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ASC 842 — Lease classification criteriaBookmarked · FAR
Remember: operating lease = straight-line expenseNote · Q #412
What are the 5 criteria for a finance lease?Flashcard · Due for review
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MCQ Practice — FARQ 14 / 30
Per ASC 450-20, under which conditions should an entity recognize a loss contingency in its financial statements?
AWhen the loss is remote but the amount is estimable
BWhen the loss is reasonably possible regardless of estimability
CWhen the loss is probable and the amount can be reasonably estimated
DWhen the contingency is disclosed by the opposing party
Correct — C
ASC 450-20-25-2 requires recognition when two conditions are met: (1) information available before the financial statements are issued indicates it is probable that a liability has been incurred, and (2) the amount of the loss can be reasonably estimated. If only one condition is met, disclosure in the notes is required per ASC 450-20-50.
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What does ASC 450-20-25-2 say?
ASC 450-20-25-2A loss contingency should be recognized (accrued) when two conditions are both met: the loss is probable — meaning likely to occur — and the amount can be reasonably estimated. If only one condition is met, you disclose it in the notes but don't record a journal entry. Think of it as the "probable + estimable" test.
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