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In 2009, the Codification superseded the FASB's Statements of Financial Accounting Standards. 168 standards had been issued before the Codification.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 and set forth fundamental objectives and concepts that the FASB use in developing future standards.
US GAAP and IAS 7 rules for cash flow statements are similar, but some of the differences are: IAS 7 requires that the cash flow statement include changes in both cash and cash equivalents. US GAAP permits using cash alone or cash and cash equivalents. [9]
Statement of Cash Flows-Exemption of Certain Enterprises and Classification of Cash Flows from Certain Securities Acquired for Resale—an amendment of FASB Statement No. 95: February 1989: 103: Accounting for Income Taxes-Deferral of the Effective Date of FASB Statement No. 96—an amendment of FASB Statement No. 96: December 1989: Superseded ...
Statement of cash flows identifies the sources of cash flowing into the organization and the uses of cash flowing out during the reported fiscal year. [19] In the United States there may also be a separate Statement of functional expenses which distributes each expense of the organization into amounts related to the organization's various ...
Operating cash flows: the principal revenue-producing activities of the entity and are generally calculated by applying the indirect method, whereby profit or loss is adjusted for the effects of transaction of a non-cash nature, any deferrals or accruals of past or future cash receipts or payments, and items of income or expense associated with ...
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 opinions are still an important part of it. All of the Opinions have been superseded in 2009 by FASB's Accounting Standards Codification.
Applicability of FASB Statement No. 93,"Recognition of Depreciation by Not-for-Profit Organizations," to Certain State and Local Governmental Entities: Jan 1988: Superseded by GASBS 35; 9. Reporting Cash Flows of Proprietary and Nonexpendable Trust Funds and Governmental Entities That Use Proprietary Fund Accounting: Sept. 1989: Amended by ...
The FASB issued a statement on Share Based Payments (statement 123(R)) in 2004, developed jointly with the IASB. [50] This standard update requires companies to identify the cost of share-based payments (e.g., restricted share plans, employee share purchase plans, performance-based awards, share appreciation rights, and stock options) within ...