fasb codification - how to use it

What We'llCover

Why Change?

Codification Structure

What's Not Included?License Costs

Locating Information

New AccountingStandards

What We'll Cover.mmap - 9/8/2009 - Mindjet1

1 Why Change..mmap - 8/24/2009 - Mindjet2

Accounting Research BulletinsAccounting Principles Board Opinions

AICPA Accounting Interpretations

FASB Statements FASB Interpretations

FASB Technical Bulletins

FASB Staff Implementation Guidance

FASB Staff Positions

FASB Concepts Statements

EITF Abstracts (and issue summaries)

EITF Appendix D

AICPA Statements of Position

AICPA Audit and Accounting Guides

AICPA Audit Risk Alerts

AICPA Practice Bulletins

AICPA Technical Questions and Answers

AICPA Issues Papers

SEC S-X Rules SEC S-K Items

SEC ASR / FRR Codification SectionsSEC SAB Codification Topics

SEC Speeches—Topics Covered

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CodificationStructure

Areas

Topics

Subtopics

Sections

Subsections5 Codification Structure.mmap - 9/1/2009 - Mindjet

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Topic

Subtopics

Sections

Subsections

Leases

Scope Disclosure ScopeScope DisclosureDisclosure

CapitalLeases

OperatingLeasesOverall

Lessees

Lessors

Note: This is for illustration only and does not include all Topics, Subtopics, Sections, and Subsections.

Lessees

Lessors

Codification Structure Example

LesseesLessees

LessorsLessorsLessorsLessors

LesseesLessees

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Codification Structure. Below is an example of a typical landing page once you drill down to the Section and Subsection levels.

By clicking “Direct Financing Leases”, for example, the web site will yield the material related to this area.

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What's NotIncluded?

Non-GAAP MattersCash Basis

OCBOA

GovernmentalAccounting Standards

Nonauthoritative GAAPMuch of "Basis forConclusions"

Concept Statements

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License Costs

$850 Single User License

9 additional users atno cost; only 1 mayuse at a time

Sliding Scale Fee for MoreThan One Online User

FASB Codification Hard-Copy Can Be Bought

4 License Costs.mmap - 8/24/2009 - Mindjet9

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LocatingInformation

"Go To" BoxKey in the Codification address

Ex: 740-10-25

"Area" Tab

"Search"

"Cross Reference"

Finding Codification Locations

Notes should refer toCodification Address (ifat all)

"Join Sections"

"Other Sections"Accounting Standards Update

Exposure Drafts

Pre-Codification Standards

Superseded Information

Search featuresnot availablewithout license

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Go To Box

Area Tabs

Search Feature

Cross Reference Join Sections

Other Sources

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Old Standard CodificationNumber

FASB CodificationLocations of FIN 46(R)

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NewAccountingStandards

Exposure Draft Postedto Web Site

FASB will issue thestandard

FASB will add "Pending Content"Standard is added toCodification uponeffective date

Superseded Standardsare removed

See "OtherSources" for NewStandards

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Click here to seenew AccountingStandards andExposure Drafts.

Accessing New Accounting Standards

and Exposure Drafts

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August 31, 2009

Proposed Accounting Standards Update 1700-100—Fair ValueMeasurements and Disclosures (Topic 820)

A number of constituents have recommended that the Board improve U.S. generally acceptedaccounting principles (GAAP) disclosure requirements related to the Fair Value Measurements andDisclosures—Overall Subtopic (Subtopic 820-10) of the FASB Accounting Standards Codification™,originally issued as FASB Statement No. 157, Fair Value Measurements. The Board believes that userswill benefit from improved disclosures in this proposed Update and that the benefits of the increasedtransparency in financial reporting will outweigh the costs of complying with the new requirements.

For more information, see the following:

Proposed Accounting Standards Update—Fair Value Measurements and Disclosures (Topic 820):Improving Disclosures about Fair Value Measurements

Issued: August 28, 2009

Comment Deadline: October 12, 2009

The Exposure Draft identifies the Codification Subsections that may be added upon issuance of thisguidance.

Proposed Accounting Standards Update 1720-100—Consolidation(Topic 810)

The objective of this proposed Update is to address implementation issues related to the changes inownership provisions in the Consolidation—Overall Subtopic (Subtopic 810-10) of the FASB AccountingStandards Codification™, originally issued as FASB Statement No. 160, Noncontrolling Interests inConsolidated Financial Statements.

For more information, see the following:

Proposed Accounting Standards Update—Consolidation (Topic 810): Accounting and Reporting forDecreases in Ownership of a Subsidiary—a Scope Clarification

Issued: August 28, 2009

Comment Deadline: September 28, 2009

The Exposure Draft identifies the Codification Subsections that may be added upon issuance of thisguidance.

