FASB ASC 720 - Other Expenses


The Financial Accounting Standards Board (FASB) released the 700 section of the Accounting Standards Codification for the purpose of discussing the braod topic of Expenses. Accounting Standards Codification 720 (ASC 720) was released to address the more specific topic of those expenses classified as “other expenses.”

Other expenses are simply those expenses that do not fit into the categories which the FASB has already called out in the 700 section of the code. This is, therefore, a very broad topic to be discussed. We have accumulated some articles to discuss what other types may be pulled into the category:
+Expense vs. Loss
+Cost vs. Expense
+Gain or Loss on Sale

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.

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