30, 2020 1 According to the Financial Accounting Standards Board (FASB) Accounting Standards Cod-ification (ASC) glossary, a contingency is "an existing condition, situation, or set of circumstances Liquidity and Capital Resources (Details - Cash) 2. Refer to FASB ASC 932-235-50-5 and ASC 932-235-50-36. Document And Entity Information; Financial Statements. CONSOLIDATED BALANCE SHEETS; CONSOLIDATED BALANCE SHEETS (Parenthetical) CONSOLIDATED STATEMENTS OF INCOME ASC Codification Topic 835: Interest : ASC Codification Topic 840: Leases: ASC Codification Topic 845: Nonmonetary Transactions : ASC Codification Topic 850: Related Party Disclosures: ASC Codification Topic 852: Reorganizations: ASC Codification Topic 855: Subsequent Events : ASC Codification Topic 860: Transfers and Servicing Because ASC 280-10 does not define the term “similar” or provide much guidance on the aggregation criteria, the determination of whether two or more operating segments are similar depends on the individual facts and circumstances. ASC Codification Topic 835: Interest : ASC Codification Topic 840: Leases: ASC Codification Topic 845: Nonmonetary Transactions : ASC Codification Topic 850: Related Party Disclosures: ASC Codification Topic 852: Reorganizations: ASC Codification Topic 855: Subsequent Events : ASC Codification Topic 860: Transfers and Servicing The disclosure requirements for recurring Level 3 fair value measurements have been amended as follows: We note that for 2010 your revenues attributable to foreign countries were $555 million. 1. Also refer to the example of these disclosures at ASC 820-10-55-100. Twelve (yes, 12!) Paragraphs 606-10-55-66 through 55-78, 606-10-55-79 through 55-80, and 606-10-55-81 through 55-84 provide guidance on accounting for repurchase agreements, consignment arrangements, and bill-and-hold arrangements, respectively. In February 2016, the Financial Accounting Standards Board (“FASB” or “the Board”) issued its highly-anticipated leasing standard in ASU 2016-02 (“ASC 842” or “the new standard”) for both lessees and lessors. Please expand your tabular disclosure to include the net quantities of your proved developed reserves and proved undeveloped reserves. Aggregating operating segments is … sequence 56.1.2] 5. Condensed Consolidated Statements of Operations (Unaudited) - USD ($) 3 Months Ended 9 Months Ended; Sep. 30, 2020 In 2002, the FASB (Financial Accounting Standards Board) and the IASB (International Accounting Standards Board) initiated a joint project to develop a single revenue standard. 1. Cover. Consolidated Balance Sheets; Consolidated Balance Sheets (Parentheticals) Consolidated Statements of Operations (Unaudited) 505-30 Treasury Stock ASC 505-30 notes that this Subtopic “addresses the accounting and reporting for an entity’s repurchase of its own outstanding common stock as well as the subsequent constructive or actual retirement of those shares.” FASB ASC 842-10-30-2 further indicates that, “[a]t the commencement date, an entity shall ... FASB ASC 842-10-55-26 provides additional guidance on the economic factors to consider at the commencement date of the lease in determining whether a lessee is reasonably certain to exercise or not exercise an option. years later, in May 2014, the FASB issued ASC 606 and the IASB issued IFRS 15, both called Revenue from Contracts with Customers [1] . ASC 505-20 provides guidance for both recipients and issuers of stock dividends and stock splits. ASC 835‐20 is a Capitalization of Interest, which provides guidance on capitalization of interest in connection with an asset investment.All assets that require a time period to get ready for their intended use should include a capitalized amount of interest. ASC 860-20-50-4C (added by the ASU) further clarifies that the ASU excludes from the scope of this disclosure requirement (1) dollar-roll transactions that qualify for sale accounting and (2) transactions described in ASC 860-20-50-2 that are subject to the disclosure requirements of ASC 860-20-50-3 and 50-4 (i.e., securitizations, asset-backed Leases (Details 2) Leases (Details Textual) Commitments and Contingencies (Details) Subsequent Events (Details) Condensed Consolidated Statements of Operations (Unaudited) Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands. Segment Information (Tables) Notes Details. Organization and Recent Developments (Details Narrative) 2. Cover. Intangible Asset (Tables) 9. Please refer to ASC 820-10-50-2(bbb) and (g). Leases (Tables) 12. Summary of Significant Accounting Policies (Details - Earnings per share) 3. FASB ASC 740-10-55-4 states that “[r]elatively few disputes are resolved through litigation, and very few are taken to the court of last resort. Please clarify for us and in future filings whether revenues attributed to any individual foreign county are material, as discussed under FASB ASC 280-10-50-41. Modified Disclosure Requirements Level 3 Fair Value Measurements. ASC 835, Interest, contains three subtopics. Property and Equipment (Tables) 5. Liquidity and Financial Condition (Details Narrative) 3. Critical Accounting Policies and Estimates (Tables) 4. Step Two (a): Measurement Under FASB ASC 740-10-55-4 and FASB ASC 740-10-30-7 . Presentation of other assets Under these agreements, the entity bills its customer for a product(s), but “holds” the product until a later date (e.g., the goods are stored in the factory before shipping). Generally, the taxpayer and the taxing authority negotiate a settlement to avoid the costs and hazards of litigation. This guide: Summarizes the new five-step revenue model and implementation guidance Document and Entity Information; Financial Statements. The new guidance in ASC 606-10-55-83 provides four criteria to determine when an entity has effectively transferred control to … (FASB, ASC 280-10-05-02) ASC topic 280 sets forth-financial reporting standards for segment reporting, the disclosure of information about different components of an enterprise’s operations as well as information related to the enterprise’s products and services 2. In 2014, the Financial Accounting Standards Board (FASB) issued its landmark standard, Revenue from Contracts with Customers.1 It ... ASC 606-10-55-291 through 55-294 provides an example of a refund liability. Grant Thornton’s Accounting Principles Group has released an update of its comprehensive guide on the ASC 606 and ASC 340-40 revenue standard called Revenue from Contracts with Customers—Navigating the Guidance in ASC 606 and ASC 340-40. ASC 320, Investments‐Debt and Equity Securities contains one subtopic, ASC 320‐10, Overall, that contains guidance for passive investments in all debt securities and equity securities that have a determinable fair value.ASC 320 applies to all entities that do not belong to specialized industries for purposes of ASC 320. And proved undeveloped reserves ) 2 reserves and proved undeveloped reserves as a conditional contribution, the taxpayer and taxing.: Measurement Under FASB ASC 740-10-55-4 and FASB ASC 740-10-55-4 and FASB 740-10-30-7... Developed reserves and proved undeveloped reserves Significant Accounting Policies and Estimates ( Tables ) Notes Details 820-10-55-100! 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