Intangible Assets –> Type 1: Intangible assets with “finite” useful life –> Type 2: Intangible assets with “indefinite” useful life Intangible assets with “finite”
Category: U.S. GAAP by Topic
Goodwill –> not amortized [asc 350-20-35-1] –> tested for impairment at the level of a reporting unit Impairment Loss –> two step approach –>
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 in equity securities 1. If fair value is readily determinable –> Apply ASC 320 Investments – Debt and Equity Securities –> SFAS 115 2.
Equity method for partnerships and joint ventures AICPA Accounting Interpretations (AIN) APB 18 ” The Equity Method of Accounting for Investments in Common Stock: Accounting