Offsetting FASB Interpretations (FIN) FASB Interpretation (FIN) No. 39, March 1992 “Offsetting of Amounts Related to Certain Contracts an interpretation of APB Opinion No.
Tag: asc
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
Research and Development (R&D) costs are recognized as an expense during the period. Being recognized as an expense means that such costs are not capitalized