This course reviews FASB ASC Topic 480, which establishes standards for how an issuer classifies and measures certain financial instruments with characteristics of both liabilities and equity. Upon completion of this course the user will be able to: recall the rules for financial instruments with characteristics of both liabilities and equity; identify categories of financial instruments that are subject to the FASB ASC Topic 480 rules; identify the rules for entities with mandatorily redeemable shares; determine the entities that are subject to FASB ASC Topic 480.