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While the FASB specified that operating lease liabilities should be considered "non-debt liabilities," so that they should not affect debt ratios and most loan covenants, the addition of an equal asset and liability will reduce most companies' quick ratio, while the fact that an operating lease creates a current liability but not a current ...
Rescission of FASB Statement No. 53 and amendments to FASB Statements No. 63, 89, and 121: June 2000: 140: Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities-a replacement of FASB Statement No. 125: September 2000: Amended by SFAS No. 155 and No. 156 141: Business Combinations: June 2001: 141R
The FASB issues an Accounting Standards Update (Update or ASU) to communicate changes to the FASB Codification, including changes to non-authoritative SEC content. ASUs are not authoritative standards. [5] Each ASU explains: How the FASB has changed U.S. GAAP, including each specific amendment to the FASB Codification
The FASB expected the system to reduce the amount of time and effort required to research accounting issues, mitigate the risk of noncompliance with standards through improved usability of the literature, provide accurate information with real-time updates as new standards are released, and assist the FASB with the research efforts required ...
On July 1, 2009, the FASB announced the launch of its Accounting Standards Codification, [38] [39] [40] an online research system representing the single source of authoritative nongovernmental U.S. GAAP, available from the FASB in multiple views; Professional view, Academic view, and Basic view.
In accounting, contingent liabilities are liabilities that may be incurred by an entity depending on the outcome of an uncertain future event [1] such as the outcome of a pending lawsuit. These liabilities are not recorded in a company's accounts and shown in the balance sheet when both probable and reasonably estimable as 'contingency' or ...
Accounting Principles Board Opinions, Interpretations and Recommendations were published by the Accounting Principles Board from 1962 to 1973. The board was created by American Institute of Certified Public Accountants (AICPA) in 1959 and was replaced by Financial Accounting Standards Board (FASB) in 1973.
Items Previously Reported as Assets and Liabilities March 2012 Amended by GASBS 86 and 87; Partially superseded by GASBS 87; 66. Technical Corrections—2012—an amendment of GASB Statements No. 10 and No. 62 March 2012 Amended by GASBS 87; Partially superseded by GASBS 87; 67. Financial Reporting for Pension Plans—an amendment of GASB ...