U.S. GAAP, Codification of Accounting Standards, ASC - Accounting Standards Codification by FASB

U.S. GAAP Codification of Accounting Standards

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Accounting Standards, ASC

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

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Codification Topic 310
Receivables

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

Codification Topic 310
Receivables

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
   Loan syndication
   Probable
   Recorded investment
   Recourse
   Standby letter of credit

Accounting Terms of Codification Topic 310-20

   Blended-rate loans
   Commitment fees
   Control
   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
   Debt
   Recorded investment in the receivable
   Time of restructuring
   Troubled debt restructuring