Category: U.S. GAAP by Topic

Asset Retirement Obligations SFAS 143, June 2001 “Accounting for Asset Retirement Obligations” AICPA SOP 96-1 “Environmental Remediation Liabilities” Asset retirement obligation –> an obligation related

Goodwill –> not amortized [asc 350-20-35-1] –> tested for impairment at the level of a reporting unit Impairment Loss –> two step approach –> step

Advertising Costs AICPA Statement of Position (SOP) 93-7 “Reporting on Advertising Costs” General Principle Advertising costs are expensed –> except for (A) (A) Direct-response advertising

Inventory Tangible personal property of the following: 1. held for sale –> merchandise, finished goods 2. in the course of production –> work in process

Investments-Debt and Equity Securities –> FSP FAS 115-2, April 2009 Other-Than-Temporary Impairments FASB Staff Position FAS 115-2, April 2009 “Recognition and Presentation of Other-Than-Temporary Impairments”

Reclassification of Investments in Securities 1. All securities reclassified –> from one category to another –> are transferred at fair value 2. From Trading to