Accounting Standards Codification
Financial Accounting Standards BoardFinancial accounting standards board is a private sector, an independent organization which has the main purpose of creation of financial and accounting standards for the organizations. It was being established in the year 1973 and is responsible for laying down various kinds of standards for the organizations. It is being involved in the usage of a transparent process in the issuance of financial accounting standards so that, the investors could work towards making better decisions in the area of working.
Financial accounting federation works towards providing support to financial accounting standard board. This was being established in the year 1972. This is an independent private sector organization which is being responsible for the areas such as supervision, administration, financing and appointment of government accounting standard board and FASB. The collective purpose of these associations is to make sure that, financial accounting and reporting standards are being improved and useful information is being provided to the investors in a proper and appropriate way.
FASB Accounting Standards Codification
The accounting standard codification was being launched by FASB on July 1, 2009. The codification is being found to be effective in the course of working toward existing accounting standards and making sure that the standards are being followed by the people in the best possible ways. There are a total of 90 topics in the accounting standard codification and those topics are to be taken into account in a proper way. The topics also include Securities and Exchange Commission related topics which also follow the same format as the normal topics being provided.
Codification is not related to making changes in GAAP but it ensures that a proper structure is being formed and that structure works towards providing a new and well-organized structure. This particular thing is being reorganized to ensure that, there is the reduction in the amount of time being taken for the purpose of working out on a particular issue. The other thing being identified include the tasks of ensuring that, accurate standards are being developed and those standards are being worked upon for the purpose of ensuring that, better areas of doing the tasks are being carried out well without any trouble or issue arising.
The following is a quick reference guide being provided to the users for the purpose of ensuring that, assistance is being provided regarding the significant listing of codification topics and sections in a proper way. The sections and cross-referencing are crucial in the course of the usage of accounting standards.
Accounting Standards Codification
General Principles 105 - Generally Accepted Accounted Principles Presentation 205 - Presentation of Financial 210 - Balance Sheet 215 - Statement of Shareholder 220 - Comprehensive Income 225 - Income Statement 230 - Statement of Cash Flows 235 - Notes to Financial Statements 250 - Accounting Changes 255 - Changing Prices 260 - Earnings Per Share 270 - Interim Reporting 272 - Limited Liability Entities 274 - Personal Financial 275 - Risks and Uncertainties 280 - Segment Reporting Assets 305 - Cash and Cash Equivalents 310 - Receivables 320 - Investments–Debt and Equity Securities 323 - Investments–Equity Method and Joint 325 - Investments–Other 330 - Inventory Broad 340 - Other Assets and Deferred Costs 350 - Intangibles–Goodwill and Other 360 – Property, Plant and Equipment Liabilities 405 - Liabilities 410 - Asset Retirement and Environmental Obligations 420 - Exit or Disposal Cost 430 - Deferred Revenue 440 - Commitments 450 - Contingencies 460 - Guarantees
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470 - Debt to Financial Statements 480 - Distinguishing Liabilities from Equity Equity 505 - Equity Revenue 605 – Revenue Recognition Expenses 705 - Cost of Sales and Services 710 - Compensation–General 712 - Compensation–Nonretirement Postemployment 715 - Compensation–Retirement 718 - Compensation–Stock Compensation 720 - Other 730 - Research and Development 740 - Income Taxes Broad Transactions 805 - Business Combinations 808 – Collaborative Arrangements 810 - Consolidation 815 - Derivatives and Hedging 820 - Fair Value Measurements and Disclosures 825 - Financial Instruments 830 - Foreign Currency Matters 835 - Interest Plans 840 - Leases 845 - Nonmonetary Transactions Plans 850 - Related Party 852 - Reorganizations 855 - Subsequent 860 - Transfers and Servicing Industry 908 - Airlines 912 - Contractors–Federal Government 915 - Development Stage Entities 920 - Entertainment–Broadcasters 922 - Entertainment–Cable Television 924 - Entertainment–Casinos 928 - Entertainment–Music |
