Fixed-odds wagers are wagers placed by bettors (i.e., customers) who typically know the odds of winning in gaming activities (e.g., table games, slot machines, keno, bingo, and sports and race betting) at the time the bets are placed with gaming industry entities.
In its 2007 agenda decision (reported in the July 2007 IFRIC Update), the IFRS Interpretations Committee noted that an unsettled wager is a financial instrument that is likely to meet the definition of a derivative financial instrument under IAS 39. Currently, an entity that is required to adopt IFRS 9 should apply IFRS 9 rather than IAS 39 when accounting for derivatives.
Contributions are defined as nonreciprocal transfers to a not-for-profit entity. They are distinguishable from exchange transactions, which are reciprocal transfers.
This topic applies only to U.S. GAAP because IFRS Accounting Standards do not provide industry-specific guidance for not-for-profit entities. See ASC 958-605 for guidance on revenue recognition by not-for-profit entities under existing U.S. GAAP.
After originating a loan (or selling an originated loan but retaining rights to service the loan), a financial institution may perform services that include communicating with the borrower; collecting payments for interest, principal, and other escrow amounts; and performing recordkeeping activities.
Deposit-related fees are those that a financial institution charges to a customer for amounts on deposit with the financial institution. Fees may be charged to give customers access to their funds and to cover other activities, including recordkeeping and reporting. In addition, fees may be transaction-based (such as fees to withdraw funds through an automated teller machine) or may not be transaction-based (such as account maintenance fees).
Fees charged by a financial institution to a borrower on a loan, for example, in return for the financial institution’s acting as a third-party guarantor on the borrower’s debt.
Paragraph 11 of TRG Agenda Paper 52 notes that some entities believe that there is a close link between ASC 860’s asset and liability remeasurement requirements and the collection of servicing fees (which gives rise to mortgage servicing income).
Quoted from paragraph 61 of TRG Agenda Paper 52.