There are two primary points to review if you are wondering if the IRS considers you a syndicate: Prepaid expenses can be a helpful tool for farming and ranching operations. What is the 12 month rule for prepaid expenses? A prepayment is made when a selling company receives payment from a buyer before the seller has shipped goods or provided services to the buyer. . To be an actual purchase, it needs to include several details. GAAP allows the costs to be capitalized if they add value to the fixed asset or prolong its life. IFRS (provision) US GAAP (loss contingency) A legal claim has a 75% chance of being settled for $600 and a 25% chance of being dismissed. Insurance As a Prepaid Expense . If not, charge the invoiced amount to expense in the current period. Plus, I don't see it as material within the 12 months. $30,000 / $4,000,000 * 100% = 0.08%. Therefore, prepaid rent must be adjusted: Note: One month corresponds to $10,000 ($120,000 x 1/12) in rent. Generally Accepted Accounting Principles - GAAP: Generally accepted accounting principles (GAAP) are a common set of accounting principles , standards and procedures that companies must follow . It integrates with external, Read More Is spreadsheet an accounting software?Continue, Your email address will not be published. SEC.gov | Non-GAAP Financial Measures Do you have a question you would like answered by your peers in the Proformative community? The GASB's accounting treatment for software is separated by different criteria than US GAAP. Prepaid assets are required to separately stated on the balance sheet or in a footnote in accordance with S-X 5-02 (7). In other words, prepaid expenses are costs that have been paid but are not yet used up or have not yet expired. To extend this concept further, consider charging remaining balances to expense once they have been amortized down to a certain minimum level. The threshold is usually up to the accounting policy of the company. What are the journal entries for an inter-company loan? In contrast, "other" revenue (revenue associated with peripheral or incidental transactions) should be recognized with the debit to accrued revenue. gaap prepaid expenses threshold - eachoneteachoneffi.com And companies without an established credit history, that have poor credit or that contract . Prepaid expenses are initially recorded as assets, because they have future economic benefits, and are expensed at the time when the benefits are realized (the matching principle). The first of these tests is easy but gets abused none the less. Maybe I am missing some but those are the main ones. Lease accounting: Differences between US GAAP and IFRS - HSBC An immediate one-time deduction is available for the previously capitalized prepaid expenses that would have been deducted under the new method for the year the change is made. FASB studies AI use in financial data analysis. Expense vs. Depreciation: Key Differences and When To Choose Each the college utilizes a threshold of $1,000. A best practice is to not record smaller expenditures into the prepaid expenses account, since it takes too much effort to track them over time. Standards & Guidance The FASAB Handbook of Accounting Standards and Other Pronouncements, as Amended (Current Handbook)an approximate 2,500-page PDFis the most up-to-date, authoritative source of generally accepted accounting principles (GAAP) developed for federal entities. What is the total population