Category: U.S. GAAP by Topic

Presentation of Financial Statements Discontinued Operations SFAS 144, August 2001 “Accounting for the Impairment or Disposal of Long-Lived Assets” EITF 03-13, 2003 “Applying the Conditions

Comprehensive Income SFAS 130, June 1997 “Reporting Comprehensive Income” Total change in equity = (A) + (B) (A) Comprehensive Income (B) Changes in equity due

Balance Sheet Current assets are reported separately from noncurrent assets Current liabilities are reported separately from noncurrent liabilities Current assets –> Assets that are expected

Offsetting FASB Interpretations (FIN) FASB Interpretation (FIN) No. 39, March 1992 “Offsetting of Amounts Related to Certain Contracts an interpretation of APB Opinion No. 10

Presentation of Financial Statements Financial Statements 1. Balance Sheet –> Topic 210 2. Income Statement –> Topic 215 3. Statement of Cash Flows –> Topic

A Brief History Effective July 1, 2009 1. Accounting Standards Codification (ASC) integrated –> accounting standards from all other sources –> into the single “authoritative”