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The SEC issued Staff Accounting Bulletin (SAB) No. 114 to amend the SAB Codification. The new SAB is intended to make the SAB
codification consistent with the FASB’s ASC (Accounting Standards Codification).
1. Topic 1D now states that certain disclosures are required only if the basis of accounting applied in the financial statements of a foreign issuer is other
than U.S. GAAP or International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
2. Topic 1K (Financial Statements of Acquired Troubled Financial Institutions), now states that goodwill is no longer subject to amortization and replaces
the term “carrying value” with the term “fair value.”
1. Topic 5F (Accounting Changes Not Retroactively Applied Due to Immateriality), the SAB has replaced “retrospectively” “restatement”
and “retroactively” has been updated with the terms, “respectively”, and “retrospective adjustment.”
1. Topic 6K (Accounting Series Release 302 — Separate Financial Statements Required by Regulation S-X), has been changed to
represent that goodwill is not amortized. Instead, it is subject to impairments.
1. Topic 13A (Selected Revenue Recognition Issues): The Contingent Rental Income discussion has been to conform to FASB ASC Topic
840, Leases.
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Topic 14: Share-Based Payment:
• Topic 14J (Accounting for Income Tax Effects of Share-Based Payment Arrangements upon Adoption of Statement 123(R)).
• Topic 14K (Modification of Employee Share Options Prior to Adoption of Statement 123(R)).
• Topic 14L (Application of the Measurement Provisions of Statement 123(R) to Foreign Private Issuers).