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Amendments to the FASB Accounting Standards CodificationTM

Introduction

1.

The

Accounting

Standards

Codification

is

amended

as

paragraphs 2–122 as a result of the issuance of FASB Statement

described in No. 164, Not-

for-Profit Entities: Mergers in bold type. Text added

and Acquisitions. Terms to existing Subsections

from the Master Glossary are of the Accounting Standards

Codification is Newly added

underlined. Deleted text Subsections, tables,

of existing paragraphs is struck and Master Glossary terms

out. and

definitions are not underlined to enhance readability. presented in bold type state the main principles, although all equal authority.

New paragraphs paragraphs have

Amendments to the Master Glossary

2.

Add the following terms and their definitions to the Master Glossary, with a

link to transition paragraph 958-805-65-1, as follows:

Acquisition by a Not-for-Profit Entity

A transaction or other event in which a not-for-profit acquirer obtains control of one or more nonprofit activities or businesses and initially recognizes their assets and liabilities in the acquirer’s financial statements. [FAS 164, paragraph 3(c), sequence 3.1.3] When applicable guidance in Topic 805 is applied by a not-for- profit entity, the term business combination has the same meaning as this term has for a not-for-profit entity. Likewise, a reference to business combinations in guidance that links to Topic 805 has the same meaning as a reference to acquisitions by not-for-profit entities.

Control of a Not-for-Profit Entity

See Control. {Use definition of control from Subtopics 954-810 and 958- 810} [FAS 164, paragraph 3(k), sequence 3.2.2]

Inherent Contribution

A contribution that results if an entity voluntarily transfers assets (or net assets) or performs services for another entity in exchange for either no assets or for assets of substantially lower value and unstated rights or privileges of a commensurate value are not involved. [FAS 164, paragraph 3(h), sequence 3.1.8]

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