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Equity Interests

Used broadly to mean ownership interests of investor-owned entities; entities and owner, member, or participant interests of mutual entities; and owner or member interests in the net assets of not-for-profit entities. [FAS 164, paragraph 3(l), sequence 3.2.3]

Goodwill

An asset representing the future economic benefits arising from other assets acquired in a business combination or an acquisition by a not-for-profit entity that are not individually identified and separately recognized. [FAS 164, paragraph 3(n), sequence 3.2.5] For ease of reference, this term also includes the immediate charge recognized by not-for-profit entities in accordance with paragraph 958-805-25-29. [FAS 164, paragraph 22 FN3, sequence 22.1.5]

Owners

The term owners is used Used broadly to include holders of ownership interests {Glossary link} (equity interests) {Glossary link} of investor-owned entities, or mutual entities, or not-for-profit entities. Owners include shareholders, partners, proprietors, or members or participants of mutual entities. Owners also include owner and member interests in the net assets of not-for-profit entities. [FAS 164, paragraph 3(v), sequence 3.3.4]

5.

Amend the following Master Glossary definition of Public Entity used in

Topic 280 and Topic 805, with a link to transition paragraph 958-805-65-1, as

follows:

Public Entity A business entity or a not-for-profit entity [FAS 164, paragraph 3(w), sequence

      • 3.3.5

        ] that meets any of the following conditions:

        • a.

          It has issued debt or equity securities or is a conduit bond obligor for conduit debt securities that are traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local or regional markets).

        • b.

          It is required to file financial statements with the Securities and Exchange Commission (SEC).

        • c.

          It provides financial statements for the purpose of issuing any class of securities in a public market.

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