of prepaid / potentially prepaid expense? Accrued expenses are the opposite of prepaid expenses. Presentation and disclosure requirements for prepaid assets and other current and noncurrent assets vary depending on the nature of the asset and the underlying guidance. To keep learning and advancing your career, the following CFI resources will be helpful: A free, comprehensive best practices guide to advance your financial modeling skills, Get Certified for Commercial Banking (CBCA). Is there a threshold for prepaid expenses? - Accounting-Area Prepaid expenses are payments made in advance for goods and services that are expected to be provided or used in the future. The real world answer is that if it won't change the user of the financial statement's view of the company it's not worth spending time on - at least as long as there isn't fraud or potential fraud. GAAP Rules for Capital Expenditures | Small Business - Chron The journal entry is: Debit: GAAP: Understanding It and the 10 Key Principles - Investopedia Materiality: No prepaid expense is required to be recorded on any transaction less than $1,000.00. Rent Expense Accounting under ASC 842: Prepaid, Base, Accrued The best practice here is to secure an invoice that clearly states a definitive quantity, quality, and price for the item purchased. I cannot, however, have a prepaid expense of $X.XX to the chemical company that is applied to my account for use later. Have ownership interests been offered for sale at any time in an offering required to be registered under federal or state securities regulations? An example of a prepaid expense is insurance, which is frequently paid in advance for multiple future periods; an entity initially records this expenditure as a prepaid expense (an asset), and then charges it to expense over the usage period. List of Excel Shortcuts Under IFRS, the LIFO (Last in First out) method of calculating inventory is not allowed. If you choose to continue using Xero after your trial, you will be asked to add your billing information, and will be billed monthly from that point. ._1EPynDYoibfs7nDggdH7Gq{margin-bottom:8px;position:relative}._1EPynDYoibfs7nDggdH7Gq._3-0c12FCnHoLz34dQVveax{max-height:63px;overflow:hidden}._1zPvgKHteTOub9dKkvrOl4{font-family:Noto Sans,Arial,sans-serif;font-size:14px;line-height:21px;font-weight:400;word-wrap:break-word}._1dp4_svQVkkuV143AIEKsf{-ms-flex-align:baseline;align-items:baseline;background-color:var(--newCommunityTheme-body);bottom:-2px;display:-ms-flexbox;display:flex;-ms-flex-flow:row nowrap;flex-flow:row nowrap;padding-left:2px;position:absolute;right:-8px}._5VBcBVybCfosCzMJlXzC3{font-family:Noto Sans,Arial,sans-serif;font-size:14px;font-weight:400;line-height:21px;color:var(--newCommunityTheme-bodyText)}._3YNtuKT-Is6XUBvdluRTyI{position:relative;background-color:0;color:var(--newCommunityTheme-metaText);fill:var(--newCommunityTheme-metaText);border:0;padding:0 8px}._3YNtuKT-Is6XUBvdluRTyI:before{content:"";position:absolute;top:0;left:0;width:100%;height:100%;border-radius:9999px;background:var(--newCommunityTheme-metaText);opacity:0}._3YNtuKT-Is6XUBvdluRTyI:hover:before{opacity:.08}._3YNtuKT-Is6XUBvdluRTyI:focus{outline:none}._3YNtuKT-Is6XUBvdluRTyI:focus:before{opacity:.16}._3YNtuKT-Is6XUBvdluRTyI._2Z_0gYdq8Wr3FulRLZXC3e:before,._3YNtuKT-Is6XUBvdluRTyI:active:before{opacity:.24}._3YNtuKT-Is6XUBvdluRTyI:disabled,._3YNtuKT-Is6XUBvdluRTyI[data-disabled],._3YNtuKT-Is6XUBvdluRTyI[disabled]{cursor:not-allowed;filter:grayscale(1);background:none;color:var(--newCommunityTheme-metaTextAlpha50);fill:var(--newCommunityTheme-metaTextAlpha50)}._2ZTVnRPqdyKo1dA7Q7i4EL{transition:all .1s linear 0s}.k51Bu_pyEfHQF6AAhaKfS{transition:none}._2qi_L6gKnhyJ0ZxPmwbDFK{transition:all .1s linear 0s;display:block;background-color:var(--newCommunityTheme-field);border-radius:4px;padding:8px;margin-bottom:12px;margin-top:8px;border:1px solid var(--newCommunityTheme-canvas);cursor:pointer}._2qi_L6gKnhyJ0ZxPmwbDFK:focus{outline:none}._2qi_L6gKnhyJ0ZxPmwbDFK:hover{border:1px solid var(--newCommunityTheme-button)}._2qi_L6gKnhyJ0ZxPmwbDFK._3GG6tRGPPJiejLqt2AZfh4{transition:none;border:1px solid var(--newCommunityTheme-button)}.IzSmZckfdQu5YP9qCsdWO{cursor:pointer;transition:all .1s linear 0s}.IzSmZckfdQu5YP9qCsdWO ._1EPynDYoibfs7nDggdH7Gq{border:1px solid transparent;border-radius:4px;transition:all .1s linear 0s}.IzSmZckfdQu5YP9qCsdWO:hover ._1EPynDYoibfs7nDggdH7Gq{border:1px solid var(--newCommunityTheme-button);padding:4px}._1YvJWALkJ8iKZxUU53TeNO{font-size:12px;font-weight:700;line-height:16px;color:var(--newCommunityTheme-button)}._3adDzm8E3q64yWtEcs5XU7{display:-ms-flexbox;display:flex}._3adDzm8E3q64yWtEcs5XU7 ._3jyKpErOrdUDMh0RFq5V6f{-ms-flex:100%;flex:100%}._3adDzm8E3q64yWtEcs5XU7 .dqhlvajEe-qyxij0jNsi0{color:var(--newCommunityTheme-button)}._3adDzm8E3q64yWtEcs5XU7 ._12nHw-MGuz_r1dQx5YPM2v,._3adDzm8E3q64yWtEcs5XU7 .dqhlvajEe-qyxij0jNsi0{font-size:12px;font-weight:700;line-height:16px;cursor:pointer;-ms-flex-item-align:end;align-self:flex-end;-webkit-user-select:none;-ms-user-select:none;user-select:none}._3adDzm8E3q64yWtEcs5XU7 ._12nHw-MGuz_r1dQx5YPM2v{color:var(--newCommunityTheme-button);margin-right:8px;color:var(--newCommunityTheme-errorText)}._3zTJ9t4vNwm1NrIaZ35NS6{font-family:Noto Sans,Arial,sans-serif;font-size:14px;line-height:21px;font-weight:400;word-wrap:break-word;width:100%;padding:0;border:none;background-color:transparent;resize:none;outline:none;cursor:pointer;color:var(--newRedditTheme-bodyText)}._2JIiUcAdp9rIhjEbIjcuQ-{resize:none;cursor:auto}._2I2LpaEhGCzQ9inJMwliNO,._42Nh7O6pFcqnA6OZd3bOK{display:inline-block;margin-left:4px;vertical-align:middle}._42Nh7O6pFcqnA6OZd3bOK{fill:var(--newCommunityTheme-button);color:var(--newCommunityTheme-button);height:16px;width:16px;margin-bottom:2px} [December 13, 2022] Question 100.05. . Prepaid Amortiztion Threshold | Proformative Minimizes Errors. Software subscriptions, then $ amount matters.also see number 3. Fixed Asset or Expense? - Nonprofit Accounting Academy One stop will be to the chemical company, another stop to the machinery dealer, and then maybe, if more is necessary, there will be a stop at the oil company to contract some fuel. Here is a look at another example of a prepaid expense. What is the best way to keep track of bills? ._1sDtEhccxFpHDn2RUhxmSq{font-family:Noto Sans,Arial,sans-serif;font-size:14px;font-weight:400;line-height:18px;display:-ms-flexbox;display:flex;-ms-flex-flow:row nowrap;flex-flow:row nowrap}._1d4NeAxWOiy0JPz7aXRI64{color:var(--newCommunityTheme-metaText)}.icon._3tMM22A0evCEmrIk-8z4zO{margin:-2px 8px 0 0} $52,600. Sorry, I meant to write "If the useful life is one year, as you state, then ACCRUE such costs, 1/12th each month over the course of said year. The same as you'd do for a 12 month insurance policy. Prepayment can happen when a buyer wants preferred treatment for an order, or when the seller