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U.S. GAAP Accounting Standards
Codification Topic 820: Fair Value Measurements and Disclosures


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Codification Topic 820
Fair Value Measurements and Disclosures


Fair Value Measurements

   SFAS N0. 157, September 2006
   "Fair Value Measurements"

   Fair Value is
   the price an entity would receive when an asset is sold
   or
   the price an entity would pay when a liability is transferred.

   Such transaction should be 
   an orderly transaction
   between market participants 
   at the measurement date.

Valuation Techniques

   Three approaches
      
      1. Market approach
          --> based on information from market transactions
 
      2. Income approach
          --> based on future income
          --> e.g., present value techniques
 
      3. Cost approach
          --> based on current replacement cost

Inputs to Valuation Techniques

   Three levels of inputs: Fair Value Hierarchy
 
      1. Level 1 inputs
          --> unadjusted quoted prices
                in active markets
                for identical assets or liabilities

      2. Level 2 inputs
          --> quoted prices
                for similar assets or liabilities
                in active markets
          --> quoted prices
                for identical or similar assets or liabilities
                in markets that are not active

      3. Level 3 inputs
          --> unobservable inputs
                for the asset or liability


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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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