U.S. GAAP Codification of Accounting Standards

U.S. GAAP Codification IFRS International Standards Accounting Standards, ASC

U.S. GAAP Codification of Accounting Standards
Codification Topic 3
50-20:Goodwill and Other


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   Codification Topic 350-20
   Goodwill and Other
 

Goodwill
   --> not amortized
         [asc 350-20-35-1]

   --> tested for impairment
         at the level of a reporting unit

Impairment Loss
   --> two step approach
   --> step 1: impairment test for a reporting unit
         step 2: impairment test for goodwill

   Step 1
   --> is (a) < (b)?
        (a) fair value of a reporting unit
        (b) carrying amount of a reporting unit
   --> if yes, go to step 

   Step 2
   --> is (c) < (d)?
        (c) implied fair value of goodwill of the reporting unit
        (d) carrying amount of goodwill of the reporting unit
   --> if yes, impairment loss is recognized

   "Reversal" of impairment loss is not allowed.
   [asc 350-20-35-13]

[IFRS]
   IAS 36: Impairment of Assets
   Goodwill impairment test
   [IAS 36-pr 80-108]

   1. Goodwill is allocated to Cash Generating Unit (CGU)
   2. Impairment test for CGU: Is recoverable amount < carrying amount?
   3. Impairment loss of CGU
       --> allocated to reduce the carrying amount of goodwill, first
       --> then, allocated to other assets

[U.S. GAAP]
   asc 350-20
   1. Impairment test for "reporting unit"
       --> Is fair value of reporting unit < carrying amount?
   2. If yes, impairment test for "goodwill"
       --> Is implied fair value of goodwill < carrying amount?
   3. If yes, impairment loss for goodwill is recognized.

International Financial Reporting Standards (IFRS)

   IAS 36: Impairment of assets
   IAS 38: Intangible assets



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   Codification Topic 350
   Intangibles-Goodwill and Other
 
Subtopics of Codification Topic 350
 
   350-10 Overall
   350-20 Goodwill
   350-30 General intangibles other than goodwill
   350-40 Internal-use software
   350-50 Website development costs
 
Accounting Terms of Codification Topic 350-10
 
   Goodwill
   Intangible assets
   Mutual entity
   Not-for-profit entity
 
Accounting Terms of Codification Topic 350-20
 
   Business
   Noncontrolling interest
   Operating segment
   Reporting unit
 
Accounting Terms of Codification Topic 350-30
 
   Defensive intangible asset
   Intangible asset class
   Residual value
   Useful life   
 
Accounting Terms of Codification Topic 350-40
 
   Preliminary project stage   
 
Accounting Terms of Codification Topic 350-50
      
 

 

   Other Topics at the Codification 300 
Accounting Standards Codification, ASC, Overview
 
ASC Codification Topic 305: Cash and Cash Equivalents
 
ASC Codification Topic 310: Receivables
 
ASC Codification Topic 320: Investments-Debt and Equity Securities
ASC Codification Topic 323: Investments-Equity Method and Joint Ventures
ASC Codification Topic 325: Investments-Other
 
ASC Codification Topic 330: Inventory
 
ASC Codification Topic 340: Other Assets and Deferred Costs
 
ASC Codification Topic 350: Intangibles-Goodwill and Other
 
ASC Codification Topic 360: Property, Plant, and Equipment


   U.S. GAAP Codification of Accounting Standards
Accounting Standards Codification, ASC, Overview
ASC Codification 200: Presentation
ASC Codification 300: Assets
ASC Codification 400: Liabilities
ASC Codification 500: Equity
ASC Codification 600: Revenue
ASC Codification 700: Expenses
ASC Codification 800: Broad Transactions
ASC Codification 900: Industry

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