930 - Extractive Activities–Mining 932 - Extractive Activities–Oil and Gas 940 - Financial Services–Broker and Dealers 942 - Financial Services–Depository and Lending 944 - Financial Services–Insurance 946 - Financial Services–Investment Companies 948 - Financial Services–Mortgage Banking 950 - Financial Services–Title Plant 952 - Franchisors 954 - Health Care 958 - Not-for-Profit Entities 960 - Plan Accounting–Defined Benefit Pension 962 - Plan Accounting–Defined Contribution Pension Presentation 965 - Plan Accounting–Health and Welfare Benefit 970 - Real Estate–General 972 - Real Estate–Common Interest Realty Associations 974 - Real Estate–Real Estate Investment Trusts 976 - Real Estate–Retail Land 978 - Real Estate–Time-Sharing 980 - Regulated Operations 985 - Software 995 - U.S. Steamship Entities Sections 00 - Status 05 - Overview and Background 10 - Objectives 15 - Scope and Scope 20 - Glossary 25 - Recognition 30 - Initial Measurement 35 - Subsequent Measurement 40 – Derecognition 45 - Other Presentation Matters 50 - Disclosure 55 - Implementation Guidance and Illustrations 60 - Relationships 65 - Transition and Open Effective Date Information 70 - Grandfathered Guidance 75 - XBRL Elements S99 - SEC Material |
FASB ASC XXX-YY-ZZ-PP
Where, (XXX = Topic YY = Subtopic, ZZ = Section, and PP = Paragraph)
Standard |
Codification |
Standard |
Codification |
FAS 5 |
ASC 450, Contingencies |
FAS 140/FAS 166 |
ASC 860, Transfers and Servicing |
FAS 13 |
ASC 840, Leases |
FAS 141R |
ASC 805, Business Combinations |
FAS 52 |
ASC 830, Foreign Currency Matters |
FAS 142 |
ASC 350, Intangibles–Goodwill and Others |
FAS 57 |
ASC 850, Related Party Disclosures |
FAS 143 |
ASC 410, Asset Retirement and Environmental Obligations |
FAS 87, 88, 106 and 132R |
ASC 715, Compensation–Retirement Benefits |
FAS 144 |
ASC 360, Property, Plant and Equipment |
FAS 95 |
ASC 230, Statement of Cash Flows |
FAS 146 |
ASC 420, Exit or Disposal Cost Obligations |
FAS 109/FIN 48 |
ASC 740, Income Taxes |
FAS 150 |
ASC 480, Distinguishing Liabilities from Equity |
FAS 107 |
ASC 825, Financial Instruments |
FAS 157 |
ASC 820, Fair Value Measurements and Disclosures |
FAS 115 |
ASC 320, Investments–Debt and Equity Securities |
FAS 159 |
ASC 825, Financial Instruments |
FAS 123R |
ASC 718, Compensation–Stock Compensation ASC 505-50, Equity-Based Payments to Non-Employees |
FAS 160 and FIN 46R/FAS 167 |
ASC 810, Consolidation |
FAS 128 |
ASC 260, Earnings Per Share |
FAS 165 |
ASC 855, Subsequent Events |
FAS 130 |
ASC 220, Comprehensive Income |
VARIOUS |
ASC 470, Debt |
FAS 131 |
FAS 150 ASC 480, Distinguishing Liabilities from Equity FAS 57 ASC 850, Related Party Disclosures FAS 131 ASC 280, Segment Reporting |
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FAS 133 |
ASC 815, Derivatives and Hedging |
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Some important FASB Accounting Standard Codification is as follows:
- ASC 450
- ASC 805
- ASC 310
- ASC 820
- ASC 360
- ASC 840
Accounting Standards Codification ASC 450: Contingencies
This codification helps in finding out the accounting and disclosure requirements in the course of loss and gain by way of contingencies. The loss from contingency is being recognized only at the time when the estimated loss is being expected that an asset is being reduced or a liability has increased. The loss contingencies which do not meet the identified criteria are not required to be disclosed in the financial statements of the organization. The gain contingencies are being shown in financial statement at the time when revenue is required to be recognized before the realization occurs.
a. ASC 450-10: It makes the establishment of scope and exception regarding topics of contingencies, and provides required definitions and also has the inclusion of links to the standards which appear in the subtopic 450-20 and 450-30.
b. ASC 450-20 loss contingency: It includes the following examples of loss contingencies which are being included in the topic being provided below:
c. ASC 450-30 Gain Contingencies: This provides guidance in relation to gain contingency in a proper way. These gain contingencies are not normally being included in the financial statements of the organization in the course of disclosures. The revenue is going to be recognized before actual realization.
