
f. As of the end of the most recent annual period presented:
Factors other than the amount of the employer's contribution to a plan, for example, the severity of the underfunded status of the plan, may need to be considered when determining whether a plan is significant.
(FASB ASC 715-80-50-5)
6. Provide a description of the nature and effect of any significant changes that affect comparability of total employer contributions from period to period, such as:
| a. A business combination or a divestiture | _____ |
| b. A change in the contractual employer contribution rate | _____ |
| c. A change in the number of employees covered by the plan during each year. | _____ |
(FASB ASC 715-80-50-6)
7. The requirements in paragraph 715-80-50-5 assume that the other information about the plan is available in the public domain. For example, for US plans, the plan information in Form 5500 is publicly available. In circumstances in which plan level information is not available in the public domain, disclose, in addition to the requirements of paragraphs 715-80-50-5 through 50-6, the following information about each significant plan:
| a. A description of the nature of the plan benefits | _____ |
| b. A qualitative description of the extent to which the employer could be responsible for the obligations of the plan, including benefits earned by employees during employment with another employer | _____ |
| c. Other quantitative information, to the extent available, as of the most recent date available, to help users understand the financial information about the plan, such as total plan assets, actuarial present value of accumulated plan benefits, and total contributions received by the plan. | _____ |
| d. If the quantitative information in paragraph 715-80-50-5(c), 715-80-50-5(e)(2), or 715-80-50-7(c) cannot be obtained without undue cost and effort, that quantitative information may be omitted and the employer shall describe what information has been omitted and why. In that circumstance, the employer also shall provide any qualitative information as of the most recent date available that would help users understand the financial information that otherwise is required to be disclosed about the plan. | |
(FASB ASC 715-80-50-7)
| 8. Disclosures about multiemployer plans that are subject to the guidance in the preceding paragraph shall be included in a separate section of the tabular disclosure required by paragraph 715-80-50-5. | _____ |
(FASB ASC 715-80-50-8)
9. In addition to the information about the significant multiemployer plans that provide pension benefits required by paragraphs 715-80-50-5 and 715-80-50-7, disclose in a tabular format for each annual period for which a statement of income or statement of activities is presented, both of the following:
| a. Its total contributions made to all plans that are not individually significant | _____ |
| b. Its total contributions made to all plans. | _____ |
(FASB ASC 715-80-50-9)
Multiemployer Plans That Provide Postretirement Benefits Other Than Pensions
10. An employer shall disclose the amount of contributions to multiemployer plans that provide postretirement benefits other than pensions for each annual period for which a statement of income or statement of activities is presented. The disclosures shall include a description of the nature and effect of any changes that affect comparability of total employer contributions from period to period, such as:
| a. A business combination or a divestiture | _____ |
| b. A change in the contractual employer contribution rate | _____ |
| c. A change in the number of employees covered by the plan during each year. | _____ |
The disclosures also shall include a description of the nature of the benefits and the types of employees covered by these benefits, such as medical benefits provided to active employees and retirees.
(FASB ASC 715-80-50-11)
718 Compensation—Stock Compensation
1. For an entity with one or more share-based payment arrangements, information that enables users of the financial statements to understand all of the following:
| a. The nature and terms of such arrangements that existed during the period and the potential effects of those arrangements on shareholders | _____ |
| b. The effect of compensation cost arising from share-based payment arrangements on the income statement | _____ |
| c. The method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted (or offered to grant), during the period | _____ |
| d. The cash flow effects resulting from share-based payment arrangements. | _____ |
This disclosure is not required for interim reporting.
(FASB ASC 718-10-50-1)
NOTE: If the reporting entity grants equity or liability instruments under multiple share-based payment arrangements with employees, the information specified in a. through e. is to be provided separately for each different type of award to the extent that differences in the awards' characteristics make separate disclosure important to understanding the way the reporting entity uses share-based compensation.
| 1. Plan description, including general terms of awards such as requisite service period(s) and other substantive conditions including vesting requirements, maximum contractual term of equity (or liability) share options or similar instruments, the number of shares authorized for awards of equity share options or other equity instruments, and the method used to measure compensation cost under share-based payment arrangements with employees. | _____ |
(FASB ASC 718-10-50-2a through 2b)
2. For the most recent year for which an income statement is provided
a. The number and weighted-average exercise prices (or conversion ratios) for each of the groups of share options or share units
(FASB ASC 718-10-50-2c1)
b. The number and weighted-average grant-date fair value (or calculated value or intrinsic value when permitted to be used) of equity instruments not specified in (1) above (such as shares of nonvested stock) for each of the following groups of equity instruments:
(FASB ASC 718-10-50-2c2)
c. For each year for which an income statement is provided
(FASB ASC 718-10-50-2d)
d. For fully vested share options (or share units) and share options expected to vest at the date of the latest statement of financial position
(FASB ASC 718-10-50-2e)
e. For awards not accounted for using the intrinsic value method, for each year for which an income statement is presented
(FASB ASC 718-10-50-2f)
| f. If an entity that grants equity or liability instruments under multiple share-based payment arrangements with employees, the information specified in paragraphs ASC 718-10-50 (a) through (f) separately for different types of awards to the extent that the differences in the characteristics of the awards make separate disclosure important to an understanding of the entity's use of share-based compensation. For example, separate disclosure of weighted-average exercise prices (or conversion ratios) at the end of the year for options (or share units) with a fixed exercise price (or conversion ratio) and those with an indexed exercise price (or conversion ratio); segregation of the number of options (or share units) not yet exercisable into those that will become exercisable (or convertible) based solely on fulfilling a service condition and those for which a performance condition must be met for the options (share units) to become exercisable (convertible), and separate disclosures for awards that are classified as equity and those classified as liabilities. In addition, an entity that has multiple share-based payment arrangements with employees must disclose information separately for different types of awards under those arrangements to the extent that differences in the characteristics of the awards make separate disclosure important to an understanding of the entity's use of share-based compensation. | _____ |
(FASB ASC 718-10-50-2g)
g. For each year for which an income statement is presented
(FASB ASC 718-10-50-2h)
| h. As of the latest statement of financial position date presented, the total compensation cost related to nonvested awards not yet recognized and the weighted average period over which it is expected to be recognized. | _____ |
(FASB ASC 718-10-50-2i)
| i. The amount of cash received from exercise of share options and similar instruments granted under share-based payment arrangements and the tax benefit realized from stock options exercised during the annual period. | _____ |
(FASB ASC 718-10-50-2j)
| j. The amount of cash used to settle equity instruments granted under share-based payment arrangements. | _____ |
(FASB ASC 718-10-50-2k)
| k. A description of the reporting entity's policy (if any) for issuing shares upon share option exercise (or share unit conversion), including the source of the shares (i.e., newly issued shares or treasury shares). If, as a result of this policy, the entity expects to repurchase shares in the following annual period, an estimate of the amount (or range, if more appropriate) of shares to be repurchased during that period. | _____ |
(FASB ASC 718-10-50-2l)
718-40 Employee Stock Ownership Plans (ESOP)
| 1. Description of the plan, including basis for determining contributions, groups covered, nature and effect of matters affecting comparability of information across periods. | _____ |
| 2. The basis for releasing shares by leveraged and pension reversion ESOP. | _____ |
| 3. Accounting policies pertinent to ESOP transactions. | _____ |
| 4. Compensation cost recognized during the period. | _____ |
| 5. Numbers of shares allocated, committed to be released, and held in suspense by the ESOP. | _____ |
| 6. Fair value amount of unearned compensation at year-end. | _____ |
| 7. Nature of any repurchase obligations and aggregate fair value thereof. | _____ |
| 8. If material, the amount and treatment in the EPS computation of the tax benefit related to dividends paid to any employee stock ownership plan. | _____ |
(FASB ASC 718-40-50-1)
720-20 Other Expenses—Insurance Costs
| 1. If the entity has changed from occurrence-based insurance to claims-made insurance or elects to significantly reduce or eliminate its insurance coverage, disclose if it is at least reasonably possible that a loss has been incurred and consider possible disclosures with respect to unasserted claims. (See 450-20-50-3 through 50-6 for additional details.) | _____ |
(FASB ASC 720-20-50-1)
720-35 Other Expenses—Advertising Costs
| 1. The accounting policy for reporting advertising, indicating whether such costs are expensed as incurred or the first time the advertising takes place. | _____ |
(FASB ASC 720-35-50-1a)
| 2. The total amount charged to advertising expense for each income statement presented. | _____ |
(FASB ASC 720-35-50-1b)
730 Research and Development
| 1. Total research and development costs charged to expense, including research and development costs incurred for a computer software product to be sold, leased, or otherwise marketed. | _____ |
(FASB ASC 730-10-50-1)
2. R&D arrangements
| a. Terms including royalties, purchase provisions, license agreements and funding. | _____ |
| b. Amounts earned and costs incurred each period for which an income statement is presented. | _____ |
(FASB ASC 730-20-50-1)
If a party to more than one research and development arrangement, aggregation of similar arrangements by type may be appropriate. Separately disclose each arrangement if necessary to understand the effects on the financial statements.
