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U.S. GAAP Codification demystified
U.S. GAAP Codification demystified
U.S. GAAP Codification demystified
U.S. GAAP Codification demystified
U.S. GAAP Codification demystified
U.S. GAAP Codification demystified
U.S. GAAP Codification demystified
U.S. GAAP Codification demystified
U.S. GAAP Codification demystified
U.S. GAAP Codification demystified
U.S. GAAP Codification demystified
U.S. GAAP Codification demystified
U.S. GAAP Codification demystified
U.S. GAAP Codification demystified
U.S. GAAP Codification demystified
U.S. GAAP Codification demystified
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U.S. GAAP Codification demystified

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FASB's U.S. GAAP codification

FASB's U.S. GAAP codification

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  • 1. U.S. GAAP Codification demystified…. Sunil Thukral [email_address] www.UGAAP.com Resources – Insights – Information on U.S. GAAP
  • 2. U.S. GAAP Codification
    • What:
    • The Financial Accounting Standards Board's (FASB) Codification is a reorganization of current U.S. GAAP into a topical format that eliminates the current GAAP hierarchy and establishes instead two levels of guidance:
      • authoritative and
      • nonauthoritative
    • The Codification is not intended to change U.S. GAAP and is
      • Fully electronic
      • Organized by accounting topic
      • Expected to streamline accounting research
    • Codification includes only selected SEC guidance.
    • It was issued on July 1, 2009.
    • Effective date for calendar year companies: Q3-2009 financials
  • 3. U.S. GAAP Codification
    • Why issued?
    • - Simplify user access by codifying all authoritative U.S. GAAP in one spot related to a particular “Topic” in one place.
    • Does Codification change GAAP?
    • - No
    • What has changed due to Codification?
    • - Codification will affect the way we reference U.S. GAAP in financial statements and in our accounting policies.
    • Also changes how we research for any accounting issues.
  • 4. How does U.S. GAAP referencing change?
    • Notes:
    • Accounting Standard Codification (ASC)
    • Use “Cross-Reference Tool” within codification to determine the new ASC numbering.
    ASC 740 Income Taxes FAS 109/ FIN 48 General FASB codification (New) Old referencing ASC 805 Business Combinations FAS 141(R) ASC 830 Foreign Currency Matters FAS 52 ASC 450 Contingencies FAS 5
  • 5. Comparison for old vs new:
    • Under old GAAP hierarchy:
    • Accounting for a nonmonetary transaction is covered in
      • APB Opinion No. 29, Accounting for Nonmonetary Transactions ;
      • EITF Issue No. 01-2, “Interpretations of APB Opinion No. 29”;
      • EITF Issue No. 04-13, “Accounting for Purchases and Sales of Inventory With the Same Counterparty”; or
      • EITF Issue No. 93-11, “Accounting for Barter Transactions Involving Barter Credits.”
    • Under new Codification:
    • Topic 845 (ASC 845, Nonmonetary Transactions ) will contain all of the authoritative guidance on accounting for a nonmonetary transaction.
  • 6. Structure of Codification
  • 7. Codification: Next steps
    • We all need to get familiarized with Codification to become familiar with the new structure for U.S. GAAP.
    • Any updates would be provided by issuing Accounting standard Updates (ASUs), the guidance would be added within original ASC.
    • FASB codification is available on www.fasb.org website. The basic version to access U.S. GAAP is free.
    • Use FASB Accounting Standards Codification Quick Reference Guide
    • Follow steps outlined on the following pages to access Codification.
  • 8. Access U.S. GAAP Codification at http://www.fasb.org
  • 9. Codification: Register as new user
  • 10. Codification: Register as new user
  • 11. Codification: Register as new user
  • 12. Codification: “Login” after registration
  • 13. Codification: Online tutorials
  • 14. Codification: View online tutorials
  • 15. Codification: Online tutorials
  • 16. U.S. GAAP Codification demystified…. Questions www.UGAAP.com Resources – Insights – Information on U.S. GAAP

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