U.S. GAAP Codification of Accounting Standards

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

U.S. GAAP Accounting Standards
Codification Topic 825: Financial Instruments

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 825
Financial Instruments

Fair Value Option

   SFAS No. 159, February 2007
   " The Fair Value Option for Financial Assets and Financial Liabilities"

   Fair Value Option(FVO)
   --> Option to measure eligible items at fair value

   Eligible items: asc 825-10-15-4
   (a) Financial assets and financial liabilities
         --> except the items not eligible listed in asc 825-10-15-4
   (b) Other eligible items listed in asc 825-10-15-4

   Items not eligible: asc 825-10-15-5
   (a) Investment in a subsidiary to be consolidated
   (b) Investment in a Variable Interest Entities (VIE) to be consolidated
   (c) Other items listed in asc 825-10-15-5

Election of FVO

   FVO is applied "instrument by instrument."

   FVO is elected when the eligible item is "first recognized."

   Once FVO is elected
   --> the decision is "irrevocable."

Items Fair Value Option was elected for

   Measured at "fair value"

   Unrealized gains and losses are recognized in "earnings."

FVO may be elected for the following:

   1. Investment in HTM securities
   2. Investment in AFS securities
   3. Investment in equity securities for "equity method"
    --> 20% or more, but no more than 50% of ownership
   4. Financial liabilities

   HTM: Held-to-Maturity
   AFS: Available for Sale

   For HTM and AFS, refer to asc 320

International Financial Reporting Standards (IFRS)
   IAS 39: Financial Instruments: Recognition and Measurement 

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   Codification Topic 825
   Financial Instruments
Subtopics of Codification Topic 825
   825-10 Overall
   825-20 Registration payment arrangements
Accounting Terms of Codification Topic 825-10
   Conduit debt securities
   Fair value
   Financial asset
   Financial instrument
   Financial liability
   Firm commitment
   Nonpublic entity
   Publicly traded company
Accounting Terms of Codification Topic 825-20


   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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