U.S. GAAP Codification of Accounting Standards

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

U.S. GAAP Accounting Standards
Codification Topic 350-20: Goodwill and Other


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 350-20
   Goodwill and Other
 

Goodwill
   --> not amortized
         [asc 350-20-35-1]

   --> tested for impairment
         at the level of a reporting unit

Impairment Loss
   --> two step approach
   --> step 1: impairment test for a reporting unit
         step 2: impairment test for goodwill

   Step 1
   --> is (a) < (b)?
        (a) fair value of a reporting unit
        (b) carrying amount of a reporting unit
   --> if yes, go to step 

   Step 2
   --> is (c) < (d)?
        (c) implied fair value of goodwill of the reporting unit
        (d) carrying amount of goodwill of the reporting unit
   --> if yes, impairment loss is recognized

   "Reversal" of impairment loss is not allowed.
   [asc 350-20-35-13]

[IFRS]
   IAS 36: Impairment of Assets
   Goodwill impairment test
   [IAS 36-pr 80-108]

   1. Goodwill is allocated to Cash Generating Unit (CGU)
   2. Impairment test for CGU: Is recoverable amount < carrying amount?
   3. Impairment loss of CGU
       --> allocated to reduce the carrying amount of goodwill, first
       --> then, allocated to other assets

[U.S. GAAP]
   asc 350-20
   1. Impairment test for "reporting unit"
       --> Is fair value of reporting unit < carrying amount?
   2. If yes, impairment test for "goodwill"
       --> Is implied fair value of goodwill < carrying amount?
   3. If yes, impairment loss for goodwill is recognized.

International Financial Reporting Standards (IFRS)

   IAS 36: Impairment of assets
   IAS 38: Intangible assets



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   Codification Topic 350
   Intangibles-Goodwill and Other
 
Subtopics of Codification Topic 350
 
   350-10 Overall
   350-20 Goodwill
   350-30 General intangibles other than goodwill
   350-40 Internal-use software
   350-50 Website development costs
 
Accounting Terms of Codification Topic 350-10
 
   Goodwill
   Intangible assets
   Mutual entity
   Not-for-profit entity
 
Accounting Terms of Codification Topic 350-20
 
   Business
   Noncontrolling interest
   Operating segment
   Reporting unit
 
Accounting Terms of Codification Topic 350-30
 
   Defensive intangible asset
   Intangible asset class
   Residual value
   Useful life   
 
Accounting Terms of Codification Topic 350-40
 
   Preliminary project stage   
 
Accounting Terms of Codification Topic 350-50
      
 

 

   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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