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ASC 210‐10 The guidance in ASC 210‐10 applies to all entities. However, the guidance related to classification of current assets and current liabilities does not apply if the entity does not present a classified balance sheet.

ASC 210‐20 The guidance in ASC 210‐20 does not apply to:

The derecognition or nonrecognition of assets and liabilities. Derecognition by sale of an asset or extinguishment of a liability results in removal of a recognized asset or liability and generally results in the recognition of gain or loss. Although conceptually different, offsetting that results in a net amount of zero and derecognition with no gain or loss are indistinguishable in their effects on the statement of financial position. Likewise, not recognizing assets and liabilities of the same amount in financial statements achieves similar reported results. (ASC 210‐10‐15‐2)

Generally, right of setoff involves only two parties. Exceptions to this two‐party principle are limited to the guidance in these Subtopics and paragraphs:

 ASC 840‐30, paragraphs 32 through 52 (leveraged leases).

 Upon implementation of ASU 2016‐02, Leases—ASC 842‐50 (leveraged leases).

 ASC 715‐30 (accounting for pension plan assets and liabilities).

 ASC 715‐60 (accounting for plan assets and liabilities).

 ASC 740‐10 (net tax asset or liability amounts reported).

 ASC 815, paragraphs 815‐10‐45‐1 through 45‐7 (derivative instruments with the right to reclaim cash collateral or the obligation to return cash collateral).

 ASC 940‐320 (trade date accounting for trading portfolio positions) and 910‐405 (advances received on construction contracts).

 ASC 942‐210‐45‐3A.(ASC 210‐20‐15‐3)