U.S. GAAP Codification of Accounting Standards Guide by AccountingINFO.com

U.S. GAAP Codification of Accounting Standards

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

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

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

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