refuses to extend credit to a buyer, or when the buyer is on the cash basis of accounting . Accounting along with the completed prepaid expense form and they will relieve the charge out of the expense account 4040 to prepaid account A180 in the following fiscal year. Company B which is very small and generates a net income of $90,000. I went with same threshold for capex and prepaids - $1k. The academic "ivory tower" answer is that everything should run through prepaid to maintain revenue matching. As these amounts are well below our auditors' materiality threshold, they are pretty much just a nuisance item, but they do cause us variances to budget that require explanation. Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM), is insurance paid in advance and that has not yet expired on the date of the. .s5ap8yh1b4ZfwxvHizW3f{color:var(--newCommunityTheme-metaText);padding-top:5px}.s5ap8yh1b4ZfwxvHizW3f._19JhaP1slDQqu2XgT3vVS0{color:#ea0027} If you are purchasing seed corn in late fall to take advantage of discounts, that fits this test. Generally, a prepaid expense is deductible over the eligible service period, or 10 years if that is less, rather than being immediately deductible. Types of Advances, Prepaid Expenses and Other Assets. Under prior law, the gross-receipts threshold for the cash method was only $5 million. At the end of each month, your client's accounting personnel need to prepare a journal entry to book the expired portion of the prepaid expense. If the laptop cost $999, even though it is a long-lived asset, it falls below the capitalization threshold and therefore would be coded to expense (on the profit and loss report). Other Prepaid Expenses Other less common prepaid expenses might include equipment rental or utilities. Here are some examples to keep in mind. If material, these amounts are recorded as assets until the related expenses have been incurred, contract terms are met, or goods or services are received. How Are Prepaid Expenses Recorded on the Income Statement? - Investopedia . As a business owner, GAAP concepts - a comprehensive set of detailed rules on how to keep your accounting books - can feel a lot like a curfew for your business. Drexel University accrues prepaid expenses based on a minimum invoice threshold of $25,000. Can you file a section 168 bonus depreciation for a Tesla purchased for business purposes? ._2Gt13AX94UlLxkluAMsZqP{background-position:50%;background-repeat:no-repeat;background-size:contain;position:relative;display:inline-block} . will have a useful life of more than one year and cost an amount higher than an established threshold amount. In addition, for tax years beginning after 2017, the TCJA modifies Section 451 of the Internal . Escalating Rent. For the rest of small businesses, the expensing threshold was set at $500. Ensure you mark it as an asset because it's a representation of a benefit the company is going to receive. Thanks Emerson.This is in regard to things like hardware/software maintenance/service contracts and small health department licenses. Materiality - entities generally have a capitalization threshold policy which expenses need to exceed before being considered for leasehold improvements or capitalization and 2. PDF Prepaid Expenses Policy - Eastern Michigan University Click to see full answer What are two responsibilities involved in practice, Read More What is meant by practice management?Continue, 7 Main Benefits