U.S. GAAP Codification of Accounting Standards

U.S. GAAP Codification IFRS International Standards Accounting Standards, ASC

U.S. GAAP Accounting Standards
Codification Topic 310: Receivables

Principles of Accounting Intermediate Financial AccountingU.S. GAAP Textbook
IFRS,  IFRS Dictionary IFRS U.S. GAAP Comparison IFRS Texbook
Securities Law Library,  Accounting by Topic Accounting Terms Dictionary

   Codification Topic 310

Impairment of a Loan
   SFAS No. 114, May 1993
   "Accounting by Creditors for Impairment of a Loan"
   [asc 310-10-35-16, SFAS 114-pr 8]
   A loan is impaired
   --> when (a) is probable
   (a) all amounts due from a loan will not be collected

   [asc 310-10-35-17, SFAS 114-pr 8]
   To determine whether a loan is impaired
   --> apply (b)
   (b) a creditor's normal loan review procedures

   [asc 310-10-35-22, SFAS 114-pr 13]
   Impairment loss
   = carrying amount of a loan - one of the following
   (c) present value of expected future cash flows from a loan
   (d) observable market price of a loan
   (e) fair value of the collateral: collateral-dependent loan

SEC Staff Accounting Bulletin Topic 6L
   "Accounting for loan losses by registrants engaged in lending activities"

   SEC SAB Topic 6L
   --> provides guidance on the impairment of a loan
   --> for SEC registrants

International Financial Reporting Standards (IFRS)
   IAS 36: Impairment of assets
   IAS 39: Financial instruments: recognition and measurement

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   Codification Topic 310
Subtopics of Codification Topic 310
   310-10 Overall
   310-20 Nonrefundable fees and other costs
   310-30 Loans and debt securities acquired with deteriorated credit quality
   310-40 Troubled debt restructurings by creditors  
Accounting Terms of Codification Topic 310-10
   Acquisition, development, and construction arrangements
   Collateral-dependent loan
   Current assets
   Effective interest rate
   Expected residual profit
   Fair value
   Loan syndication
   Recorded investment
   Standby letter of credit
Accounting Terms of Codification Topic 310-20
   Blended-rate loans
   Commitment fees
   Credit card fees
   Debt security
   Direct loan origination costs
   Idle time
   Incremental direct costs
   Lending activities
   Loan origination fees
   Loan participation
   Net investment in an original loan
Accounting Terms of Codification Topic 310-30
   Accretable yield
   Amortized cost
   Cash flows expected at acquisition
   Common risk characteristics
   Completion of a transfer
   Contractually required payments receivable
   Debt security
   Initial investment
   Nonaccretable difference
   Revolving privileges
Accounting Terms of Codification Topic 310-40
   Carrying amount
   Recorded investment in the receivable
   Time of restructuring
   Troubled debt restructuring


   Other Topics at the Codification 300 
Accounting Standards Codification, ASC, Overview
ASC Codification Topic 305: Cash and Cash Equivalents
ASC Codification Topic 310: Receivables
ASC Codification Topic 320: Investments-Debt and Equity Securities
ASC Codification Topic 323: Investments-Equity Method and Joint Ventures
ASC Codification Topic 325: Investments-Other
ASC Codification Topic 330: Inventory
ASC Codification Topic 340: Other Assets and Deferred Costs
ASC Codification Topic 350: Intangibles-Goodwill and Other
ASC Codification Topic 360: Property, Plant, and Equipment

   U.S. GAAP Codification of Accounting Standards
Accounting Standards Codification, ASC, Overview
ASC Codification 200: Presentation
ASC Codification 300: Assets
ASC Codification 400: Liabilities
ASC Codification 500: Equity
ASC Codification 600: Revenue
ASC Codification 700: Expenses
ASC Codification 800: Broad Transactions
ASC Codification 900: Industry

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