Category: U.S. GAAP by Topic

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.

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”

GAAP Hierarchy    Statement of Financial Accounting Standards No. 168, June 2009 “The FASB Accounting Standards Codification and the Hierarchy of GAAP” Two levels of