# ASC 405-40-05: Liabilities — Obligations Resulting from Joint and Several Liability Arrangements — 05 Overview and Background

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/405/40/#05-overview-and-background)

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## ASC 405-40-05: 05 Overview and Background

[Read section](https://asc.understandingaccounting.org/asc/405/40/#05-overview-and-background)

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#### Overall Guidance

##### [405-40-05-1](https://asc.understandingaccounting.org/asc/405/40/#405-40-05-1)

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This Subtopic addresses the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements.