{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/450/20/#60-relationships","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"450","topic_title":"Contingencies","subtopic":"450-20","subtopic_title":"Loss Contingencies","section":{"number":"60","label":"60 Relationships","anchor":"60-relationships","is_sec":false,"groups":[{"block":null,"heading":"Risks and Uncertainties","paragraphs":[{"citation":"450-20-60-1","para":"60-1","html":"For disclosure of certain risks and uncertainties that stem from the nature of an entity's operations and from significant concentrations in certain aspects of an entity's operations, many of which are noninsured or underinsured risks, see Topic 275. For contingencies related to the collectibility of receivables, see Subtopic 326-20 on financial instruments measured at amortized cost. For contingencies related to the collectibility of a loan portfolio, see Subtopic 326-20. For inventories that are impaired by damage, deterioration, obsolescence, changes in price levels, or other causes, see Section 330-10-35. For losses that are expected to arise from firm, uncancelable, and unhedged commitments for the future purchase of inventory, see Section 330-10-35. For assessments by state guaranty funds and workers' compensation second-injury funds and other assessments related to insurance activities, including insurance activities of an entity that self-insures, see Subtopic 405-30. For contingencies associated with the retirement of a tangible long-lived asset that result from the acquisition, construction, or development and/or the normal operation of a long-lived asset, see Subtopic 410-20. For contingencies related to environmental remediation liabilities that arise from the improper operation of a long-lived asset, see Subtopic 410-30. For contingencies related to product warranties and product defects, see the Product Warranties Subsections of Subtopic 460-10. For contingencies related to guarantees of indebtedness of others, see Topic 460. For contingencies related to obligations of commercial banks under financial standby letters of credit, see Topic 460. For contingent payments of a troubled debt restructuring, see Section 470-60-35. For contingencies related to withdrawal from a multiemployer plan, see paragraphs 715-80-35-2 and 715-80-50-2. For contingencies related to an insurance contract or reinsurance contract that does not, despite its form, provide for indemnification of the insured or the ceding company by the insurer or reinsurer against loss or liability, see paragraph 720-20-25-1. For the classification effects of a provision in a lease that requires lessee indemnifications for environmental contamination caused by the lessee during its use of the property, see paragraph 842-10-55-15. For contingencies related to agreements to repurchase receivables (or to repurchase the related property) that have been sold or otherwise assigned, see Section 860-10-40. For contingencies resulting from the Coal Industry Retiree Health Benefit Act of 1992, see Subtopic 930-715. For contingencies related to the risk of loss that is assumed by a property and casualty insurance entity or reinsurance entity when it issues an insurance policy covering risk of loss from catastrophes, see Subtopic 944-40. For contingencies related to the collectibility of interest receivable, including purchased interest, see paragraph 946-320-35-17 to 35-19. For contingencies related to malpractice claims, see Subtopic 954-450.