Accounting Standards Codification (ASC) Topic No. 420, Exit or Disposal Cost Obligations, provides guidance on accounting for certain events when winding down companies or discontinuing operations. While the accounting can be complex, this course offers an overview of ASC 420's rules for proper recognition, measurement, and disclosure of key wind-down elements and events like employee termination benefits, contract terminations, facility closures, and related exit and disposal activities. This course came to get down into the details of ASC 420. It focuses on fundamentals you need to jump into applying ASC 420 guidance.

Upon conclusion of this course, you should be able to:

• recall the scope and objectives of ASC 420 for exit and disposal activities
• distinguish between one-time and ongoing termination benefits
• apply recognition and measurement guidance for one-time employee termination benefits
• explain the recognition and measurement rules for contract termination and other wind-down costs
• identify presentation and disclosure requirements for ASC 420 activities
• recognize scenarios where ASC 420 applies and determine proper accounting treatment

CPAs at any size firm, and any CPA who works in or wants to know about ASC 420.