Accounting for Insurance Proceeds

Posted by BKHM CPAs on Tue, Feb 07, 2017 @ 01:30 PM

How should commercial, not-for-profit and governmental entities account for insurance proceeds received due to capital asset damage?  The applicable guidance is found in ASC 605-40, Revenue, Involuntary Conversions and GASB 42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries

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Topics: Accounting for Insurance Proceeds