Wiley GAAP 2018, 16th Edition

43ASC 710 Compensation—General

1. Perspective and Issues
   1. Subtopics
   2. Scope and Scope Exceptions
2. Definitions of Terms
3. Concepts, Rules, and Examples
   1. Compensated Absences
      1. Vesting
      2. Sick Pay
      3. Other Types of Paid Time Off
   2. Bonus Payments
   3. Deferred Compensation Contracts

Perspective and Issues

Subtopics

ASC 710, Compensation—General, contains one subtopic:

ASC 710-10, Overall, which is divided into two subsections:

• General, which provides guidance on compensated absences, deferred compensation, and lump-sum payments under union contract
• Deferred Compensation—Rabbi Trusts.

Scope and Scope Exceptions

ASC 710 applies to all entities, but it does not apply to the following transactions:

• Benefits paid to active employees other than compensated absences
• Benefits paid at retirement or provided through a pension or postretirement benefit plan including special or contractual termination benefits payable upon termination from a pension or other postretirement plan are covered by Subtopics 715-30 and 715-60
• Individual deferred compensation contracts that are addressed by Subtopics 715-30 and 715-60, if those contracts, taken together, are equivalent to a defined benefit pension plan or a defined benefit other postretirement benefit plan, respectively
• Special or contractual termination benefits that are not payable from a pension or other postretirement plan are covered by Topic 712
• Stock compensation plans that are addressed by Topic 718
• Other postemployment benefits (see Topic 712) that do ...