U.S. GAAP Codification of Accounting Standards

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U.S. GAAP Accounting Standards
Codification Topic 810: Consolidation
Variable Interest Entities


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Codification Topic 810
Consolidation
Variable Interest Entities



Variable Interest Entities (VIE)

SFAS 167 amended FIN 46(R) in June 2009
FIN 46(R) revised FIN 46 in December 2003
FIN 46 was issued in January 2003 as an interpretation of ARB 51

SFAS 167, June 2009
"Amendments to FASB Interpretation No. 46(R)"

FASB Interpretation 46(R), Revised in December 2003
"Consolidation of Variable Interest Entities - an interpretation of ARB No. 51"

Amendments to FIN 46(R) by SFAS 167 in June 2009

1. Determination of VIE
After SFAS 167
--> FIN46R-5b(1) was amended with new guidance
--> Whether an entity is a VIE may change after SFAS 167

2. Reconsideration of VIE
--> FIN46R-7e was added as an event for reconsideration of VIE

3. Determination of Primary Beneficiary
--> Quantitative approach was deleted 
--> "majority" guidance was deleted by amending FIN46R-14

4. Reconsideration of Primary Beneficiary
--> After SFAS 167, reassessment is done on an ongoing basis
--> FIN46R-15, that listed the events triggering reconsideration, was deleted

5. Troubled debt restructuring
--> Before SFAS 167, troubled debt restructuring was not an event 
that triggers the reconsideration of VIE or Primary Beneficiary
--> Such exceptions were deleted by amendments to FIN46R-7 and FIN46R-15

6. Additional disclosures
--> Paragraphs 22A - 22E and 23A were added for additional disclosures


International Financial Reporting Standards (IFRS)

   IAS 27: Consolidated and separate financial statements


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   Codification Topic 810
   Consolidation
 
Subtopics of Codification Topic 810
 
   810-10 Overall
   810-20 Control of partnerships and similar entities
   810-30 Research and development arrangements
 
Accounting Terms of Codification Topic 810-10
 
   Acquirer
   Acquisition, development, and construction arrangements
   Business
   Business combination
   Combined financial statements
   Consolidated financial statements
   Consolidated group
   Development stage entity
   Expected losses
   Expected losses and expected residual returns
   Expected residual returns
   Expected variability
   Legal entity
   Nominee shareholder
   Noncontrolling interest
   Nonpublic entity
   Not-for-profit entity
   Owners
   Parent
   Primary beneficiary
   Publicly traded entity
   Qualifying special-purpose entity
   Subordinated financial support
   Subsidiary
   Underlying
   Variable interest entity
   Variable interests
 
Accounting Terms of Codification Topic 810-20
 
   Kick-out rights
   Ordinary course of business
   Participating rights
   Protective rights
   With cause
   Without cause

 
Accounting Terms of Codification Topic 810-30
 
   Sponsor


 

   Other Topics at the Codification 800 
Accounting Standards Codification, ASC, Overview
 
ASC Codification Topic 805: Business Combinations
ASC Codification Topic 808: Collaborative Arrangements
 
ASC Codification Topic 810: Consolidation
ASC Codification Topic 815: Derivatives and Hedging
 
ASC Codification Topic 820: Fair Value Measurements and Disclosures
ASC Codification Topic 825: Financial Instruments
 
ASC Codification Topic 830: Foreign Currency Matters
ASC Codification Topic 835: Interest
 
ASC Codification Topic 840: Leases
ASC Codification Topic 845: Nonmonetary Transactions
 
ASC Codification Topic 850: Related Party Disclosures
ASC Codification Topic 852: Reorganizations
ASC Codification Topic 855: Subsequent Events
 
ASC Codification Topic 860: Transfers and Servicing


   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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