(FASB ASC 730-20-50-3)
740 Income Taxes
1. The components of the net deferred tax liability or asset recognized in an entity's statement of financial position shall be disclosed as follows:
| a. The total of all deferred tax liabilities. | _____ |
(FASB ASC 740-10-50-2a)
| b. The total of all deferred tax assets. | _____ |
(FASB ASC 740-10-50-2b)
| c. The total valuation allowance recognized for deferred tax assets. | _____ |
(FASB ASC 740-10-50-2c)
| 2. The net change during the year in the total valuation allowance. | _____ |
(FASB ASC 740-10-50-2)
3. Both of the following:
| a. The amounts and expiration dates of operating loss and tax credit carryforwards for tax purposes | _____ |
(FASB ASC 740-10-50-3a)
| b. Any portion of the valuation allowance for deferred tax assets for which subsequently recognized tax benefits will be credited directly to contributed capital (see paragraph 740-20-45-11). | _____ |
(FASB ASC 740-10-50-3b)
| 4. If a change in an entity's tax status becomes effective after year-end in Year 2 but before the financial statements for Year 1 are issued or are available to be issued, disclose in the entity's financial statements for Year 1 the change in the entity's tax status for Year 2 and the effects of that change, if material. | _____ |
(FASB ASC 740-10-50-4)
| 5. For a public entity, the approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets (before allocation of valuation allowances). | _____ |
(FASB ASC 740-10-50-6)
| 6. For a nonpublic entity, the types of significant temporary differences and carryforwards but may omit disclosure of the tax effects of each type. | _____ |
(FASB ASC 740-10-50-8)
7. State amounts allocated to
| a. Current tax expense or benefit. | _____ |
| b. Deferred tax expense or benefit (exclusive of the effects of other components listed below). | _____ |
| c. Investment tax or other credits. | _____ |
| d. Government grants (to the extent recognized as a reduction of income tax expense). | _____ |
| e. The benefits of operating loss carryforwards. | _____ |
| f. Tax expense that results from allocating certain tax benefits directly to contributed capital. | _____ |
| g. Adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the enterprise. | _____ |
| h. Adjustments of the beginning-of-the-year balance of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. | _____ |
(FASB ASC 740-10-50-9)
8. Amounts allocated to
| a. Continuing operations. | _____ |
| b. Discontinued operations. | _____ |
| c. Extraordinary items. | _____ |
| d. Cumulative effect of accounting changes. | _____ |
| e. Prior period adjustments. | _____ |
| f. Other comprehensive income | _____ |
| g. Items charged or credited directly to shareholders' equity. | _____ |
(FASB ASC 740-10-50-10)
| 9. Reconcile statutory tax rates to actual rates for significant items (nonpublic enterprises need only disclose the nature of significant reconciling items). | _____ |
(FASB ASC 740-10-50-11 through 13)
| 10. The nature and effect of any other significant matters affecting comparability of information for all periods presented. | _____ |
(FASB ASC 740-10-50-14)
11. All of the following at the end of each annual reporting period presented:
| a. The total amounts of interest and penalties recognized in the statement of operations and the total amounts of interest and penalties recognized in the statement of financial position | _____ | ||||||
b. For positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date:
|
|||||||
| c. A description of tax years that remain subject to examination by major tax jurisdictions. | _____ | ||||||
(FASB ASC 740-10-50-15)
12. For public entities, both of the following at the end of each annual reporting period presented:
a. A tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period, which shall include at a minimum:
b. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate.
(FASB ASC 740-10-50-15A)
| 13. For public entities, state if entity is not subject to income taxes because income is taxed directly to owners. State the net difference between tax and book bases of assets and liabilities. | _____ |
(FASB ASC 740-10-50-16)
14. If consolidated return filed, separately issued financial statements should state
| a. Amount of current and deferred tax expense for each income statement and the tax-related balances due to or from affiliates for each statement of financial position. | _____ |
| b. The method of allocating consolidated amounts of current and deferred tax expense and effects of any change in that methodology. | _____ |
(FASB ASC 740-10-50-17)
| 15. Policy on classification of interest and penalties in accordance with the alternatives permitted in paragraph 740-10-45-25 in the notes to the financial statements. | _____ |
(FASB ASC 740-10-50-19)
| 16. Method of accounting for the investment credit (deferral or flow-through method) and amounts involved, when material. | _____ |
(FASB ASC 740-10-50-20)
740-30 Income Taxes—Other Considerations or Special Areas
1. When a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes, the following information shall be disclosed:
| a. A description of the types of temporary differences for which a deferred tax liability has not been recognized and the types of events that would cause those temporary differences to become taxable. | _____ |
| b. The cumulative amount of each type of temporary difference. | _____ |
| c. The amount of the unrecognized deferred tax liability for temporary differences related to investments in foreign subsidiaries and foreign corporate joint ventures that are essentially permanent in duration if determination of that liability is practicable or a statement that determination is not practicable. | _____ |
| d. The amount of the deferred tax liability for temporary differences other than those in c. above (i.e., undistributed domestic earnings, the bad-debt reserve for tax purposes of a US savings and loan association or other qualified thrift lender, the policyholders' surplus of a life insurance enterprise, and the statutory reserve funds of a US steamship enterprise) that is not recognized. | _____ |
(FASB ASC 740-30-50-2)
740-270 Income Taxes—Interim Reporting
| 1. In the interim period financial statements, the reasons for significant variations in the customary relationship between income tax expense and pretax accounting income, if they are not otherwise apparent from the financial statements or from the nature of the entity's business. | _____ |
(FASB ASC 740-270-50-1)
BROAD TRANSACTIONS
805 Business Combinations
| 1. Business combinations occurring during the reporting period or after the reporting date but before the financial statements are issued. | _____ |
(FASB ASC 805-10-50-1)
2. The acquirer is to disclose the following information for each business combination that occurs during the reporting period
| a. The name and a description of the acquiree. | _____ |
| b. The acquisition date. | _____ |
| c. The percentage of voting equity interest acquired. | _____ |
| d. The primary reasons for the business combination and a description of how the acquirer obtained control over the acquiree. | _____ |
| e. For transactions that are recognized separately from the acquisition of assets and assumptions of liabilities in the business combination (see paragraph 805-10-25-20), a description of each transaction, how the acquirer accounted for each transaction, the amounts recognized for each transaction and the line item in the financial statements in which each amount is recognized, and if the transaction is the effective settlement of a preexisting relationship, the method used to determine the settlement amount. | _____ |
| f. For transactions required in (e), include the amount of acquisition-related costs, the amount recognized as an expense, and the line item or items in the income statement in which those expenses are recognized, and the amount of any issuance costs not recognized as an expense and how they were recognized. | _____ |
g. In a business combination achieved in stages, all of the following:
h. If the acquirer is a public business entity, all of the following:
i. If disclosure of any of the information required by (h) is impracticable, the acquirer discloses that fact and explains why the disclosure is impracticable.
(FASB ASC 805-10-50-2)
| 3. For individually immaterial business combinations occurring during the reporting period that are material collectively, discloses the information required by (e) through (h) in the preceding paragraph in the aggregate. | _____ |
(FASB ASC 805-10-50-3)
| 4. If the acquisition date is after the reporting date but before the financial statements are issued or available to be issued, disclose the information required by FASB ASC 805-20-50-2. If the accounting is incomplete at that time, describe which disclosures could not be made and why. | _____ |
(FASB ASC 805-10-50-4)
| 5. Disclose financial effects of adjustments during the current period that relate to business combinations that occurred in the current or previous reporting periods. | _____ |
(FASB ASC 805-10-50-5)
| 6. In a business combination, if the initial accounting for particular items is incomplete, disclose the reasons why, the items for which accounting is incomplete, and the nature and amount of any measurement period adjustments recognized during the reporting period. | _____ |
(FASB ASC 805-10-50-6)
| 7. If the specific disclosures do not meet the disclosure objectives of this Topic whatever additional information is necessary to meet those objectives. | _____ |
(FASB ASC 805-10-50-7)
805-20 Identifiable Assets and Liabilities and Any Noncontrolling Interest
1. Make the following disclosures for identifiable assets and liabilities and any noncontrolling interest.
a. For indemnification assets:
An estimate of the range of outcomes (undiscounted) or, if a range cannot be estimated, that fact and the reasons why. Disclose if the maximum amount of the payment is unlimited
b. For acquired receivables such as loans, direct finance leases under ASC 840, and any other class of receivables
| c. The amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. | _____ |
d. For contingencies, the following:
e. For each business combination in which the acquirer holds less than 100 percent of the equity interest in the acquiree, the fair value of the noncontrolling interest in the acquiree and the valuation technique and significant inputs used to measure the fair value.
(FASB ASC 805-20-50-1)
| 2. If individually immaterial business combinations occurring during the reporting period are material collectively, disclose the information in FAS ASC 805-20-50-1 in the aggregate. | _____ |
(FAS ASC 805-20-50-2)
| 3. If the acquisition date of a business combination is after the reporting date but before the financial statements are issued or are available to be issued (as discussed in Section 855-10-25), disclose the information required above. If the initial accounting for the business combination is incomplete at the time the financial statements are issued or are available to be issued, describe which disclosures could not be made and the reason why. | _____ |
(FAS ASC 805-20-50-3)
805-30 Goodwill or Gain from Bargain Purchase
1. For each business combination that occurs during the reporting period:
| a. A qualitative description of the factors that make up goodwill recognized (e.g., expected synergies from combining acquiree operations with those of the acquirer, intangible assets that do not qualify for recognition separately from goodwill, or other factors). | _____ |
| b. The acquisition-date fair value of the total consideration transferred and the acquisition-date fair value of each major classs of consideration, such as cash, other tangible or intangible assets, liabilities incurred, equity interests of the acquirer. | _____ |
| c. For contingent consideration arrangements, the amount recognized as of the acquisition date, a description of the arrangement and the basis for determining the payment, an estimate of the range of outcomes or the reason why a range cannot be estimated, and if the maximum amount of the payment is unlimited. | _____ |
| d. The total amount of goodwill that is expected to be deductible for tax purposes. | _____ |
| e. If the acquirer is required to disclose segment information, the goodwill by segment. If the assignment of goodwill to reporting units has not been completed on the financial statements' issuance date, the acquirer is to disclose that fact. | _____ |
| f. Bargain purchases | _____ |
(FASB ASC 805-30-50-1)
| 2. If business combinations occurring during the reporting period are individually immaterial, but material collectively, information required by the preceding paragraph in the aggregate. | _____ |
(FASB ASC 805-30-50-2)
| 3. If the acquisition date of a business combination is after the reporting date but before the financial statements are issued or are available to be issued, the information required by paragraph 805-30-50-1. If the accounting for the business combination is incomplete at the time the financial statements are issued or are available to be issued, describe which disclosures could not be made and the reason why they could not be made. | _____ |
(FASB ASC 805-30-50-3)
4. For each material business combination or in the aggregate for individually immaterial business combinations that are material collectively:
a. For each reporting period after the acquisition date until the entity collects, sells, or otherwise loses the right to a contingent consideration asset, or until the entity settles a contingent consideration liability or the liability is cancelled or expires, all of the following:
b. A reconciliation of the carrying amount of goodwill at the beginning and end of the reporting period as required by paragraph 350-20-50-1.
