A Roadmap to Accounting for Contingencies and Loss Recoveries

This Roadmap provides Deloitte’s insights into and interpretations of the accounting guidance in ASC 450 on loss contingencies, gain contingencies, and loss recoveries.

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Acknowledgments Preface Contacts Chapter 1 — Overview Chapter 2 — Loss Contingencies and Commitments Chapter 3 — Gain Contingencies Chapter 4 — Loss Recoveries Appendix A — Differences Between U.S. GAAP and IFRS Standards Appendix B — Titles of Standards and Other Literature Appendix C — Abbreviations

This Roadmap provides Deloitte’s insights into and interpretations of the accounting guidance in ASC 450 on loss contingencies, gain contingencies, and loss recoveries. The goal of this publication is to assist entities in understanding and applying ASC 450.

In addition to summarizing the accounting framework in ASC 450 and providing an in-depth discussion of key concepts, the Roadmap includes examples to illustrate how these concepts may be applied in practice. This publication reflects guidance that is effective for public business entities for annual reporting periods beginning on or after January 1, 2019, including ASC 606 and ASC 842 related to revenue and leases, respectively. We have specifically highlighted sections of the Roadmap that will be affected by an entity’s adoption of FASB Accounting Standards Update 2016-13, which addresses credit losses.