of Using an Accounting System in Your Company Saves Time and Costs. With that said, your company might receive a discount for prepaying. Advances, prepaid expenses and other assets are reported as current assets on the IRS balance sheet. We will look at two examples of prepaid expenses: Example #1. PDF Prepaid/Deposits Policy and Procedure - Liberty University A prepaid expense is an expenditure paid for in one accounting period, but for which the underlying asset will not be consumed until a future period. If you can expense a $700 dollar laptop, you can can expense a subscription (or whatever type).4. Accelerating Tax Deductions for Prepaid Expenses | Windes All business units are responsible for ensuring compliance pertaining to this IRM and with the internal control requirements outlined in IRM 1.35.5, Advances, Prepaid Expenses and Other Assets. Nothing under 13 months might be fine if only audited annual financials are looked at, but might not work for quarterly/monthly reports. It is an asset because the expense has already . Accounting. The 50% prepaid expense limit. While US GAAP's guidance is also spread over several topics, it is fairly straight forward. Size of company.2, Your accounting software functionality/ies - the amount of effort to amortize. 5 Common GAAP Violations | Reduce Overhead Costs - Clayton & McKervey What this means is you cannot just write a check to the machinery dealer. ._2a172ppKObqWfRHr8eWBKV{-ms-flex-negative:0;flex-shrink:0;margin-right:8px}._39-woRduNuowN7G4JTW4I8{margin-top:12px}._136QdRzXkGKNtSQ-h1fUru{display:-ms-flexbox;display:flex;margin:8px 0;width:100%}.r51dfG6q3N-4exmkjHQg_{font-size:10px;font-weight:700;letter-spacing:.5px;line-height:12px;text-transform:uppercase;-ms-flex-pack:justify;justify-content:space-between;-ms-flex-align:center;align-items:center}.r51dfG6q3N-4exmkjHQg_,._2BnLYNBALzjH6p_ollJ-RF{display:-ms-flexbox;display:flex}._2BnLYNBALzjH6p_ollJ-RF{margin-left:auto}._1-25VxiIsZFVU88qFh-T8p{padding:0}._2nxyf8XcTi2UZsUInEAcPs._2nxyf8XcTi2UZsUInEAcPs{color:var(--newCommunityTheme-widgetColors-sidebarWidgetTextColor)} Click Save. Auditing Prepaid Expenses and Deferred Charges - dummies If the item meets the company's criteria, charge it to the prepaid expenses account. Therefore, prepaid insurance must be adjusted: Note: One month corresponds to $2,000 ($24,000 x 1/12) in insurance policy. The adjusting entry on January 31 would result in an expense of $10,000 (rent expense) and a decrease in assets of $10,000 (prepaid rent). Statewide Accounting Policy & Procedure - State Accounting Office of The initial journal entry for prepaid rent is a debit to prepaid rent and a credit to cash. Gives You High Flexibility. In the U.S., these accounting standards have been established by the Financial Accounting Standards Board (FASB) and the American Institute of Certified . Practice management is the term used in General practice for the person who manages the finance and administration of a doctor's office or an office of a medical professional in one of many types of specialties in medicine. If the company makes a one-time payment of $24,000 for an . .c_dVyWK3BXRxSN3ULLJ_t{border-radius:4px 4px 0 0;height:34px;left:0;position:absolute;right:0;top:0}._1OQL3FCA9BfgI57ghHHgV3{-ms-flex-align:center;align-items:center;display:-ms-flexbox;display:flex;-ms-flex-pack:start;justify-content:flex-start;margin-top:32px}._1OQL3FCA9BfgI57ghHHgV3 ._33jgwegeMTJ-FJaaHMeOjV{border-radius:9001px;height:32px;width:32px}._1OQL3FCA9BfgI57ghHHgV3 ._1wQQNkVR4qNpQCzA19X4B6{height:16px;margin-left:8px;width:200px}._39IvqNe6cqNVXcMFxFWFxx{display:-ms-flexbox;display:flex;margin:12px 0}._39IvqNe6cqNVXcMFxFWFxx ._29TSdL_ZMpyzfQ_bfdcBSc{-ms-flex:1;flex:1}._39IvqNe6cqNVXcMFxFWFxx .JEV9fXVlt_7DgH-zLepBH{height:18px;width:50px}._39IvqNe6cqNVXcMFxFWFxx ._3YCOmnWpGeRBW_Psd5WMPR{height:12px;margin-top:4px;width:60px}._2iO5zt81CSiYhWRF9WylyN{height:18px;margin-bottom:4px}._2iO5zt81CSiYhWRF9WylyN._2E9u5XvlGwlpnzki78vasG{width:230px}._2iO5zt81CSiYhWRF9WylyN.fDElwzn43eJToKzSCkejE{width:100%}._2iO5zt81CSiYhWRF9WylyN._2kNB7LAYYqYdyS85f8pqfi{width:250px}._2iO5zt81CSiYhWRF9WylyN._1XmngqAPKZO_1lDBwcQrR7{width:120px}._3XbVvl-zJDbcDeEdSgxV4_{border-radius:4px;height:32px;margin-top:16px;width:100%}._2hgXdc8jVQaXYAXvnqEyED{animation:_3XkHjK4wMgxtjzC1TvoXrb 1.5s ease infinite;background:linear-gradient(90deg,var(--newCommunityTheme-field),var(--newCommunityTheme-inactive),var(--newCommunityTheme-field));background-size:200%}._1KWSZXqSM_BLhBzkPyJFGR{background-color:var(--newCommunityTheme-widgetColors-sidebarWidgetBackgroundColor);border-radius:4px;padding:12px;position:relative;width:auto} Prepaid expenses accounting AccountingTools An expense you pay in advance can be deducted only in the year to which it applies. I can have prepaid expenses from the chemical company for 30 tons of lime at $X.XX price. My company doesn't have a lower bound threshold, so we try to get everything (to my dismay), it's a $700mm business and we have $36 vehicle registrations in prepaid, but on a class basis . 1. Obviously, it must span multiple years but I have seen one policy at $10K and several at $1K. Accrued expenses are the opposite of prepaid expenses. The two most common uses of prepaid expenses are rent and insurance. Thanks for the help. Customary business practices of the taxpayer in buying supplies and the business purpose for paying in advance. Increases Financial Visibility. Pre-Paid and Accrued Items | IFRS and US GAAP Sit down at the set time and review your bills. These should be put to A180 when entered into Concur as well. Your problem is actually the nuisance and not the threshold level. ._1LHxa-yaHJwrPK8kuyv_Y4{width:100%}._1LHxa-yaHJwrPK8kuyv_Y4:hover ._31L3r0EWsU0weoMZvEJcUA{display:none}._1LHxa-yaHJwrPK8kuyv_Y4 ._31L3r0EWsU0weoMZvEJcUA,._1LHxa-yaHJwrPK8kuyv_Y4:hover ._11Zy7Yp4S1ZArNqhUQ0jZW{display:block}._1LHxa-yaHJwrPK8kuyv_Y4 ._11Zy7Yp4S1ZArNqhUQ0jZW{display:none} There might also need to be an exception for report timing - for a calendar-year company, a $20k January expense might be fine, while a $15k December expense could be problematic. University has set the following thresholds: Prepaid: Purchases for services less than or equal to $10,000 per year PDF OFFICIAL POLICY 2.2.2.2 Prepaid Expenses 10/13/2020 - College Of Charleston IFRS vs US GAAP - Definition of Terms and Key Differences Because the benefit (aka insurance policy) does not go past a 12-month period or beyond the end of the taxable year following the year the payment was made, the 12-month rule applies. Increase in liabilities. All kinds of prepaid expenses are recorded in the accounting book of an entity and presented in the current assets section in the Balance Sheet. GAAP requires that all College operations be maintained on the accrual basis of accounting. In the firm's balance sheet, such an expense is shown as an asset. US GAAP Chart of Accounts | IFRS and US GAAP Professional view allows downloads all the COAs in Excel format. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. If you can expense a $700 dollar laptop, you can can expense a subscription (or whatever type). Provides Real Time Data. CI submits a . 1. In short, one must be able to rationalize the treatment and be able to defend it to the auditors. Your email address will not be published. As you use the prepaid item. In theory, with their lives being one year and the amounts being between 5000 and 10000, I want to spread them over the life of the benefits derived. Second, to take advantage of some income tax policies, businesses pay for additional deductions. How to account for prepayments AccountingTools Prepaid Expenses | Complete Guide on Prepaid Expenses in detail - EduCBA By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Prepaid Expenses Example. In other words, prepaid expenses are expenditures paid in one accounting period, but will not be recognized until a later accounting period. Rules to Capitalize Fixed Assets as per GAAP - jonas Muthoni ._3-SW6hQX6gXK9G4FM74obr{display:inline-block;vertical-align:text-bottom;width:16px;height:16px;font-size:16px;line-height:16px} .Rd5g7JmL4Fdk-aZi1-U_V{transition:all .1s linear 0s}._2TMXtA984ePtHXMkOpHNQm{font-size:16px;font-weight:500;line-height:20px;margin-bottom:4px}.CneW1mCG4WJXxJbZl5tzH{border-top:1px solid var(--newRedditTheme-line);margin-top:16px;padding-top:16px}._11ARF4IQO4h3HeKPpPg0xb{transition:all .1s linear 0s;display:none;fill:var(--newCommunityTheme-button);height:16px;width:16px;vertical-align:middle;margin-bottom:2px;margin-left:4px;cursor:pointer}._1I3N-uBrbZH-ywcmCnwv_B:hover ._11ARF4IQO4h3HeKPpPg0xb{display:inline-block}._2IvhQwkgv_7K0Q3R0695Cs{border-radius:4px;border:1px solid var(--newCommunityTheme-line)}._2IvhQwkgv_7K0Q3R0695Cs:focus{outline:none}._1I3N-uBrbZH-ywcmCnwv_B{transition:all .1s linear 0s;border-radius:4px;border:1px solid var(--newCommunityTheme-line)}._1I3N-uBrbZH-ywcmCnwv_B:focus{outline:none}._1I3N-uBrbZH-ywcmCnwv_B.IeceazVNz_gGZfKXub0ak,._1I3N-uBrbZH-ywcmCnwv_B:hover{border:1px solid var(--newCommunityTheme-button)}._35hmSCjPO8OEezK36eUXpk._35hmSCjPO8OEezK36eUXpk._35hmSCjPO8OEezK36eUXpk{margin-top:25px;left:-9px}._3aEIeAgUy9VfJyRPljMNJP._3aEIeAgUy9VfJyRPljMNJP._3aEIeAgUy9VfJyRPljMNJP,._3aEIeAgUy9VfJyRPljMNJP._3aEIeAgUy9VfJyRPljMNJP._3aEIeAgUy9VfJyRPljMNJP:focus-within,._3aEIeAgUy9VfJyRPljMNJP._3aEIeAgUy9VfJyRPljMNJP._3aEIeAgUy9VfJyRPljMNJP:hover{transition:all .1s linear 0s;border:none;padding:8px 8px 0}._25yWxLGH4C6j26OKFx8kD5{display:inline}._2YsVWIEj0doZMxreeY6iDG{font-size:12px;font-weight:400;line-height:16px;color:var(--newCommunityTheme-metaText);display:-ms-flexbox;display:flex;padding:4px 6px}._1hFCAcL4_gkyWN0KM96zgg{color:var(--newCommunityTheme-button);margin-right:8px;margin-left:auto;color:var(--newCommunityTheme-errorText)}._1hFCAcL4_gkyWN0KM96zgg,._1dF0IdghIrnqkJiUxfswxd{font-size:12px;font-weight:700;line-height:16px;cursor:pointer;-ms-flex-item-align:end;align-self:flex-end;-webkit-user-select:none;-ms-user-select:none;user-select:none}._1dF0IdghIrnqkJiUxfswxd{color:var(--newCommunityTheme-button)}._3VGrhUu842I3acqBMCoSAq{font-weight:700;color:#ff4500;text-transform:uppercase;margin-right:4px}._3VGrhUu842I3acqBMCoSAq,.edyFgPHILhf5OLH2vk-tk{font-size:12px;line-height:16px}.edyFgPHILhf5OLH2vk-tk{font-weight:400;-ms-flex-preferred-size:100%;flex-basis:100%;margin-bottom:4px;color:var(--newCommunityTheme-metaText)}._19lMIGqzfTPVY3ssqTiZSX._19lMIGqzfTPVY3ssqTiZSX._19lMIGqzfTPVY3ssqTiZSX{margin-top:6px}._19lMIGqzfTPVY3ssqTiZSX._19lMIGqzfTPVY3ssqTiZSX._19lMIGqzfTPVY3ssqTiZSX._3MAHaXXXXi9Xrmc_oMPTdP{margin-top:4px} These