(FASB ASC 805-30-50-4)
805-50 Business Combinations—Related Issues
| 1. The nature of and effects on earnings per share (EPS) of nonrecurring intra-entity transactions involving long-term assets and liabilities. | _____ |
(FASB ASC 805-50-50-2)
2. In the notes to financial statements of the receiving entity, the following for the period in which the transfer of assets and liabilities or exchange of equity interests occurred:
| a. The name and brief description of the entity included in the reporting entity as a result of the net asset transfer or exchange of equity interests | _____ |
| b. The method of accounting for the transfer of net assets or exchange of equity interests. | _____ |
(FASB ASC 805-50-50-3)
808 Collaborative Arrangements
1. In the initial interim or annual period and all annual periods thereafter, a participant to a collaborative arrangement discloses the following information. Disclose this information separately for each individually significant collaborative arrangement
| a. Information regarding the nature and purpose of its collaborative arrangements. | _____ |
| b. The entity's rights and obligations under the arrangements. | _____ |
| c. The accounting policy for collaborative arrangements. | _____ |
| d. The amounts attributable to transactions arising from the collaborative arrangement between participants for each period an income statement is presented and their classification in the income statement. | _____ |
(FASB ASC 808-10-50-1)
810 Consolidations
Consolidation Policy
| 1. Consolidated financial statements shall disclose the consolidation policy that is being followed. In most cases this can be made apparent by the headings or other information in the financial statements, but in other cases a footnote is required. | _____ |
(FASB ASC 810-10-50-1)
2. A parent with one or more less-than-wholly-owned subsidiaries discloses for each reporting period:
| a. Separately on the face of the consolidated financial statements, the amounts of consolidated net income and consolidated comprehensive income and the related amounts of each attributable to the parent and the noncontrolling interest. | _____ |
b. Either on the face of the consolidated income statement or in the notes, amounts attributable to the parent for the following items, if reported in the consolidated financial statements
c. Either in the consolidated statement of changes in equity if presented, or in the notes, a reconciliation of beginning of period and end of period carrying amounts of total equity, equity attributable to the parent, and equity attributable to the noncontrolling interest, separately disclosing
| d. A separate schedule in the notes to the consolidated financial statements showing the effects of any changes in the parent's ownership interest in a subsidiary on the equity attributable to the parent. | _____ |
(FASB ASC 810-10-50-1A)
3. If a subsidiary is deconsolidated during the reporting period, the parent is to disclose
| a. The amount of gain or loss recognized. | _____ |
| b. The portion of any gain or loss that relates to the remeasurement to fair value of any investment retained by the former parent in its former subsidiary. | _____ |
| c. The caption in the income statement in which the gain or loss is recognized unless presented separately on the face of the income statement. | _____ |
| d. Description of the valuation techniques used to measure the fair value of the former investment. | _____ |
| e. Enough information for users to assess the inputs used in the development of fair value of the former investment. | _____ |
| f. The nature of any continuing involvement with the entity acquiring the assets. | _____ |
| g. Whether the transaction was with a related party. | _____ |
| h. Whether the former subsidiary or entity acquiring the assets will be a related party after the deconsolidation. | _____ |
(FASB ASC 810-10-50-1B)
A Change in the Difference Between Parent and Subsidiary Fiscal Year-Ends
| 4. For all entities that change (or eliminate) a previously existing difference between the reporting periods of a parent and a consolidated entity or an investor and an equity method investee, the disclosures required by Topic 250. This paragraph does not apply in situations in which a parent entity or an investor changes its fiscal year-end. | _____ |
(FASB ASC 810-10-50-2)
5. Disclosures to be made by the primary beneficiary of a variable interest entity (unless that party also holds a majority voting interest). The principal objectives of these disclosures are to provide the users of the financial statements with information to enable an understanding of:
| a. the significant judgments and assumptions made by management in determining whether it must consolidate a VIE and/or disclose information about its involvement in a VIE; | _____ |
| b. the nature of restrictions on a consolidated VIE's assets and on the settlement of its liabilities reported by a reporting entity in its statement of financial position, including the carrying amounts of such assets and liabilities; | _____ |
| c. the nature of, and changes in, the risks associated with the reporting entity's involvement with the VIE; and | _____ |
| d. how a reporting entity's involvement with the VIE affects its financial position, financial performance, and cash flows. | _____ |
(FASB ASC 810-10-50-2AA)
Primary Beneficiary
6. The primary beneficiary of a VIE that is a business is to provide the disclosures required by other guidance. The primary beneficiary of a VIE that is not a business is to disclose the amount of any gain or loss recognized on the initial consolidation of the VIE. In addition to other disclosures required by this topic, the primary beneficiary (PB) of a VIE is to disclose the following:
| a. The carrying amounts and classification of the VIE's assets and liabilities in the statement of financial position that are consolidated, including qualitative information about the relationships between those assets and liabilities. | _____ |
| b. Lack of recourse if creditors (or holders of beneficial interests) of a consolidated VIE have no recourse to the general credit of the PB. | _____ |
| c. Terms or arrangements, giving consideration to both explicit arrangements and implicit variable interests that could require the reporting entity to provide financial support to the VIE, including events or circumstances that could expose the reporting entity to a loss. | _____ |
(FASB ASC 810-10-50-3)
7. In addition to disclosure required by other guidance, a reporting entity that holds a variable interest in a VIE but is not the VIE's primary beneficiary is to disclose
| a. The carrying amounts and classification of the assets and liabilities in the statement of financial position of the reporting entity that relate to the reporting entity's variable interest in the VIE. | _____ |
| b. The entity's maximum exposure to loss as a result of its involvement with the VIE, including how the maximum exposure is determined and the significant sources of the reporting entity's exposure to the VIE. If management is unable to quantify the maximum exposure to loss, that fact is to be disclosed. | _____ |
| c. A tabular comparison of the carrying amounts of the assets and liabilities, as required in a above, and the enterprise's maximum exposure to loss as required in b above. Management is to provide qualitative and quantitative information to enable financial statement users to understand the differences between the two amounts. The discussion is to include, but not be limited to, the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, that could require the reporting entity to provide financial support to the VIE (such as liquidity arrangements and obligations to purchase assets), including events or circumstances that could expose the reporting entity to loss. | _____ |
| d. Encouraged but not required, information regarding any liquidity arrangements, guarantees, and/or other commitments by third parties that may affect the fair value or risk of the reporting entity's VIE is encouraged to be provided. | _____ |
| e. If applicable, significant factors and judgments made in determining the power to direct the activities of a VIE that most significantly impact the VIE's economic performance is shared. | _____ |
(FASB ASC 810-10-50-4)
8. A reporting entity that is a primary beneficiary of a VIE or a reporting entity that holds a variable interest in a VIE but is not the entity's primary beneficiary is to disclose
| a. The methodology used to determine whether the reporting entity is the PB of a VIE, including, but not limited to, significant judgments and assumptions made. | _____ |
| b. If facts and circumstances change, resulting in a change to the conclusion to consolidate a VIE in the most recent financial statements, the primary factors that caused the change and the effect on the financial statements of the reporting entity. | _____ |
| c. Whether the reporting entity has provided financial or other support (explicitly or implicitly) during the periods presented to the VIE that it was not previously contractually required to provide or whether the reporting entity intends to provide that support, including both of the following
|
|
| d. Qualitative and quantitative information about the reporting entity's involvement with the VIE (considering both explicit arrangements and implicit variable interest) including, but not limited to, the nature, purpose, size, and activities of the VIE, and how the VIE is financed. | _____ |
(FASB ASC 810-10-50-5A)
| 9. A VIE may issue voting equity interests, and the entity that holds a majority voting interest also may be the primary beneficiary of the VIE. If so, and if the VIE meets the definition of a business and the VIE's assets can be used for purposes other than the settlement of the VIE's obligations, the disclosures in the preceding paragraph are not required. | _____ |
(FASB ASC 810-10-50-5B)
10. An enterprise that does not apply ASC 810 to one or more VIE or potential VIE because after exhaustive efforts it is unable to obtain the necessary information is to make the following disclosures:
| a. The number of legal entities to which ASC 810 is not being applied and the reason why the information required to apply ASC 810 is not available. | _____ |
| b. The nature, purpose, size (if the information is available), and activities of the VIE or potential VIE and the nature of the enterprise's involvement with those entities. | _____ |
| c. The enterprise's maximum exposure to loss as a result of its involvement with the entity or entities | _____ |
| d. The amount of income, expense, purchases, sales, or other measure of activity between the reporting enterprise and the entity (entities) for all periods presented. (If not practicable to present the prior period information in the first set of financial statements to which this requirement applies, that prior period information may be omitted.) | _____ |
(FASB ASC 810-10-50-6)
11. Disclosures about VIEs may be reported in the aggregate for similar entities if separate reporting would not provide more useful information to financial statement users. A reporting entity shall disclose how similar entities are aggregated and shall distinguish between:
| a. VIEs that are not consolidated because the reporting entity is not the primary beneficiary but has a variable interest | _____ |
| b. VIEs that are consolidated. | _____ |
In determining whether to aggregate VIEs, the reporting entity shall consider quantitative and qualitative information about the different risk and reward characteristics of each VIE and the significance of each VIE to the entity. The disclosures shall be presented in a manner that clearly explains to financial statement users the nature and extent of an entity's involvement with VIEs.
(FASB ASC 810-10-50-9)
815 Derivatives and Hedging
1. Entities with derivative instruments are to disclose information that will enable users of the financial statements to understand
| a. How and why the entity uses derivatives. | _____ |
| b. How derivatives and related hedged items are accounted for. | _____ |
| c. How derivatives and related hedged items affect the entity's financial position, financial performance, and cash flows. | _____ |
(FASB ASC 815-10-50-1)
2. Entities that hold or issue derivative instruments (or nonderivative instruments that are designated and qualify as hedging instruments) are to disclose the following information for every interim and annual reporting period for which a statement of financial position and income statement are presented:
| a. The objectives for holding or issuing those instruments. | _____ |
| b. The context needed to understand those objectives. | _____ |
| c. The strategies for achieving those objectives. | _____ |
| d. Information to enable users of the financial statements to understand the volume of the entity's derivative activity. | _____ |
(FASB ASC 815-10-50-1A)
| 3. The entity is to select the format and specifics of these volume-related disclosures that are most relevant and practical for their individual facts and circumstances. Information regarding these instruments is to be disclosed in the context of each instrument's underlying risk exposure (e.g., interest rate, credit, foreign exchange rate, or overall price). These instruments are also to be distinguished between those used for risk management purposes and those used for other purposes. Derivatives used for risk management purposes include those designated as hedging instruments as well as those used as economic hedges for other purposes with respect to the risk exposures of the entity. | _____ |
(FASB ASC 815-10-50-1B)
| 4. The description is to distinguish between hedging instruments designated as fair value hedges, cash flow hedges, and hedges of foreign currency exposure in a net investment in a foreign operation, and derivative instruments used as economic hedges and for other purposes related to the entity's risk exposures, and for other purposes. | _____ |
(FASB ASC 815-10-50-2)
| 5. For derivatives not designated as hedging instruments, the description is to indicate the purpose of the derivative activity for which the derivatives are held or issued. | _____ |
(FASB ASC 815-10-50-4)
| 6. Present, in a tabular format, all of the following information regarding the location and fair value amounts of derivative instruments reported in the statement of financial position. | _____ |
7. For an entity that holds or issues derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments pursuant to paragraphs 815-20-25-58 and 815-20-25-66), disclose all of the following for every annual and interim reporting period for which a statement of financial position and statement of financial performance are presented:
| a. The location and fair value amounts of derivative instruments (and such nonderivative instruments) reported in the statement of financial position | _____ |
b. The location and amount of the gains and losses on derivative instruments (and such nonderivative instruments) and related hedged items reported in any of the following:
(FASB ASC 815-10-50-4A)
8. For the disclosures required by paragraph a above:
| a. Present the fair value of derivative instruments on a gross basis even when the instruments are subject to master netting arrangements and qualify for net presentation in the statement of financial position under ASC 815-10-45. | _____ |
| b. Cash collateral payables and receivables associated with derivative instruments are not to be added to or netted against the fair value amounts. | _____ |
| c. Present fair value amounts as separate asset and liability values segregated between derivatives designated and qualifying as hedging instruments and those that are not. Within each of these two broad categories, fair value amounts are to be presented separately by type of derivative contract (e.g., interest rate contracts, foreign exchange contracts, equity contracts, commodity contracts, credit contracts, etc.). | _____ |
| d. The disclosure is to identify the line item or items in the statement of financial position in which the fair value amounts for these categories are included. | _____ |
Present amounts required to be reported for nonderivative instruments at the carrying value of the nonderivative hedging instrument, which includes the adjustment for the foreign currency transaction gain or loss on that instrument.
