# ASC 405-40-50: Liabilities — Obligations Resulting from Joint and Several Liability Arrangements — 50 Disclosure

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/405/40/#50-disclosure)

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## ASC 405-40-50: 50 Disclosure

[Read section](https://asc.understandingaccounting.org/asc/405/40/#50-disclosure)

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##### [405-40-50-1](https://asc.understandingaccounting.org/asc/405/40/#405-40-50-1)

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An entity shall disclose the following information about each obligation, or each group of similar obligations, resulting from joint and several liability arrangements included in the scope of this Subtopic:

1.  a
    
    The nature of the arrangement, including:
    
    1.  1
        
        How the liability arose
        
    2.  2
        
        The relationship with other co-obligors
        
    3.  3
        
        The terms and conditions of the arrangement.
        
2.  b
    
    The total outstanding amount under the arrangement, which shall not be reduced by the effect of any amounts that may be recoverable from other entities
    
3.  c
    
    The carrying amount, if any, of an entity's liability and the carrying amount of a receivable recognized, if any
    
4.  d
    
    The nature of any recourse provisions that would enable recovery from other entities of the amounts paid, including any limitations on the amounts that might be recovered
    
5.  e
    
    In the period the liability is initially recognized and measured or in a period the measurement changes significantly:
    
    1.  1
        
        The corresponding entry
        
    2.  2
        
        Where the entry was recorded in the financial statements.

##### [405-40-50-2](https://asc.understandingaccounting.org/asc/405/40/#405-40-50-2)

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The disclosures required by this Section do not affect the related-party disclosure requirements in Topic 850. The disclosure requirements in this Section are incremental to those requirements.