U.S. GAAP Codification of Accounting Standards

U.S. GAAP Codification Accounting Standards, ASC



U.S. GAAP Codification of Accounting Standards
Codification Topic 3
50-40: Internal-Use Software


U.S. GAAP Codification Updates
Principles of Accounting Intermediate Accounting Advanced Accounting
Accounting Terms


Codification Topic 350-40
Internal-Use Software


Accounting Rules about Software

asc 350-40: Internal-Use Software
--> AICPA SOP 98-1
--> "Accounting for the Costs of Computer Software Developed or Obtained for Internal Use"

asc 985-20: Costs of Software to Be Sold, Leased, or Marketed
--> SFAS 86, August 1985
--> "Accounting for the Costs of Computer Software to Be Sold, Leased, or Otherwise Marketed"

asc 985-605: Software Revenue Recognition
--> AICPA SOP 97-2
--> "Software Revenue Recognition"

Accounting for the Costs of Software for Internal Use
asc 350-40 based on AICPA SOP 98-1

Three stages to develop software
1. Preliminary project stage
2. Application development stage
3. Post-implementation/operation stage

Preliminary project stage
--> Costs are expensed as incurred

Application development stage
--> Costs to develop internal-use software
--> during the application development stage
--> are capitalized

Post-implementation/operation stage
--> Costs are expensed as incurred

Upgrades and enhancements to software
--> Costs may be capitalized
--> if "additional functionality" is added

Capitalized software costs
--> are amortized on a "straight line" basis
--> over the estimated useful life
and 
--> should be reviewed for impairment




   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

U.S. GAAP by Topic
Accounting Topics


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