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The primary standard for lease accounting is Statement of Financial Accounting Standards No. 13 (FAS 13), which has been amended several times; it is known as topic 840 in the FASB's new Accounting Standards Codification. The basic criteria for capitalization of a lease by lessee are as follows:
IFRS 16 was developed in collaboration with the Financial Accounting Standards Board (FASB) in the United States, but while the new FASB leasing standard shares many common features with IFRS 16, such as reporting all large leases on the balance sheet, there will be some significant differences between the two standards. [7]
Accounting Standards Codification, the only source of authoritative nongovernmental U.S. GAAP. In 2009, the Codification superseded the FASB's Statements of Financial Accounting Standards. 168 standards had been issued before the Codification. Concepts Statements, first issued in 1978. They are part of the FASB's conceptual framework project ...
Under US accounting standards, a finance (capital) lease is a lease that meets at least one of the following criteria: ownership of the asset is transferred to the lessee at the end of the lease term; the lease grants the lessee an option to purchase the asset and the lessee is reasonably certain to exercise the option;
Accounting for costs of Software for Sale or Lease full-text: superseded by FASB Statement No. 86 1984 March 26: Computation of Premium Deficiencies in Insurance Enterprises full-text: 1984 July 12: Accounting for Income Taxes of Stock Life Insurance Companies full-text: superseded by FASB Technical Bulletin No. 84-3 1984 October 15
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. Its mission was to develop an overall conceptual framework of US generally accepted accounting principles (US GAAP). APB was the main organization setting the US GAAP and its ...
Aggregated articles pertaining to US GAAP. Pages in category "United States Generally Accepted Accounting Principles" The following 38 pages are in this category, out of 38 total.
The FASB established the Investor Task Force (ITF) in 2005, which was an advisory resource that provided the Board with sector expertise and specific insights from the professional investment community on relevant accounting issues. [30] The FASB then implemented SFAS 157 which established new standards for disclosure regarding fair value ...
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