differences are illustrated in the following example. . ._2ik4YxCeEmPotQkDrf9tT5{width:100%}._1DR1r7cWVoK2RVj_pKKyPF,._2ik4YxCeEmPotQkDrf9tT5{display:-ms-flexbox;display:flex;-ms-flex-align:center;align-items:center}._1DR1r7cWVoK2RVj_pKKyPF{-ms-flex-pack:center;justify-content:center;max-width:100%}._1CVe5UNoFFPNZQdcj1E7qb{-ms-flex-negative:0;flex-shrink:0;margin-right:4px}._2UOVKq8AASb4UjcU1wrCil{height:28px;width:28px;margin-top:6px}.FB0XngPKpgt3Ui354TbYQ{display:-ms-flexbox;display:flex;-ms-flex-align:start;align-items:flex-start;-ms-flex-direction:column;flex-direction:column;margin-left:8px;min-width:0}._3tIyrJzJQoNhuwDSYG5PGy{display:-ms-flexbox;display:flex;-ms-flex-align:center;align-items:center;width:100%}.TIveY2GD5UQpMI7hBO69I{font-size:12px;font-weight:500;line-height:16px;color:var(--newRedditTheme-titleText);white-space:nowrap;overflow:hidden;text-overflow:ellipsis}.e9ybGKB-qvCqbOOAHfFpF{display:-ms-flexbox;display:flex;-ms-flex-align:center;align-items:center;width:100%;max-width:100%;margin-top:2px}.y3jF8D--GYQUXbjpSOL5.y3jF8D--GYQUXbjpSOL5{font-weight:400;box-sizing:border-box}._28u73JpPTG4y_Vu5Qute7n{margin-left:4px} With the transition to ASC 842 under US GAAP, some of the terminology and accounting . At the end of the accounting period, establish the number of periods over which the item will be amortized, and enter this information in the reconciliation spreadsheet. ._9ZuQyDXhFth1qKJF4KNm8{padding:12px 12px 40px}._2iNJX36LR2tMHx_unzEkVM,._1JmnMJclrTwTPpAip5U_Hm{font-size:16px;font-weight:500;line-height:20px;color:var(--newCommunityTheme-bodyText);margin-bottom:40px;padding-top:4px;text-align:left;margin-right:28px}._2iNJX36LR2tMHx_unzEkVM{-ms-flex-align:center;align-items:center;display:-ms-flexbox;display:flex}._2iNJX36LR2tMHx_unzEkVM ._24r4TaTKqNLBGA3VgswFrN{margin-left:6px}._306gA2lxjCHX44ssikUp3O{margin-bottom:32px}._1Omf6afKRpv3RKNCWjIyJ4{font-size:18px;font-weight:500;line-height:22px;border-bottom:2px solid var(--newCommunityTheme-line);color:var(--newCommunityTheme-bodyText);margin-bottom:8px;padding-bottom:8px}._2Ss7VGMX-UPKt9NhFRtgTz{margin-bottom:24px}._3vWu4F9B4X4Yc-Gm86-FMP{border-bottom:1px solid var(--newCommunityTheme-line);margin-bottom:8px;padding-bottom:2px}._3vWu4F9B4X4Yc-Gm86-FMP:last-of-type{border-bottom-width:0}._2qAEe8HGjtHsuKsHqNCa9u{font-size:14px;font-weight:500;line-height:18px;color:var(--newCommunityTheme-bodyText);padding-bottom:8px;padding-top:8px}.c5RWd-O3CYE-XSLdTyjtI{padding:8px 0}._3whORKuQps-WQpSceAyHuF{font-size:12px;font-weight:400;line-height:16px;color:var(--newCommunityTheme-actionIcon);margin-bottom:8px}._1Qk-ka6_CJz1fU3OUfeznu{margin-bottom:8px}._3ds8Wk2l32hr3hLddQshhG{font-weight:500}._1h0r6vtgOzgWtu-GNBO6Yb,._3ds8Wk2l32hr3hLddQshhG{font-size:12px;line-height:16px;color:var(--newCommunityTheme-actionIcon)}._1h0r6vtgOzgWtu-GNBO6Yb{font-weight:400}.horIoLCod23xkzt7MmTpC{font-size:12px;font-weight:400;line-height:16px;color:#ea0027}._33Iw1wpNZ-uhC05tWsB9xi{margin-top:24px}._2M7LQbQxH40ingJ9h9RslL{font-size:12px;font-weight:400;line-height:16px;color:var(--newCommunityTheme-actionIcon);margin-bottom:8px}
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