FASB Codification - How to Use It
-
Upload
charles-b-hall -
Category
Documents
-
view
401 -
download
1
description
Transcript of FASB Codification - How to Use It
![Page 1: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/1.jpg)
What We'llCover
Why Change?
Codification Structure
What's Not Included?License Costs
Locating Information
New AccountingStandards
What We'll Cover.mmap - 9/8/2009 - Mindjet1
![Page 2: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/2.jpg)
1 Why Change..mmap - 8/24/2009 - Mindjet2
![Page 3: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/3.jpg)
Accounting Research BulletinsAccounting Principles Board Opinions
AICPA Accounting Interpretations
FASB Statements FASB Interpretations
FASB Technical Bulletins
FASB Staff Implementation Guidance
FASB Staff Positions
FASB Concepts Statements
EITF Abstracts (and issue summaries)
EITF Appendix D
AICPA Statements of Position
AICPA Audit and Accounting Guides
AICPA Audit Risk Alerts
AICPA Practice Bulletins
AICPA Technical Questions and Answers
AICPA Issues Papers
SEC S-X Rules SEC S-K Items
SEC ASR / FRR Codification SectionsSEC SAB Codification Topics
SEC Speeches—Topics Covered
3
![Page 4: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/4.jpg)
CodificationStructure
Areas
Topics
Subtopics
Sections
Subsections5 Codification Structure.mmap - 9/1/2009 - Mindjet
4
![Page 5: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/5.jpg)
Topic
Subtopics
Sections
Subsections
Leases
Scope Disclosure ScopeScope DisclosureDisclosure
CapitalLeases
OperatingLeasesOverall
Lessees
Lessors
Note: This is for illustration only and does not include all Topics, Subtopics, Sections, and Subsections.
Lessees
Lessors
Codification Structure Example
LesseesLessees
LessorsLessorsLessorsLessors
LesseesLessees
5
![Page 6: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/6.jpg)
6
![Page 7: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/7.jpg)
Codification Structure. Below is an example of a typical landing page once you drill down to the Section and Subsection levels.
By clicking “Direct Financing Leases”, for example, the web site will yield the material related to this area.
7
![Page 8: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/8.jpg)
What's NotIncluded?
Non-GAAP MattersCash Basis
OCBOA
GovernmentalAccounting Standards
Nonauthoritative GAAPMuch of "Basis forConclusions"
Concept Statements
3 Not Included.mmap - 9/8/2009 - Mindjet8
![Page 9: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/9.jpg)
License Costs
$850 Single User License
9 additional users atno cost; only 1 mayuse at a time
Sliding Scale Fee for MoreThan One Online User
FASB Codification Hard-Copy Can Be Bought
4 License Costs.mmap - 8/24/2009 - Mindjet9
![Page 10: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/10.jpg)
10
![Page 11: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/11.jpg)
11
![Page 12: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/12.jpg)
LocatingInformation
"Go To" BoxKey in the Codification address
Ex: 740-10-25
"Area" Tab
"Search"
"Cross Reference"
Finding Codification Locations
Notes should refer toCodification Address (ifat all)
"Join Sections"
"Other Sections"Accounting Standards Update
Exposure Drafts
Pre-Codification Standards
Superseded Information
Search featuresnot availablewithout license
6 Locating Information.mmap - 9/8/2009 - Mindjet12
![Page 13: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/13.jpg)
Go To Box
Area Tabs
Search Feature
Cross Reference Join Sections
Other Sources
13
![Page 14: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/14.jpg)
Old Standard CodificationNumber
FASB CodificationLocations of FIN 46(R)
14
![Page 15: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/15.jpg)
15
![Page 16: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/16.jpg)
16
![Page 17: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/17.jpg)
17
![Page 18: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/18.jpg)
18
![Page 19: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/19.jpg)
NewAccountingStandards
Exposure Draft Postedto Web Site
FASB will issue thestandard
FASB will add "Pending Content"Standard is added toCodification uponeffective date
Superseded Standardsare removed
See "OtherSources" for NewStandards
7 New Accounting Standards.mmap - 9/1/2009 - Mindjet19
![Page 20: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/20.jpg)
Click here to seenew AccountingStandards andExposure Drafts.
Accessing New Accounting Standards
and Exposure Drafts
20
![Page 21: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/21.jpg)
August 31, 2009
Proposed Accounting Standards Update 1700-100—Fair ValueMeasurements and Disclosures (Topic 820)
A number of constituents have recommended that the Board improve U.S. generally acceptedaccounting principles (GAAP) disclosure requirements related to the Fair Value Measurements andDisclosures—Overall Subtopic (Subtopic 820-10) of the FASB Accounting Standards Codification™,originally issued as FASB Statement No. 157, Fair Value Measurements. The Board believes that userswill benefit from improved disclosures in this proposed Update and that the benefits of the increasedtransparency in financial reporting will outweigh the costs of complying with the new requirements.
For more information, see the following:
Proposed Accounting Standards Update—Fair Value Measurements and Disclosures (Topic 820):Improving Disclosures about Fair Value Measurements
Issued: August 28, 2009
Comment Deadline: October 12, 2009
The Exposure Draft identifies the Codification Subsections that may be added upon issuance of thisguidance.
Proposed Accounting Standards Update 1720-100—Consolidation(Topic 810)
The objective of this proposed Update is to address implementation issues related to the changes inownership provisions in the Consolidation—Overall Subtopic (Subtopic 810-10) of the FASB AccountingStandards Codification™, originally issued as FASB Statement No. 160, Noncontrolling Interests inConsolidated Financial Statements.