(FASB ASC 815-10-50-4B)
9. For the gains and losses disclosed pursuant to paragraph 815-10-50-4A(b) present separately for all of the following by type of contract (as discussed in the following paragraph):
| a. Derivative instruments designated and qualifying as fair value hedges and the related hedged items. | _____ |
| b. The effective portion of gains and losses on derivative instruments designated and qualifying in cash flow hedges and net investment hedges that was recognized in OCI during the current period. | _____ |
| c. The effective portion of gains and losses on derivative instruments designated and qualifying as cash flow hedges and net investment hedges recorded in accumulated other comprehensive income (AOCI) during the term of the hedging relationship and reclassified to earnings during the current period. | _____ |
| d. The portion of gains and losses on derivative instruments designated and qualifying in cash flow hedges and net investment hedges representing
|
|
| e. Derivative instruments not designated or qualifying as hedging instruments. | _____ |
(FASB ASC 815-10-50-4C)
10. Disclosures required by FASB ASC 815-10-50-4C shall both
| a. Be presented separately by type of contract (e.g., interest rate, foreign exchange, equity, commodity, credit, and other contracts) and | _____ |
| b. Identify the line item in the statement of financial position in which the gains and losses for these categories are included. | _____ |
(FASB ASC 815-10-50-4D)
| 11. Present, in a tabular format, the disclosures required by 815-10-40-4A(a) and 50-4A(b), except for the information required for hedged items by 815-10-50-4C(a). For a derivative instrument where a portion is a hedging instrument and a portion is not a hedging instrument, allocate the related amounts to the appropriate categories with the disclosure table. | _____ |
(FASB ASC 815-10-50-4E)
12. For derivative instruments that are not designated or qualifying as hedging instruments, if the entity's policy is to include these derivative instruments in its trading activities (such as part of a trading portfolio that includes derivative and nonderivative or cash instruments), management can elect not to separately disclose gains and losses as required by FASB ASC 815-10-50-4C(e), provided all of the following information is disclosed
| a. The gains and losses on its trading activities (including both derivative and nonderivative instruments) recognized in the income statement, separately by major types of items (e.g., fixed income/interest rates, foreign exchange, equity, commodity, and credit). | _____ |
| b. The line items in the income statement that include gains and losses from trading activities. | _____ |
| c. A description of the nature of the entity's trading activities and related risks and how the entity manages those risks. | _____ |
If the disclosure is elected, include a footnote in the required tables referencing the use of the alternative disclosures for trading activities.
(FASB ASC 815-10-50-4F)
Credit-Risk-Related Contingent Features
13. For derivative instruments and nonderivative hedging instruments, disclose all of the following:
| a. The existence and nature of credit-risk-related contingent features | _____ |
| b. The circumstances that could trigger the features in derivative instruments that are in a net liability position at the end of the reporting period. | _____ |
| c. The aggregate fair value amounts of derivative instruments that contain credit-risk-related contingent features that are in a net liability position at the end of the reporting period. | _____ |
| d. The aggregate fair value of assets that are already posted as collateral at the end of the reporting period, and | _____ |
| e. The aggregate fair value of additional assets that would be required to be posted as collateral, and/or | _____ |
| f. The aggregate fair value of assets needed to settle the instrument immediately, if the credit-risk-related contingent features were triggered at the end of the reporting period. | _____ |
| g. The amounts required to be reported for nonderivative instruments designated and qualifying as hedging instruments are the carrying value of the nonderivative hedging instrument, including the adjustment for the foreign currency transaction gain or loss on that instrument. | _____ |
(FASB ASC 815-10-50-4H)
Information in More than One Footnote
| 14. If information about derivative instruments (or nonderivative instruments that are designated and qualify as hedging instruments) is disclosed in more than a single note, cross-reference from the derivative note to other notes in which derivative-related information is disclosed. | _____ |
(FASB ASC 815-10-50-4I)
Credit Derivatives
| 15. Credit derivatives disclosures are to be made by the seller (the party that assumes credit risk), which could be a guarantor in a guarantee-type contact, and any party that provides the credit protection in an option-type contract, a credit default swap, or any other credit derivative contract. | _____ |
(FASB ASC 815-10-50-4J)
16. The seller of credit derivatives is to disclose information about its credit derivatives and hybrid instruments that have embedded credit derivatives to enable users of the financial statements to assess their potential effect on the seller's financial position, financial performance and cash flows for each statement of financial position presented. The seller of a credit derivative should disclose the following information and
a. The nature of the credit derivative, including
b. All of the following information about the maximum potential amount of future payments under the credit derivative:
| c. The fair value of the credit derivative as of the date of the statement of financial position. | _____ |
| d. The nature of any recourse provisions that would enable the seller to recover from third parties any of the amounts paid under the credit derivative. | _____ |
| e. Any assets held either as collateral or by third parties that, upon the occurrence of any specified triggering event or condition under the credit derivative, the seller can obtain and liquidate to recover all or a portion of the amounts paid under the credit derivative | _____ |
| f. If estimable, the approximate extent to which the proceeds from liquidation of assets held either as collateral or by third parties would be expected to cover the maximum potential amount of future payments under the credit derivative. In its estimate of potential recoveries, the seller of credit protection shall consider the effect of any purchased credit protection with identical underlying(s). | _____ |
| g. These disclosures do not apply to an embedded derivative feature related to the transfer of credit risk that is only in the form of subordination of one financial instrument to another. | _____ |
(FASB ASC 815-10-50-4K)
Qualitative Disclosures
17. Qualitative disclosures about an entity's objectives and strategies for using derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments pursuant to paragraphs 815-20-25-58 and 815-20-25-66) may be more meaningful if such objectives and strategies are described in the context of an entity's overall risk exposures relating to all of the following:
| a. Interest rate risk | _____ |
| b. Foreign exchange risk | _____ |
| c. Commodity price risk | _____ |
| d. Credit risk | _____ |
| e. Equity price risk. | _____ |
Those additional qualitative disclosures, if made, should include a discussion of those exposures even though the entity does not manage some of those exposures by using derivative instruments. An entity is encouraged, but not required, to provide such additional qualitative disclosures about those risks and how they are managed.
(FASB ASC 815-10-50-5)
Unconditional Purchase Obligations
| 18. If an unconditional purchase obligation is subject to the requirements of both Topic 440 and subtopic 815-10-50, comply with both sets of disclosure requirements. | _____ |
(FASB ASC 815-10-50-6)
Balance Sheet Offsetting
| 19. Disclose the policy to offset or not offset in accordance with paragraph 815-10-45-6. | _____ |
(FASB ASC 815-10-50-7)
The information required by paragraphs 210-20-50-1 through 50-6 for all recognized derivative instruments accounted for in accordance with Topic 815, including bifurcated embedded derivatives, which are either:
- Offset in accordance with either Section 210-20-45 or Section 815-10-45
- Subject to an enforceable master netting arrangement or similar agreement.
