FASB ASC 310 – Receivables
The Financial Accounting Standards Board (FASB) released Accounting Standards Codification 310 (ASC 310) to address receivables in which businesses incur during the course of business. As a precursor, the standard first defines a receivable and states that it relates to items such as trade accounts receivable, loans, loan syndications, factoring arrangements, and standby letters of credit.
From a high level, the standard discusses how to present each of the different types of receivables in the financial statements. As each of these has its own unique characteristics, they each have special circumstances which must be taken into account.
Check out more high level explanations of the FASB ASC in our Guide to the Accounting Standards Codification!
For more in depth information on this and other FASB ASC topics, check out the following books.