Accounting Standard Codification 805 – Business Combination
The accounting is being governed by accounting standard codification 805 at the time of business acquisition. It shows that each of the assets and liabilities being acquired should be recorded at fair market prices. It becomes difficult for the organization in the course of determination of fair prices as an individual cannot just simply look at the statements for finding out fair prices. It is essential to have the assistance of valuation report for the purpose of identification of fair market price of a particular category of asset.
ASC 805 consists of 5 subtopics
- ASC 805-10 overall: It provides guidance in the course of acquisition method and it considers the following areas.
- ASC 805-20: this topic makes discussion regarding recognition of the following items.
- Identification of assets
- Assumption of liabilities
- Non-controlling interest
- ASC-805-30: It provides assistance regarding guidance and measurement of goodwill or gain from a bargain purchase made.
- ASC 805-40: It provides guidance regarding acquisition method adopted to a business combination which is in the form of reverse acquisition.
- ASC 805-50: It provides guidance on accounting topics which work towards accounting and reporting tasks which are having similar characteristics in the course of business combinations but do not meet the requirements to be termed as business combinations. The issue arises in this particular area at a particular point of time wherein, business combinations are taking place at a particular point in time.
Accounting Standards Codification 310: Receivables
This code helps in providing transparency about the credit loss and credit quality in the course of finance receivables. The financial statement user is being helped in the determination of credit risk exposure and calculation of adequacy in the course of its allowance regarding the credit losses being required to be taken into consideration. There are four subtopics of this particular thing.
- ASC 310-10 Overall: It provides guidance regarding income which is yet to be received and notes to the income which is yet to be received on account of credit sales or any other transaction being carried out by the organization. It includes acquisition, development and construction arrangements.
- ASC 310-20: This topic provides guidance regarding recognition, measurement, de-recognition, and disclosure of non-refundable fees being identified. Here, the origination costs with lending activities and re-purchase projects would be taken into consideration in the area of doing the working.
- ASC 310-30: This is related to the fact that, loans are required to be granted on the basis of proper recognition, measurement and disclosure guidance. This is due to the fact that, originality is being obtained by completion of a particular transfer. The investor would be required to collect the all the payments which are being receivable to him at a particular point in time.
- ASC 310-40: It provides guidance regarding measurement, recognition, de-recognition, disclosure and implementation guidance related issues regarding troubled debt restructuring and it is being focused upon records of the creditors at a particular point of time.
Accounting Standard Codification 820
This codification is being related to fair value measurement and disclosures. This provides a single framework for the purpose of measurement of fair value and it also requires disclosure regarding fair value. The topic provides information of fair value as exit price and it is being used on the basis of fair value hierarchy. This result in the market based instead of entity-based measurement. Following are being included in the form of sub-topics.
- Defining fair value
- Providing a single topic framework for measurement of fair value
- Requiring disclosure about fair value measurements.
Accounting Standard Codification 360 – Property, Plant, and Equipment
It provides information regarding the manner in which disclosures are to be made regarding impairment of long-lived assets and the manner in which long-lived assets are to be disposed of. This makes sure that an impairment loss is being recognized if carrying the amount of the asset is not recoverable. There are two topics in which this particular code is being divided. The topics include the following:
a. ASC 360-10 Overall: It provides guidance regarding the manner in which accounting for plant, property, and equipment is to be carried out along with respective depreciation to be accounted for. This topic comprises of impairment and disposal of living assets.
b. ASC 360-20 Real Estate Sales: This topic provides guidance regarding the manner in which accounting for sale of real estate property would be carried out.
Accounting Standard Codification 840 – Leases
In the course of accounting, there are two different kinds of leases. First of the categories of the lease is in the form of operating lease and another category of the lease is a financial lease. Operating lease does not have a recording of assets and liabilities in financial statements. On the other hand, the capital lease does have the recording of assets and liabilities in the financial statements. It provides the description of the point where the lease is required to be recognized in financial statements of the organization. The following subtopics are being identified in the course of these leases.
- ASC 840-10: Here, the leases are being identified well and the identification of leases is being made on the basis of the category where the lease exists.
- ASC 840-20: Here, the leases are being classified as an operating lease by the people who are being involved.
- ASC 840-30: Here, the accounting is being made and the lease is being recognized as a capital lease.
- ASC 840-40: here, the property is being sold by the owner and lease of the property is being given back to the owner. The accounting guidance is being provided regarding sales back transactions.
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