(FASB ASC 815-10-50-7A)
20. Disclose the amounts recognized at the end of each reporting period for the right to reclaim cash collateral or the obligation to return cash collateral as follows:
| a. A reporting entity that has made an accounting policy decision to offset fair value amounts shall separately disclose amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral that have been offset against net derivative positions in accordance with paragraph 815-10-45-5. | _____ |
| b. A reporting entity shall separately disclose amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral under master netting arrangements that have not been offset against net derivative instrument positions. | _____ |
| c. A reporting entity that has made an accounting policy decision to not offset fair value amounts shall separately disclose the amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral under master netting arrangements. | _____ |
(FASB ASC 815-10-50-8)
Certain Contracts on Debt and Equity Securities
| 21. Disclose the accounting policy for the premium paid to acquire an option that is classified as held to maturity or available for use. | _____ |
(FASB ASC 815-10-50-9)
815-15 Embedded Derivatives
Hybrid Instruments That Are Not Separated
| 1. With respect to hybrid instruments that have embedded credit derivatives, the seller of the embedded credit derivative is to disclose the required information for the entire hybrid instrument, not just the embedded credit derivatives. | _____ |
(FASB ASC 815-15-50-1)
| 2. Information that will allow users to understand the effect of changes in fair value of hybrid financial instruments measured at fair value under the election and under the practicability exception in paragraph 815-15-30-1 on earnings. | _____ |
(FASB ASC 815-15-50-2)
Embedded Conversion Option That Is No Longer Bifurcated
3. Disclose both of the following for the period in which an embedded conversion option previously accounted for as a derivative instrument no longer meets the separation criteria under this subtopic:
| a. A description of the principal changes causing the embedded conversion option to no longer require bifurcation. | _____ |
| b. The amount of the liability for the conversion option reclassified to stockholders' equity. | _____ |
815-25 Fair Value Hedges
1. Disclosures for every interim and annual reporting period for which a statement of financial position and income statement are presented are to include the following for derivative instruments as well as nonderivative instruments that may give rise to foreign currency transaction gains or losses under ASC 830-20, that have been designated and have qualified as fair value hedging instruments and for the related hedged items
a. The net gain or loss recognized in net income during the reporting period representing
| b. The amount of net gain or loss recognized in net income when a hedged firm commitment no longer qualifies as a fair value hedge. | _____ |
(FASB ASC 815-25-50-1)
815-30 Cash Flow Hedges
1. For cash flow hedges
a. For derivative instruments that have been designated and have qualified as cash flow hedging instruments and for the related hedging transactions
(FASB ASC 815-30-50-1)
2. As part of the disclosures of accumulated other comprehensive income, pursuant to paragraph 220-10-45-14 through 45-14A, separately disclose all of the following:
| a. The beginning and ending accumulated derivative instrument gain or loss | _____ |
| b. The related net change associated with current period hedging transactions | _____ |
| c. The net amount of any reclassification into earnings. | _____ |
(FASB ASC 815-30-50-2)
815-35 Net Investment Hedges
| 1. Quantitative disclosures about derivative instruments may be more useful and less likely to be considered out of context or otherwise misunderstood, if similar information is disclosed about other financial instruments or nonfinancial assets and liabilities to which the derivative instruments are related by activity. In those situations, management is encouraged, but not required, to present a more complete picture of its activities by disclosing that information. | _____ |
(FASB ASC 815-35-50-1)
815-40 Contracts in Entity's Own Entity
| 1. Disclose changes in the fair value of all contracts classified as assets or liabilities. | _____ |
(FASB ASC 815-40-50-1)
| 2. If the contracts meet the definition for a derivative instrument, present disclosures required for derivatives. | _____ |
(FASB ASC 815-40-50-2)
Reclassifications and Related Accounting Policy Disclosures
| 3. Disclose contract classifications, the reason for the reclassification, and the effect on the financial statements. | _____ |
(FASB ASC 815-40-50-3)
| 4. Accounting policy decision regarding the determination of how to partially reclassify contracts subject to this Subtopic. | _____ |
(FASB ASC 815-40-50-4)
Interaction with Disclosures About Capital Structure
5. The disclosures required by ASC Topic 505-10, Equity—Overall apply to all contracts within the scope of ASC Topic 815-40 as follows:
a. For an option or forward contract indexed to the issuer's equity:
b. If the terms of the contract provide settlement alternatives, those settlement alternatives, including both of the following:
| c. For a contract does not have a fixed or determinable maximum number of shares that may be required to be issued, the fact that a potentially infinite number of shares could be required to be issued to settle the contract | _____ |
| d. A contract's current fair value for each settlement alternative (denominated, as relevant, in monetary amounts or quantities of shares) and how changes in the price of the issuer's equity instruments affect those settlement amounts (For some issuers, a tabular format may provide the most concise and informative presentation of these data.) | _____ |
| e. The disclosures required by paragraph 505-10-50-11 for any equity instrument in the scope of this Subtopic that is (or would be if the issuer were a public entity) classified as temporary equity. (That paragraph applies to redeemable stock issued by nonpublic entities, regardless of whether the private entity chooses to classify those securities as temporary equity.) | _____ |
(FASB ASC 815-40-50-5)
815-45 Weather Derivatives
| 1. Entities that enter into weather derivatives contracts follow the disclosure requirements under ASC 825-10. | _____ |
(FASB ASC 815-45-50-1)
820 Fair Value
Notes to the preparer
- Unless otherwise indicated, the disclosures included in this section are required to be presented in interim and annual financial statements.
- Disclosures required to be made separately for each major category of assets and liabilities measured at fair value on a recurring basis in periods subsequent to initial recognition.
- Quantitative Disclosures required by FASB ASC 820-10-50 should be presented in tabular format.
(FASB ASC 820-10-50-8)
1. Disclose information that allows users to assess:
| a. For assets and liabilities that are measured at fair value on a recurring or nonrecurring basis in the periods subsequent to initial recognition, the valuation techniques and inputs used to develop those measurements | _____ |
| b. For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on earnings (or changes in net assets) or other comprehensive income for the period. | _____ |
(FASB ASC 820-10-50-1)
2. To meet the reporting objectives, consider all of the following:
| a. The level of detail necessary to satisfy the disclosure requirements | _____ |
| b. How much emphasis to place on each of the various requirements | _____ |
| c. How much aggregation or disaggregation to undertake | _____ |
| d. Whether users of financial statements need additional information to evaluate the quantitative information disclosed. | _____ |
(FASB ASC 820-10-50-1A)
3. For each class of assets and liabilities measured at fair value in the statement of financial position after initial recognition:
| a. For recurring and nonrecurring fair value measurements, the fair value measurement at the end of the reporting period, and for nonrecurring fair value measurements, the reasons for the measurement. Recurring fair value measurements of assets or liabilities are those that other Topics require or permit in the statement of financial position at the end of each reporting period. Nonrecurring fair value measurements of assets or liabilities are those that other Topics require or permit in the statement of financial position in particular circumstances (for example, when a reporting entity measures a long-lived asset or disposal group classified as held for sale at fair value less costs to sell in accordance with Topic 360 because the asset's fair value less costs to sell is lower than its carrying amount. | _____ |
b. For recurring and nonrecurring fair value measurements, the level of the fair value hierarchy within which the fair value measurements are categorized in their entirety (Level 1, 2, or 3).
c. For recurring fair value measurements categorized within Level 3 of the fair value hierarchy, a reconciliation from the opening balances to the closing balances, disclosing separately changes during the period attributable to the following:
| d. For recurring fair value measurements categorized within Level 3 of the fair value hierarchy, the amount of the total gains or losses for the period in (c)(1) included in earnings (or changes in net assets) that is attributable to the change in unrealized gains or losses relating to those assets and liabilities held at the end of the reporting period, and the line item(s) in the statement of income (or activities) in which those unrealized gains or losses are recognized. | _____ |
| e. For recurring and nonrecurring fair value measurements categorized within Level 3 of the fair value hierarchy, a description of the valuation processes used by the reporting entity (including, for example, how an entity decides its valuation policies and procedures and analyzes changes in fair value measurements from period to period). | _____ |
| f. For recurring fair value measurements categorized within Level 3 of the fair value hierarchy, a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs to a different amount might result in a significantly higher or lower fair value measurement. If there are interrelationships between those inputs and other unobservable inputs used in the fair value measurement, a reporting entity shall also provide a description of those interrelationships and of how they might magnify or mitigate the effect of changes in the unobservable inputs on the fair value measurement. To comply with that disclosure requirement, the narrative description of the sensitivity to changes in unobservable inputs shall include, at a minimum, the unobservable inputs disclosed when complying with paragraph 820-10-50-2(bbb). | _____ |
| g. For recurring and nonrecurring fair value measurements, if that of a nonfinancial asset differs from its current use, a reporting entity shall disclose that fact and why the nonfinancial asset is being used in a manner that differs from its highest and best use. | _____ |
(FASB ASC 820-10-50-2)
| 4. Determine the appropriate classes of assets and liabilities on the basis of the nature, characteristics, and risks of the asset or liability and the level of the fair value hierarchy within which the fair value measurement is categorized. | _____ |
The number of classes may need to be greater for fair value measurements categorized within Level 3 of the fair value hierarchy because those measurements have a greater degree of uncertainty and subjectivity. Determining appropriate classes of assets and liabilities for which disclosures about fair value measurements should be provided requires judgment. A class of assets and liabilities will often require greater disaggregation than the line items presented in the statement of financial position. However, a reporting entity shall provide information sufficient to permit reconciliation to the line items presented in the statement of financial position. If another Topic specifies the class for an asset or a liability, a reporting entity may use that class in providing the disclosures required in this Topic if that class meets the requirements in this paragraph.
