The Codification project was launched to organize and simplify authoritative GAAP literature. For goodwill and intangible assets arising from a combination between two or more not-for-profit entities or acquired in the acquisition of a for-profit business entity by a not-for-profit entity until Statement 164 is effective, Opinion 16 and APB Opinion No.164, Not-for-Profit Entities: Mergers and Acquisitions, is effective For not-for-profit entities, pooling of interests as allowed for under Opinion 16, even though it has been superseded by Statement 141 until FASB Statement No.For business combinations with an acquisition date before the first annual reporting period beginning on or after December 15, 2008, Statement 141 and any other relevant standards.109, Accounting for Income Taxes, and related standards 48, Accounting for Uncertainty in Income Taxes, FASB Statement No. For nonpublic entities electing the deferral of FASB Interpretation No.25, Accounting for Stock Issued to Employees) described in paragraph 83 of FASB Statement No. 123, Accounting for Stock-Based Compensation, or APB Opinion No. Stock compensation for nonpublic and other entities (originally addressed by FASB Statement No.118, Accounting by Creditors for Impairment of a Loan-Income Recognition and Disclosures 114, Accounting by Creditors for Impairment of a Loan, described in paragraph 24 of FASB Statement No. Loans restructured in a troubled debt restructuring before the effective date of FASB Statement No.Employee stock ownership plan shares (originally addressed by AICPA Statement of Position 76-3, Accounting Practices for Certain Employee Stock Ownership Plans) purchased by, and held as of, December 31, 1992, as described in paragraphs 97 and 102 of AICPA Statement of Position 93-6, Employers' Accounting for Employee Stock Ownership Plans.Pension transition assets or obligations described in paragraph 77 of FASB Statement No.16, Business Combinations) described in paragraph B217 of FASB Statement No. Pooling of interests in a business combination (originally addressed by APB Opinion No.While not comprehensive, the following are examples of such grandfathered items: That superseded guidance has not been included in the Codification, shall be considered grandfathered, and shall continue to remain authoritative for those transactions after the effective date of this Statement. Certain accounting standards have allowed for the continued application of superseded accounting standards for transactions that have an ongoing effect in an entity's financial statements. For standards whose effective date is after March 15, 1992, and for entities initially applying an accounting principle after Ma(except for EITF consensus positions issued before March 16, 1992, which become effective in the hierarchy for initial application of an accounting principle after March 15, 1993), an entity shall follow the guidance in the Codification.ġ3. For example, a nongovernmental entity that followed a prevalent industry practice (category ( d)) as of March 15, 1992, does not have to change to an accounting treatment included in a standard that was in category ( b) or category ( c) (such as an accounting principle in a cleared AICPA Statement of Position or Accounting Standards Executive Committee Practice Bulletin that is now included in the Codification in accordance with this Statement) whose effective date is before March 15, 1992. An entity that has followed, and continues to follow, an accounting treatment that was previously in category ( c) or category ( d) of that GAAP hierarchy as of March 15, 1992, need not change to an accounting treatment in a higher category (( b) or ( c)) of that hierarchy (now included in the Codification in accordance with this Statement) if its effective date was before March 15, 1992. Statement 162 contained a description of the categories of the GAAP hierarchy that existed before this Statement. Transfers and servicing of financial assetsġ2. Revenue from contracts with customers (ASC 606) Loans and investments (post ASU 2016-13 and ASC 326) Investments in debt and equity securities (pre ASU 2016-13) Insurance contracts for insurance entities (pre ASU 2018-12) Insurance contracts for insurance entities (post ASU 2018-12) IFRS and US GAAP: Similarities and differences Business combinations and noncontrolling interestsĮquity method investments and joint ventures
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