Category: U.S. GAAP by Topic

Lower of Cost or Market (LCM) 1. At the end of each period, inventory is measured at the lower of cost or market. 2. Market

Initial measurement of property, plant and equipment 1. Measured at cost 2. Cost includes (A) (A) all costs necessary to make the asset ready for

Real Estate Sales SFAS 66, October 1982 “Accounting for Sales of Real Estates” FASB Interpretation (FIN) 43, June 1999 “Real Estate Sales an interpretation of

Intangible Assets –> Type 1: Intangible assets with “finite” useful life –> Type 2: Intangible assets with “indefinite” useful life Intangible assets with “finite” useful

Derivatives and Hedging SFAS 133, June 1988 “Accounting for Derivative Instruments and Hedging Activities” Derivatives 1. Derivative instruments are recognized in financial statements 2. Derivative

Research and Development Arrangements SFAS 68, October 1982 “Research and Development Arrangements” Research and development arrangements Research and development is funded by other parties Forms