(FASB ASC 820-10-50-2B)
| 5. Disclose the policy for determining when transfers between levels of the fair value hierarchy are deemed to have occurred in accordance with paragraph 820-10-50-2(bb) and (c)(3). The policy about the timing of recognizing transfers shall be the same for transfers into the levels as for transfers out of the levels. | _____ |
(FASB ASC 820-10-50-2C)
| 6. Disclose an accounting policy decision to use the exception in paragraph 820-10-35-18D regarding net positions for groups of assets. The policy about the timing of recognizing transfers shall be the same for transfers into the levels as for transfers out of the levels. | _____ |
(FASB ASC 820-10-50-2D)
| 7. If a class of assets and liabilities is not measured at fair value in the statement of financial position, but the fair value is disclosed, disclose the level of the fair value hierarchy used to measure the items; for Level 2 and 3 items, disclose the valuation techniques and inputs used; and if the highest and best use of a nonfinancial asset is not its current use, disclose that and explain why. | _____ |
(FASB ASC 820-10-50-2E)
| 8. A nonpublic entity is not required to disclose the information required by paragraph 820-10-50-2(bb) and (g) and paragraph 820-10-50-2E unless required by another Topic. | _____ |
(FASB ASC 820-10-50-2F)
9. For derivative assets and liabilities, the reporting entity shall present both of the following:
| a. The fair value disclosures required by paragraph 820-10-50-2(a) through (bb) on a gross basis (which is consistent with the requirement of paragraph 815-10-50-4B[a]) | _____ |
| b. The reconciliation disclosure required by paragraph 820-10-50-2(c) through (d) on either a gross or a net basis. | _____ |
(FASB ASC 820-10-50-3)
| 10. For a liability measured at fair value and issued with an inseparable third-party credit enhancement, disclose the existence of that credit enhancement. | _____ |
(FASB ASC 820-10-50-4A)
11. For investments that are within the scope of paragraphs 820-10-15-4 through 15-5 (regardless of whether the practical expedient in paragraph 820-10-35-59 has been applied) and measured at fair value on a recurring or nonrecurring basis during the period, a reporting entity shall disclose information that helps users of its financial statements to understand the nature and risks of the investments and whether the investments are probable of being sold at amounts different from net asset value per share (or its equivalent, such as member units or an ownership interest in partners' capital to which a proportionate share of net assets is attributed). To meet that objective, to the extent applicable, a reporting entity shall disclose, at a minimum, the following information for each class of investment:
| a. The fair value measurement (as determined by applying paragraphs 820-10-35-59 through 35-62) of the investments in the class at the reporting date and a description of the significant investment strategies of the investee(s) in the class. | _____ |
| b. For each class of investment that includes investments that can never be redeemed with the investees, but the reporting entity receives distributions through the liquidation of the underlying assets of the investees, the reporting entity's estimate of the period of time over which the underlying assets are expected to be liquidated by the investees. | _____ |
| c. The amount of the reporting entity's unfunded commitments related to investments in the class. | _____ |
| d. A general description of the terms and conditions upon which the investor may redeem investments in the class (for example, quarterly redemption with 60 days' notice). | _____ |
| e. The circumstances in which an otherwise redeemable investment in the class (or a portion thereof) might not be redeemable (for example, investments subject to a lockup or gate). Also, for those otherwise redeemable investments that are restricted from redemption as of the reporting entity's measurement date, the reporting entity shall disclose its estimate of when the restriction from redemption might lapse. If an estimate cannot be made, the reporting entity shall disclose that fact and how long the restriction has been in effect. | _____ |
| f. Any other significant restriction on the ability to sell investments in the class at the measurement date. | _____ |
| g. If a reporting entity determines that it is probable that it will sell an investment(s) for an amount different from net asset value per share (or its equivalent) as described in paragraph 820-10-35-62, the reporting entity shall disclose the total fair value of all investments that meet the criteria in paragraph 820-10-35-62 and any remaining actions required to complete the sale. | _____ |
| h. If a group of investments would otherwise meet the criteria in paragraph 820-10-35-62 but the individual investments to be sold have not been identified (for example, if a reporting entity decides to sell 20 percent of its investments in private equity funds but the individual investments to be sold have not been identified), so the investments continue to qualify for the practical expedient in paragraph 820-10-35-59, the reporting entity shall disclose its plans to sell and any remaining actions required to complete the sale(s). | _____ |
(FASB ASC 820-10-50-6)
| 12. Present the quantitative disclosures required by this Topic in a tabular format. | _____ |
(FASB ASC 820-10-50-8)
825 Financial Instruments
Entities
| 1. For interim reporting periods, the disclosure guidance in this Subsection applies to all entities but is optional for those entities that do not meet the definition of a publicly traded company. | _____ |
(FASB ASC 825-10-50-2A)
2. Except as noted in (FASB ASC 825-10-50-3A the disclosure guidance related to fair value of financial instruments in paragraphs 825-10-50-10 through 50-19 applies to all entities but is optional for an entity that meets all of the following criteria:
| a. The entity is a nonpublic entity. | _____ |
| b. The entity's total assets are less than $100 million on the date of the financial statements. | _____ |
| c. The entity has no instrument that, in whole or in part, is accounted for as a derivative instrument under Topic 815 other than commitments related to the origination of mortgage loans to be held for sale during the reporting period. | _____ |
(FASB ASC 825-10-50-3)
| 3. A nonpublic entity is not required to provide the disclosure in paragraph 825-10-50-10(d) for items disclosed at fair value but not measured at fair value in the statement of financial position. Apply this criteria to the most recent year presented in comparative financial statements to determine applicability of this Subsection. | _____ |
(FASB ASC 825-10-50-3A-4)
| 4. If disclosures are not required in the current period, the disclosures for previous years may be omitted if financial statements for those years are presented for comparative purposes. | _____ |
(FASB ASC 825-10-50-5)
| 5. If disclosures are required in the current period, disclosures that have not been reported previously need not be included in financial statements that are presented for comparative purposes. | _____ |
(FASB ASC 825-10-50-6)
6. The disclosures about fair value prescribed in paragraphs 825-10-50-10 through 50-16 are not required for any of the following:
| a. Employers' and plans' obligations for pension benefits, other postretirement benefits including health care and life insurance benefits, postemployment benefits, employee stock option and stock purchase plans, and other forms of deferred compensation arrangements (see Topics 710; 712; 715; 718, and 960) | _____ |
| b. Substantively extinguished debt subject to the disclosure requirements of Subtopic 405-20 | _____ |
| c. Insurance contracts, other than financial guarantees (including financial guarantee insurance contracts within the scope of Topic 944) and investment contracts, as discussed in Subtopic 944-20 | _____ |
| d. Lease contracts as defined in Topic 840 (A contingent obligation arising out of a cancelled lease and a guarantee of a third-party lease obligation are not lease contracts and are subject to the disclosure requirements in this Subsection.) | _____ |
| e. Warranty obligations (see Topic 450 and the Product Warranties Subsections of Topic 460) | _____ |
| f. Unconditional purchase obligations as defined in paragraph 440-10-50-2 | _____ |
| g. Investments accounted for under the equity method in accordance with the requirements of Topic 323 | _____ |
| h. Noncontrolling interests and equity investments in consolidated subsidiaries (see Topic 810) | _____ |
| i. Equity instruments issued by the entity and classified in stockholders' equity in the statement of financial position (see Topic 505). | _____ |
(FASB ASC 825-10-50-8)
Fair Value of Financial Instruments
7. Disclosures required as of each interim and annual statement of financial position date:
| a. The fair value of financial instruments for which it is practicable to estimate that value, either in the body of the financial statements or in the notes. | _____ |
(FASB ASC 825-10-50-10a)
| b. The method(s) and significant assumptions used to estimate the fair value of financial instruments consistent with the requirements of paragraph 820-10-50-2(bbb) except that a reporting entity is not required to provide the quantitative disclosures about significant unobservable inputs used in fair value measurements categorized within Level 3 of the fair value hierarchy required by that paragraph. | _____ |
(FASB ASC 825-10-50-10b)
| c. A description of the changes in the method(s) and significant assumptions used to estimate the fair value of financial instruments, if any, during the period. | _____ |
(FASB ASC 825-10-50-10c)
| d. The level of the fair value hierarchy within which the fair value measurements are categorized in their entirety (Level 1, 2, or 3). | _____ |
(FASB ASC 825-10-50-10d)
| e. Present fair value with the related carrying amount in a form that clarifies whether the fair value and carrying amount represent assets or liabilities and how the carrying amounts relate to what is reported in the statement of financial position. | _____ |
(FASB ASC 825-10-50-11)
| 8. If the fair value of financial instruments is disclosed in more than a single note, one of the notes shall include a summary table. The summary table shall contain the fair value and related carrying amounts and cross-references to the location(s) of the remaining disclosures required by this Section. | _____ |
(FASB ASC 825-10-50-12)
9. In disclosing the fair value of a financial instrument, an entity shall not net that fair value with the fair value of other financial instruments—even if those financial instruments are of the same class or are otherwise considered to be related (for example, by a risk management strategy)—except to the extent that the offsetting of carrying amounts in the statement of financial position is permitted under either of the following:
| a. The general principle in paragraph 210-20-45-1 | _____ |
| b. The exceptions for master netting arrangements in paragraph 815-10-45-5 and for amounts related to certain repurchase and reverse repurchase agreements in paragraphs 210-20-45-11 through 45-17. | _____ |
(FASB ASC 825-10-50-15)
| 10. If it is not practicable to estimate the fair value of a financial instrument or a class of financial instruments, disclose information pertinent to estimating the fair value of that financial instrument or class of financial instruments (such as the carrying amount, effective interest rate, and maturity) and the reasons why it is not practicable to estimate fair value. | _____ |
(FASB ASC 825-10-50-16)
Concentrations of Credit Risk of All Financial Instruments
| 11. Disclose all significant concentrations of credit risk arising from all financial instruments, whether from an individual counterparty or groups of counterparties. | _____ |
(FASB ASC 825-10-50-20)
12. Except as indicated in the following paragraph, disclose all of the following about each significant concentration:
| a. Information about the (shared) activity, region, or economic characteristic that identifies the concentration | _____ |
| b. The maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity | _____ |
| c. With respect to collateral, all of the following:
|
|
d. With respect to master netting arrangements, all of the following:
(FASB ASC 825-10-50-21)
13. The requirements of the preceding paragraph do not apply to the following financial instruments, whether written or held:
| a. The financial instruments described in paragraph 825-10-50-8(a); (c); (e); and (f), except for reinsurance receivables and prepaid reinsurance premiums | _____ |
| b. Financial instruments of a pension plan, including plan assets, if subject to the accounting and reporting requirements of Topic 715. | _____ |
Financial instruments of a pension plan, other than the obligations for pension benefits, if subject to the accounting and reporting requirements of Topic 960, are subject to the requirements of paragraphs 825-10-50-20 through 50-21.
(FASB ASC 825-10-50-22)
14. An entity is encouraged, but not required, to disclose quantitative information about the market risks of financial instruments that is consistent with the way it manages or adjusts those risks. Appropriate ways of reporting that quantitative information will differ for different entities and will likely evolve over time as management approaches and measurement techniques evolve. Possibilities include disclosing any of the following:
| a. More details about current positions and perhaps activity during the period | _____ |
| b. The hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices | _____ |
| c. A gap analysis of interest rate repricing or maturity dates | _____ |
| d. The duration of the financial instruments | _____ |
| e. The entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year. | _____ |
This list is not exhaustive, and an entity is encouraged to develop other ways of reporting quantitative information.
(FASB ASC 825-10-50-23)
| 15. The reasons that management elected the fair value option for each eligible item or group of similar eligible items. | _____ |
(FASB ASC 825-10-50-28a)
16. If management elected the fair value option for some but not all of the eligible items within a group of similar items,
| a. A description of the items in the group and the reasons for the partial election | _____ |
| b. Information sufficient to enable users to understand how the group of similar items relates to the individual line items presented on the statement of financial position. | _____ |
(FASB ASC 825-10-50-28b)
17. For each statement of financial position line item that includes one or more items for which the fair value option was elected
| a. Information sufficient to enable users to understand how each statement of financial position line item relates to major categories of assets and liabilities presented in accordance with the fair value disclosure requirements of ASC 820 (see above) that provide the reader with information with respect to the level or levels within the fair value hierarchy in which the assumptions used to measure fair value (referred to as “inputs”) are derived. | _____ |
| b. The aggregate carrying amount of items included in each statement of financial position line item, if any, that are not eligible for the fair value option. | _____ |
(FASB ASC 825-10-50-28c)
18. The difference between the aggregate fair value and the aggregate unpaid principal balance of
| a. Loans and long-term receivables (other than securities subject to ASC 820) with contractual principal amounts and for which the FVO has been elected. | _____ |
| b. Long-term debt instruments that have contractual principal amounts and for which the FVO has been elected. | _____ |
(FASB ASC 825-10-50-28d)
19. For loans held as assets for which the FVO has been elected
| a. The aggregate fair value of loans that are 90 or more days past due. | _____ |
| b. The aggregate fair value of loans on nonaccrual status if the entity's policy is to recognize interest income separately from other changes in fair value. | _____ |
| c. The difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 or more days past due, in nonaccrual status, or both. | _____ |
(FASB ASC 825-10-50-28e)
20. For investments that, absent election of the FVO, would have been accounted for under the equity method, the following disclosures from ASC 323 are to be made. The extent of disclosures necessary to inform the reader of the financial position and results of operations of an investee is based on management's evaluation of the significance of an investment to the financial position and results of operations of the reporting entity.