For more information, see the following:
Proposed Accounting Standards Update—Consolidation (Topic 810): Accounting and Reporting forDecreases in Ownership of a Subsidiary—a Scope Clarification
Issued: August 28, 2009
Comment Deadline: September 28, 2009
The Exposure Draft identifies the Codification Subsections that may be added upon issuance of thisguidance.
Draft Abstract EITF0801&0903—EITF Issues No. 08-1, "RevenueArrangements with Multiple Deliverables," and No. 09-3,
Financial Accounting Standards Board http://asc.fasb.org/print&rendercmd=asccontent&trid=5670799&nav_typ...
1 of 3 8/31/2009 5:34 PM
—EITF Issues
Proposed Accounting Standards Update
Proposed Accounting Standards Update
Exposure Draftfrom FASB
EITF Issue
21
![Page 22: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/22.jpg)
"Applicability of AICPA Statement of Position 97-2 to CertainArrangements That Contain Software Elements"
These draft abstracts for Issues No. 08-1, "Revenue Arrangements with Multiple Deliverables," and No.09-3, "Applicability of AICPA Statement of Position 97-2 to Certain Arrangements That ContainSoftware Elements," address how to determine whether an arrangement involving multiple deliverablescontains more than one unit of accounting, how the arrangement consideration should be allocatedamong the separate units of accounting, and changes to the accounting for multiple elementarrangements under AICPA Statement of Position 97-2, Software Revenue Recognition, that containsoftware-enabled products. Issue 08-1 was based on and will supersede Issue No. 00-21, "RevenueArrangements with Multiple Deliverables." The Task Force has previously exposed a draft abstract forIssue 08-1. The Task Force has made substantive changes to that draft abstract as a result ofcomments received and in connection with Issue 09-3. The Task Force believes that the changeswarranted reexposure of Issue 08-1.
For more information, see the following:
Draft Abstract, EITF Issues No. 08-1, "Revenue Arrangements with Multiple Deliverables," and No.09-3, "Applicability of AICPA Statement of Position 97-2 to Certain Arrangements That ContainSoftware Elements"
Issued: July 7, 2009
Comment Deadline: August 14, 2009
Exposure Draft 1700-100—Disclosures about the Credit Quality ofFinancing Receivables and the Allowance for Credit Losses
This proposed Statement would require enhanced disclosures about the allowance for credit losses andthe credit quality of financing receivables. This proposed Statement would apply to financingreceivables held by all creditors, including public and nonpublic entities that prepare financialstatements in accordance with generally accepted accounting principles.
For more information, see the following:
Proposed Statement of Financial Accounting Standards—Disclosures about the Credit Quality ofFinancing Receivables and the Allowance for Credit Losses
Issued: June 24, 2009
Comment Deadline: August 24, 2009
The Exposure Draft identifies the Codification Subsections that may be added upon issuance of thisguidance.
Proposed FSP FAS 157-g—Estimating the Fair Value ofInvestments in Investment Companies That Have Calculated NetAsset Value per Share in Accordance with the AICPA Audit andAccounting Guide, “Investment Companies”
Financial Accounting Standards Board http://asc.fasb.org/print&rendercmd=asccontent&trid=5670799&nav_typ...
2 of 3 8/31/2009 5:34 PM
FSP FAS 157-g—
Exposure Draft 1700-100—
FASB StaffPosition
22
![Page 23: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/23.jpg)
This proposed FASB Staff Position (FSP) amends FASB Statement No. 157, Fair Value Measurements, toprovide application guidance for estimating the fair value of investments in investment companies thathave calculated net asset value per share in accordance with the AICPA Audit and Accounting Guide,Investment Companies.
For more information, see the following:
Proposed FSP FAS 157-g—Estimating the Fair Value of Investments in Investment Companies ThatHave Calculated Net Asset Value per Share in Accordance with the AICPA Audit and Accounting Guide,Investment Companies
Issued: June 8, 2009
Comment Deadline: July 8, 2009
Proposed FSP FAS 157-f—Measuring Liabilities under FASBStatement No. 157
This proposed FASB Staff Position (FSP) provides guidance on the fair value measurement of liabilitiesunder FASB Statement No. 157, Fair Value Measurements.
For more information, see the following:
Proposed FSP FAS 157-f—Measuring Liabilities under FASB Statement No. 157
Issued: May 1, 2009
Comment Deadline: June 1, 2009
Financial Accounting Standards Board http://asc.fasb.org/print&rendercmd=asccontent&trid=5670799&nav_typ...
3 of 3 8/31/2009 5:34 PM
FSP FAS 157-f—
23
![Page 24: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/24.jpg)
24
![Page 25: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/25.jpg)
Changes to bemade
25
![Page 26: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/26.jpg)
Number of the newstandard
26
![Page 27: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/27.jpg)
Example of anAmendment and itseffect upon theCodification
27
![Page 28: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/28.jpg)
Example ofPending Content
28
![Page 29: FASB Codification - How to Use It](https://reader033.fdocuments.in/reader033/viewer/2022051015/5534531255034637098b4bb4/html5/thumbnails/29.jpg)
What We'veLearned
Codification: SingleSource of GAAP
How to LocateInformation
Drilling Down From Areas
Search Box
Joining Sections
Single License: $850 per yearHow New Standards WillBe Brought Into theCodification
Structure of theCodification
Topics
Subtopics
Sections
Subsections
8 What We've Learned.mmap - 9/1/2009 - Mindjet29