U.S. GAAP
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U.S. GAAP
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1. Cost model: historical - accum. depr. = impairment

2. No classification

3. Characterized as having commercial substance and lacking commercial substance. Commercial substance (accounted for at fair value and all gains are recognized). Lacking commercial substance (gains are only recognized when boot is received). Losses are

4. Entities are required to disclose concentrations of credit risk. Market risk disclosures are optional.

5. Finite life intangibles - two step process: compare carrying amount to undiscounted cash flows - then if carrying amount exceeds cash flows - impairment amount is the difference between carrying amount and fair value of asset. For indefinite life - c

6. May not be capitalized.

7. Revenue recognized when realized or realizable and earned. Four criteria must be met for each element of a contract before revenue can be recognized: persuasive evidence of an arrangement exists - delivery has occurred or services have been rendered

8. Recognized in a two-step process: (1) recognition of the tax benefit (2) measurement of the tax benefit.

9. Percentage of completion and completed contract method allowed.

10. Must disclose nature of operations - use of estimates - estimate of a change in estimate - vulnerability of the risk f near-term severe impact from a material concentration.

11. Not required to match consumption. No requirement to review method - life - or salvage value at year end. Can use composite or component depreciation.

12. Research and development costs expensed - reported using the cost model only.

13. Projection benefit obligation (PBO) is the defined benefit pension plan liability.

14. Cost method or legal (par) method.

15. Lower of cost or market.

16. Funded status is reported of an overfunded pension plan is reported in full as a noncurrent asset. Underfunded plans are reported as current - non-current - or both.

17. Interest and dividends received - interest paid and taxes paid are CFO. Dividends paid are classified as CFF.

18. Lessees--operating or capital leases. Lessors--operating - sales-type - or direct financing leases.

19. (Balance sheet - income statement - SOCF) as of the most recent fiscal quarter and as of the end of the preceding fiscal year.

20. Considered non-compensatory if they meet certain requirements.

21. All gains and losses included in OCI

22. Valuation allowance is recognized when it is more likely than not that part or all of the deferred tax asset will not be realized.

23. Segment profit or loss - assets.

24. Indirect direct costs paid by the lessee are expensed when incurred.

25. Classified as: (1) trading (2) available-for-sale (3) held-to-maturity

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