| a. Parenthetical disclosure, or disclosure in the notes to the financial statements or in separate statements or schedules of
|
|
| b. When investments in common stock of corporate joint ventures or other investments accounted for under the equity method are, in the aggregate, material to the investor's financial position and results of operations, it may be necessary to present in the notes, or in separate statements, either individually or in groups, summarized information as to assets, liabilities, and results of operations of the investees. | _____ |
(FASB ASC 825-10-50-28f)
21. Disclosures required in each interim and annual period for which an income statement is presented about items for which the FVO has been elected
| a. For each line item in the statement of financial position, the amounts of gains and losses from changes in fair value included in net income during the period and the specific line in the income statement on which those gains and losses are reported. ASC 825-10-25 permits management to meet this requirement by aggregating these disclosures with respect to items for which the FVO was elected with the amounts of gains and losses from changes in fair value with respect to other items measured at fair value as required by other authoritative literature. | _____ |
(FASB ASC 825-10-50-30a)
| b. A description of how interest and dividends are measured and where they are reported in the statement of income. | _____ |
(FASB ASC 825-10-50-30b)
c. With respect to gains and losses included in net income during the period attributable to changes in instrument-specific credit risk associated with loans and other receivables held as assets
(FASB ASC 825-10-50-30c)
22. For liabilities with fair values that have been significantly affected during the reporting period by changes in instrument-specific credit risk
| a. The estimated amount of gains and losses from changes in fair value included in net income attributable to changes in the instrument-specific credit risk. | _____ |
| b. How the gains and losses were determined. | _____ |
| c. Qualitative information regarding the reasons for those changes. | _____ |
(FASB ASC 825-10-50-30d)
Other Required Disclosures
| 23. In annual financial statements only, the methods and significant assumptions used to estimate the fair value of items for which the FVO was elected. | _____ |
(FASB ASC 825-10-50-31)
24. If management elects the FVO upon the occurrence of an event where (1) an investment newly becomes subject to the equity method, (2) a subsidiary or a variable interest entity that the investor previously consolidated ceases to qualify for consolidation but the investor continues to hold common stock in the entity, or (3) an eligible item is required to be measured or remeasured at fair value at the time of the event but is not required to be subsequently remeasured at each succeeding reporting date, the following disclosures are required in the financial statements covering the period of the election
| a. Qualitative information about the nature of the event. | _____ |
| b. Quantitative information by statement of financial position line item indicating which line items in the income statement include the effect on net income of initially electing the FVO for the item. | _____ |
(FASB ASC 825-10-50-32)
25. The issuer of a registration payment arrangement shall disclose the following information about each registration payment arrangement or each group of similar arrangements. These disclosures are incremental to the disclosures that may be required under other applicable GAAP and are required even if the likelihood of the issuer having to make any payments under the arrangement is remote.
| a. The nature of the registration payment arrangement, including the approximate term of the arrangement, the financial instrument(s) subject to the arrangement, and the events or circumstances that would require the issuer to transfer consideration under the arrangement. | _____ |
| b. Any settlement alternatives contained in the terms of the registration payment arrangement, including the party that controls the settlement alternatives. | _____ |
| c. The maximum potential amount of consideration, undiscounted, that the issuer could be required to transfer under the registration payment arrangement (including the maximum number of shares that may be required to be issued). If the terms of the arrangement provide for no limitation to the maximum potential consideration (including shares) to be transferred, that fact shall be disclosed. | _____ |
| d. The current carrying amount of the liability representing the issuer's obligations under the registration payment arrangement and the income statement classification of any gains or losses resulting from changes in the carrying amount of that liability. | _____ |
(FASB ASC 825-20-50-1)
830 Foreign Currency
830-20 Foreign Currency Transactions
| 1. Aggregate transaction gain or loss that is included in the entity's net income. | _____ |
(FASB ASC 830-20-50-1)
Subsequent Rate Changes
| 2. If significant, a rate change that occurs after the date of the reporting entity's financial statements and its effects on unsettled balances pertaining to foreign currency transactions. Include consideration of changes in unsettled transactions from the date of the financial statements to the date the rate changed. If it is not practicable to determine these changes, state that fact. | _____ |
(FASB ASC 830-20-50-2)
Effects of Rate Changes on Results of Operations
| 3. To assist financial report users in understanding the implications of rate changes and to compare recent results with those of prior periods, entities are encouraged but not required, to supplement required disclosures an analysis and discussion of the effects of rate changes on the reported results of operations. | _____ |
(FASB ASC 830-20-50-3)
830-30 Translation of Financial Statements
1. Analysis of changes in accumulated translation adjustments which are reported as other comprehensive income. At a minimum, the disclosures should include
| a. Beginning and ending amounts of the translation adjustments account. | _____ |
| b. Aggregate adjustment for the period resulting from translation adjustments, and gains and losses from certain hedges and intercompany balances. | _____ |
| c. Amount of income taxes for the period allocated to translation adjustments. | _____ |
| d. Amounts transferred from the translation adjustments account and included in determining net income as a result of the (partial) sale or liquidation of the foreign operation. | _____ |
(FASB ASC 830-30-50-1)
| 2. Significant rate changes subsequent to the date of the financial statements including effects on unsettled foreign currency transactions. Rate changes subsequent to the statement of financial position date are not incorporated into the financial statements for the period just ended. | _____ |
(FASB ASC 830-30-50-2)
835-20 Interest—Capitalization of Interest
1. An entity discloses the following information with respect to interest costs in the financial statements or related notes:
| a. For an accounting period in which no interest cost is capitalized, the amount of interest cost incurred and charged to expense during the period. | _____ |
| b. For an accounting period in which some interest cost is capitalized, the total amount of interest cost incurred during the period and the amount thereof that has been capitalized. | _____ |
(FASB ASC 835-20-50-1)
840 Leases
| 1. Disclose the nature and extent of leasing transactions with related parties. | _____ |
(FASB ASC 840-10-50-1)
Lessees
2. The lessee shall disclose, in its financial statements or footnotes, a general description of its leasing arrangements including, but not limited to, all of the following:
| a. The basis on which contingent rentals are determined. | _____ |
| b. The existence and terms of renewal or purchase options and escalation clauses. | _____ |
| c. Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. | _____ |
(FASB ASC 840-10-50-2)
Lessors
| 3. If leasing, exclusive of leveraged leasing, is a significant part of the lessor's business activities in terms of revenue, net income, or assets, in the financial statements or footnotes thereto a general description of the lessor's leasing arrangements. | _____ |
(FASB ASC 840-10-50-4)
| 4. Lessor's accounting policy for contingent rental income. If a lessor accrues contingent rental income before the lessee's achievement of the specified target (provided achievement of that target is considered probable), disclosure of the impact on rental income shall be made as if the lessor's accounting policy was to defer contingent rental income until the specified target is met. | _____ |
(FASB ASC 840-10-50-5)
840-20 Operating Leases
1. For all operating leases
| a. Present rental expense disclosing separately the amount for minimum rentals, contingent rentals, and sublease rentals. | _____ |
| b. Rental payments for leases with terms of a month or less that were not renewed may be excluded. | _____ |
(FASB ASC 840-20-50-1)
2. For operating leases having a remaining noncancelable term in excess of one year, disclose
| a. Future minimum lease payments in the aggregate and for each of the next five fiscal years. | _____ |
| b. Total of minimum rentals that will be received under noncancelable subleases. | _____ |
(FASB ASC 840-20-50-2)
3. For operating leases, disclose
| a. The cost and carrying amount (if different) of property leased or held for leasing, segregated by major classes of property according to function or nature, and the total amount of accumulated depreciation. | _____ |
| b. Minimum rentals on noncancelable leases in the aggregate and for each of the next five fiscal years. | _____ |
| c. Total contingent rentals included in income for each period for which an income statement is presented. | _____ |
(FASB ASC 840-20-50-4)
840-30 Capital Leases
1. For capital leases, disclose
| a. The gross amount of assets recorded under capital leases presented by major classes according to function or nature. | _____ |
| b. Future minimum lease payments in the aggregate and for each of the next five fiscal years with separate deductions made for executory costs (including any profit thereon) included in the minimum lease payments, and the amount of imputed interest needed to reduce the net minimum lease payments to present value. | _____ |
| c. Total of minimum sublease rentals to be received in the future under non-cancelable subleases. | _____ |
| d. Total contingent rentals actually incurred for each period for which an income statement is presented. | _____ |
(FASB ASC 840-30-50-1)
2. For sales-type and direct financing leases, disclose
a. Components of the net investment in leases including the following:
| b. Future minimum lease payments to be received for each of the next five fiscal years. | _____ |
| c. Total contingent rentals included in income for each period for which an income statement is presented. | _____ |
(FASB ASC 840-30-50-4)
3. For a significant investment in leveraged leases recorded net of the nonrecourse debt, the net of the balances of following accounts shall represent the initial and continuing investment in leveraged leases:
| a. Rentals receivable | _____ |
| b. Investment tax credit receivable. | _____ |
| c. Estimated residual value of leased asset. | _____ |
| d. Unearned and deferred income. | _____ |
(FASB ASC 840-30-50-5)
| 4. If accounting for the effect on leveraged leases of the change in tax rates results in a significant variation from the customary relationship between income tax expense and pretax accounting income and the reason for that variation is not otherwise apparent, the reason for that variation. | _____ |
(FASB ASC 840-30-50-6)
840-40 Sale-Leaseback Transactions
1. For sale-leaseback transactions, disclose
| a. In addition to requirements of ASC 840 and ASC 360, financials of seller-lessee shall describe terms of sale-leaseback transaction, including future commitments, obligations, provisions, or circumstances requiring or resulting in seller-lessee's involvement. | _____ |
(FASB ASC 840-40-50-1)
Transactions that Do Not Qualify for Sale-Leaseback Accounting
2. The financial statements of a seller-lessee that has accounted for a sale-leaseback transaction by the deposit method or as a financing according to the guidance in this subtopic also shall disclose both of the following:
| a. The obligation for future minimum lease payments as of the date of the latest statement of financial position presented in the aggregate and for each of the five succeeding fiscal years | _____ |
| b. The total of minimum sublease rentals, if any, to be received in the future under noncancelable subleases in the aggregate and for each of the five succeeding fiscal years. | _____ |
(FASB ASC 840-40-50-2)
845 Nonmonetary Transactions
| 1. Nature of transaction. | _____ |
