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U.S. GAAP Codification of Accounting Standards |
| U.S. GAAP Codification | Accounting Standards, ASC |
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U.S. GAAP
Codification of Accounting Standards |
| U.S. GAAP Codification Updates |
| Principles of Accounting, Intermediate Accounting, Advanced Accounting |
| Accounting Terms |
| Codification Topic 820 Fair Value Measurements and Disclosures --> FSP FAS 157-4, April 2009 Fair Value Measurements when the Markets are not Active FASB Staff Position FAS 157-4, April 2009 "Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly" SFAS 157, September 2006 "Fair Value Measurements" Fair Value Hierarchy Level 1: Quoted prices in active market Level 2: Observable inputs other than Level 1 inputs Level 3: Unobservable inputs Level 2 inputs include: 1. Quoted prices of similar assets in active markets 2. Quoted prices in the markets that are not active FSP FAS 157-4 addresses: 1. When the "volume and level" of activity decreased significantly 2. When the transactions are not orderly Quoted prices need a significant adjustment --> if the "volume and level" of activity decreased significantly --> in the markets that are not active: Level 2 inputs --> FSP FAS 157-4 does not change Level 1 inputs FSP FAS 157-4 provides additional guidance --> when the transactions are not orderly FSP FAS 157-4 superseded FSP FAS 157-3 |
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Codification Topic 820 Fair Value Measurements and Disclosures |
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Subtopics of Codification Topic 820 820-10 Overall |
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Accounting Terms of Codification Topic 820-10 Active market Brokered Market Cost approach Dealer market Discount rate adjustment technique Entry price Exchange market Exit price Expected cash flow Fair value Financial asset Financial liability General market risk Highest and best use Income approach Incremental direct costs Inputs Level 1 inputs Level 2 inputs Level 3 inputs Market approach Market participants Market-corroborated inputs Most advantageous market Nonperformance risk Observable inputs Obsolescence Orderly transaction Present value Principal market Principal-to-principal market Related parties Risk premium Systematic risk Transaction costs Unit of account Unobservable inputs Unsystematic risk |
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