U.S. GAAP Codification of Accounting Standards

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U.S. GAAP Accounting Standards
Codification Topic 820: Fair Value Measurements and Disclosures
When the Markets are not Active


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Codification Topic 820
Fair Value Measurements and Disclosures

--> FSP FAS 157-4, April 2009

Fair Value Measurements when the Markets are not Active

FASB Staff Position FAS 157-4, April 2009
"Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly"

SFAS 157, September 2006
"Fair Value Measurements"

Fair Value Hierarchy
Level 1: Quoted prices in active market
Level 2: Observable inputs other than Level 1 inputs
Level 3: Unobservable inputs

Level 2 inputs include:
1. Quoted prices of similar assets in active markets
2. Quoted prices in the markets that are not active

FSP FAS 157-4 addresses:
1. When the "volume and level" of activity decreased significantly
2. When the transactions are not orderly

Quoted prices need a significant adjustment
--> if the "volume and level" of activity decreased significantly
--> in the markets that are not active: Level 2 inputs
--> FSP FAS 157-4 does not change Level 1 inputs

FSP FAS 157-4 provides additional guidance
--> when the transactions are not orderly

FSP FAS 157-4 superseded FSP FAS 157-3



International Financial Reporting Standards (IFRS)

   IAS 39: Financial instruments: recognition and measurement


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   Codification Topic 820
   Fair Value Measurements and Disclosures
 
Subtopics of Codification Topic 820
 
   820-10 Overall
 
Accounting Terms of Codification Topic 820-10
 
   Active market
   Brokered Market
   Cost approach
   Dealer market
   Discount rate adjustment technique
   Entry price
   Exchange market
   Exit price
   Expected cash flow
   Fair value
   Financial asset
   Financial liability
   General market risk
   Highest and best use
   Income approach
   Incremental direct costs
   Inputs
   Level 1 inputs
   Level 2 inputs
   Level 3 inputs
   Market approach
   Market participants
   Market-corroborated inputs
   Most advantageous market
   Nonperformance risk
   Observable inputs
   Obsolescence
   Orderly transaction
   Present value
   Principal market
   Principal-to-principal market
   Related parties
   Risk premium
   Systematic risk
   Transaction costs
   Unit of account
   Unobservable inputs
   Unsystematic risk

 

   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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