| 2. Basis of accounting for the assets transferred. | _____ |
| 3. Gain or loss and basis of accounting for assets transferred. | _____ |
(FASB ASC 845-10-50-1)
| 4. Amount of gross operating revenue recognized as a result of nonmonetary transactions. | _____ |
(FASB ASC 845-10-50-2)
850 Related-Party Disclosures
| 1. Nature of relationship and amounts due to or from related parties with significant terms and manner of settlement. | _____ |
| 2. A description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements | _____ |
| 3. For each income statement presented, a description of and dollar amounts of transaction, including those to which no or nominal amounts are assigned, as well as guarantees or other terms which are needed for understanding of financial statement impact, and description of any change in terms. | _____ |
| 4. Amount due from or to related parties and manner of settlement as of the date of each balance sheet. | _____ |
| 5. For additional requirements, see requirements for FASB ASC 740-10-50-17 previously in this checklist. | _____ |
(FASB ASC 850-10-50-1)
| 6. Show separately, and not included under a general heading such as notes receivable or accounts receivable, notes or accounts receivable from officers, employees, or affiliated entities. | _____ |
(FASB ASC 850-10-50-2)
| 7. In some cases, aggregation of similar transactions by type of related party may be appropriate. Sometimes, the effect of the relationship between the parties may be so pervasive that disclosure of the relationship alone will be sufficient. If necessary to the understanding of the relationship, the name of the related party shall be disclosed. | _____ |
(FASB ASC 850-10-50-3)
| 8. It is not necessary to duplicate disclosures in a set of separate financial statements that is presented in the financial report of another entity (the primary reporting entity) if those separate financial statements also are consolidated or combined in a complete set of financial statements and both sets of financial statements are presented in the same financial report. | _____ |
(FASB ASC 850-10-50-4)
| 9. Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis. Representations about transactions with related parties must not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. | _____ |
(FASB ASC 850-10-50-5)
| 10. The nature of control relationship, even absent any transactions, of companies under common ownership or management control, if such could lead to operating results or financial position significantly different than what would have resulted if entities were autonomous. | _____ |
(FASB ASC 850-10-50-6)
852 Reorganizations
1. Disclose both in the notes to financial statements of an entity in Chapter 11:
| a. Claims not subject to reasonable estimation based on the provisions of Subtopic 450-20 | _____ |
| b. The principal categories of the claims subject to compromise. | _____ |
(FASB ASC 852-10-1-50-2)
| 2. Disclose the extent to which reported interest expense differs from stated contractual interest. It may be appropriate to disclose this parenthetically on the face of the statement of operations. | _____ |
(FASB ASC 852-10-50-3)
| 3. Disclose intra-entity receivables and payables of entities in reorganization proceedings in the condensed combined financial statements referred to in paragraph 852-10-45-14. | _____ |
(FASB ASC 852-10-50-3)
Financial Reporting When Entities Emerge from Chapter 11 Reorganization and Adopt Fresh-Start Reporting
4. Paragraph 852-10-45-21 requires additional information to be disclosed in the notes to the initial fresh-start financial statements when fresh-start reporting is adopted. That additional information consists of all of the following:
| a. Adjustments to the historical amounts of individual assets and liabilities | _____ |
| b. The amount of debt forgiveness | _____ |
| c. Significant matters relating to the determination of reorganization value, including all of the following: | _____ |
(FASB ASC 852-10-50-7)
852-20 Reorganizations—Quasi Reorganizations
| 1. After readjustment under Topic 852-20, retained earnings previously accumulated cannot properly be carried forward under that title. A new retained earnings account must be established, dated to show that it runs from the effective date of the readjustment. Disclose this dating until such time as the effective date is no longer deemed to possess any special significance. | _____ |
(FASB ASC 852-20-50-2)
855 Subsequent Events
1. For non-SEC filers, disclose both of the following:
| a. The date through which subsequent events have been evaluated | _____ |
| b. Whether that date is either of the following:
|
|
(FASB ASC 855-10-50-1)
2. For nonrecognized subsequent events that, by their nature, their disclosure is necessary in order to prevent the financial statements from being misleading, disclose the following:
| a. The nature of the event. | _____ |
| b. An estimate of the financial effect of the event, or a statement that an estimate cannot be made. | _____ |
(FASB ASC 855-10-50-2)
| 3. If the nonrecognized subsequent event is so significant that disclosure is best made by presenting pro forma financial data, management is to consider supplementing the historical financial statements with that data that would give effect to the event as if it had occurred on the date of the statement of financial position. In some situations, management is also to consider presenting pro forma statements, usually a statement of financial position only, in columnar form on the face of the historical financial statements. | _____ |
(FASB ASC 855-10-50-3)
| 4. Disclose the date through which management has evaluated subsequent events and specify whether that date represents the date the financial statements were issued, or the date the financial statements were available to be issued. | _____ |
(FASB ASC 855-10-50-4)
| 5. If the financial statements are reissued, management is to disclose the date through which subsequent events were evaluated with respect to both the originally issued financial statements and the revised financial statements. | _____ |
(FASB ASC 855-10-50-5)
860 Transfers and Servicing of Financial Assets
860-20 Sales of Financial Assets
1. For securitizations, asset-backed financing arrangements, and similar transfers accounted for as sales when the transferor has continuing involvement with the transferred financial assets
a. For each income statement presented
(FASB ASC 860-20-50-3)
b. For each statement of financial position presented, irrespective of when the transfer occurred
(FASB ASC 860-20-50-4)
| 2. The aggregate amount of gains or losses on sales of loans or trade receivables (including adjustments to record loans held for sale at the lower of cost or fair value) shall be presented separately in the financial statements or disclosed in the notes to financial statements. | _____ |
(FASB ASC 860-20-50-5)
860-30 Secured Borrowing and Collateral
1. An entity shall disclose all of the following for collateral:
| a. If the entity has entered into repurchase agreements or securities lending transactions, it shall disclose its policy for requiring collateral or other security. | _____ |
b. As of the date of the latest statement of financial position presented, both of the following:
c. If the entity has accepted collateral that it is permitted by contract or custom to sell or repledge, it shall disclose all the following:
(FASB ASC 860-30-50-1A)
860-50 Servicing Assets and Liabilities
1. For all servicing assets and liabilities
| a. Management's basis for determining its classes of servicing assets and liabilities. | _____ |
| b. A description of the risks inherent in servicing assets and servicing liabilities and, if applicable, the instruments used to mitigate the effect on the income statement of changes in fair value of the servicing assets and servicing liabilities. Note that it is encouraged, but not required, that management provide disclosure of quantitative information about the instruments used to manage the risks inherent in servicing assets and servicing liabilities, including the fair value of those instruments at the beginning and end of the period. | _____ |
| c. The amount of contractually specified servicing fees, late fees, and ancillary fees earned for each period for which results of operations are presented, including a description of where each amount is reported in the income statement. | _____ |
| d. Encouraged but not required, quantitative and qualitative information about the assumptions used to estimate the fair value (for example, discount rates, anticipated credit losses, and prepayment speeds). (An entity that voluntarily provides the encouraged quantitative information about the instruments used to manage risks inherent in the servicing assets and servicing liabilities is also encouraged to disclose quantitative and qualitative information about the assumptions used to estimate the fair value of those instruments. | _____ |
(FASB ASC 860-50-50-2)
2. For servicing assets and servicing liabilities subsequently measured at fair value
a. For each class of servicing assets and servicing liabilities, the activity in the balance of servicing assets and the activity in the balance of servicing liabilities (including a description of where changes in fair value are reported in the income statement for each period for which results of operations are presented), including but not limited to the following:
(FASB ASC 860-50-50-3)
3. For servicing assets and servicing liabilities subsequently amortized in proportion to and over the period of estimated net servicing income or loss and assessed for impairment or increased obligation
a. For each class of servicing assets and servicing liabilities, the activity in the balance of servicing assets and the activity in the balance of servicing liabilities (including a description of where changes in the carrying amount are reported in the income statement for each period for which results of operations are presented), including, but not limited to, the following:
| b. For each class of servicing assets and servicing liabilities, the fair value of recognized servicing assets and servicing liabilities at the beginning and end of the period. | _____ |
| c. The risk characteristics of the underlying financial assets used to stratify recognized servicing assets for purposes of measuring impairment. | _____ |
| d. The activity by class in any valuation allowance for impairment of recognized servicing assets—including beginning and ending balances, aggregate additions charged and recoveries credited to operations, and aggregate write-downs charged against the allowance—for each period for which results of operations are presented. | _____ |
(FASB ASC 860-50-50-4)
| 4. If an entity elects to subsequently measure a class of servicing assets and servicing liabilities at fair value at the beginning of the fiscal year, disclose separately the amount of the cumulative-effect adjustment to retained earnings. | _____ |
(FASB ASC 860-50-50-5)
INDUSTRY
915 Development Stage Enterprises
| 1. The financial statements should be identified as those of a development stage company and should include a description of the nature of the development stage activities. | _____ |
(FASB ASC 915-235-50-1)
| 2. The financial statements for the first fiscal year in which the company is no longer considered to be in the development stage should disclose that in prior years it had been in the development stage. | _____ |
(FASB ASC 915-235-50-2)
| 3. If financial statements for prior years are presented for comparative purposes, the cumulative amounts and other additional disclosures required below need not be shown. | _____ |
(FASB ASC 915-205-45-5)
| 4. On the statement of financial position, any cumulative net losses should be reported with a descriptive caption such as “deficit accumulated during the development stage” in the stockholders' equity section. | _____ |
(FASB ASC 915-210-45-1)
| 5. Report the cumulative amounts of revenue and expenses since inception. | _____ |
(FASB ASC 915-225-45-1)
| 6. Report the cumulative amounts of sources and uses of cash since inception. | _____ |
(FASB ASC 915-230-45-1)
| 7. Present in the statement of stockholders' equity all transactions since inception. | _____ |
(FASB ASC 915-215-45-1)
| 8. Disclose the date of each stock issuance in the statement of changes in stockholders' equity. | _____ |
(FASB ASC 915-215-45-1)
| 9. Disclose the basis for stock issued for other than cash. | _____ |
(FASB ASC 915-215-45-1)
1 ASU 2013-09 indefinitely defers the requirement for all employee benefit plans other than those subject to the SEC's filing requirements to disclose fair value measurements of investments in nonpublic entity equity securities issued by the plan sponsor and nonpublic entity equity securities of the plan sponsor's affiliated entities.