Draft Abstract EITF0801&0903—EITF Issues No. 08-1, "RevenueArrangements with Multiple Deliverables," and No. 09-3,

Financial Accounting Standards Board http://asc.fasb.org/print&rendercmd=asccontent&trid=5670799&nav_typ...

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—EITF Issues

Proposed Accounting Standards Update

Proposed Accounting Standards Update

Exposure Draftfrom FASB

EITF Issue

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"Applicability of AICPA Statement of Position 97-2 to CertainArrangements That Contain Software Elements"

These draft abstracts for Issues No. 08-1, "Revenue Arrangements with Multiple Deliverables," and No.09-3, "Applicability of AICPA Statement of Position 97-2 to Certain Arrangements That ContainSoftware Elements," address how to determine whether an arrangement involving multiple deliverablescontains more than one unit of accounting, how the arrangement consideration should be allocatedamong the separate units of accounting, and changes to the accounting for multiple elementarrangements under AICPA Statement of Position 97-2, Software Revenue Recognition, that containsoftware-enabled products. Issue 08-1 was based on and will supersede Issue No. 00-21, "RevenueArrangements with Multiple Deliverables." The Task Force has previously exposed a draft abstract forIssue 08-1. The Task Force has made substantive changes to that draft abstract as a result ofcomments received and in connection with Issue 09-3. The Task Force believes that the changeswarranted reexposure of Issue 08-1.

For more information, see the following:

Draft Abstract, EITF Issues No. 08-1, "Revenue Arrangements with Multiple Deliverables," and No.09-3, "Applicability of AICPA Statement of Position 97-2 to Certain Arrangements That ContainSoftware Elements"

Issued: July 7, 2009

Comment Deadline: August 14, 2009

Exposure Draft 1700-100—Disclosures about the Credit Quality ofFinancing Receivables and the Allowance for Credit Losses

This proposed Statement would require enhanced disclosures about the allowance for credit losses andthe credit quality of financing receivables. This proposed Statement would apply to financingreceivables held by all creditors, including public and nonpublic entities that prepare financialstatements in accordance with generally accepted accounting principles.

For more information, see the following:

Proposed Statement of Financial Accounting Standards—Disclosures about the Credit Quality ofFinancing Receivables and the Allowance for Credit Losses

Issued: June 24, 2009

Comment Deadline: August 24, 2009

The Exposure Draft identifies the Codification Subsections that may be added upon issuance of thisguidance.

Proposed FSP FAS 157-g—Estimating the Fair Value ofInvestments in Investment Companies That Have Calculated NetAsset Value per Share in Accordance with the AICPA Audit andAccounting Guide, “Investment Companies”

Financial Accounting Standards Board http://asc.fasb.org/print&rendercmd=asccontent&trid=5670799&nav_typ...

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FSP FAS 157-g—

Exposure Draft 1700-100—

FASB StaffPosition

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This proposed FASB Staff Position (FSP) amends FASB Statement No. 157, Fair Value Measurements, toprovide application guidance for estimating the fair value of investments in investment companies thathave calculated net asset value per share in accordance with the AICPA Audit and Accounting Guide,Investment Companies.

For more information, see the following:

Proposed FSP FAS 157-g—Estimating the Fair Value of Investments in Investment Companies ThatHave Calculated Net Asset Value per Share in Accordance with the AICPA Audit and Accounting Guide,Investment Companies

Issued: June 8, 2009

Comment Deadline: July 8, 2009

Proposed FSP FAS 157-f—Measuring Liabilities under FASBStatement No. 157

This proposed FASB Staff Position (FSP) provides guidance on the fair value measurement of liabilitiesunder FASB Statement No. 157, Fair Value Measurements.

For more information, see the following:

Proposed FSP FAS 157-f—Measuring Liabilities under FASB Statement No. 157

Issued: May 1, 2009

Comment Deadline: June 1, 2009

Financial Accounting Standards Board http://asc.fasb.org/print&rendercmd=asccontent&trid=5670799&nav_typ...

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FSP FAS 157-f—

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Changes to bemade

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Number of the newstandard

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Example of anAmendment and itseffect upon theCodification

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Example ofPending Content

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What We'veLearned

Codification: SingleSource of GAAP

How to LocateInformation

Drilling Down From Areas

Search Box

Joining Sections

Single License: $850 per yearHow New Standards WillBe Brought Into theCodification

Structure of theCodification

Topics

Subtopics

Sections

Subsections

8 What We've Learned.mmap - 9/1/2009 - Mindjet29