What FAS 144?
FAS 144: Accounting for the Impairment or Disposal of. Long-Lived Assets. FAS 144 Summary. This Statement addresses financial accounting and reporting for the impairment or disposal of long-lived assets.
What is SFAS 140?
SFAS 140 means Statement of Financial Accounting Standards No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities.
What is SFAS 141?
SFAS No. 141 states that independent appraisals and actuarial or other valuations may be used to measure the fair values of the acquired assets and assumed liabilities in a business combination. SFAS No. 141 requires that numerous disclosures be made in the financial statements footnotes, including: 1.
What is SFAS No 1?
SFAS 1. 1. Statement of Financial Accounting Standards No.1. Conceptual Framework for Financial Accounting and. Preparation of Financial Statements.
What FAS 142?
FAS 142 summary. This Statement addresses financial accounting and reporting for acquired goodwill and other intangible assets and supersedes APB Opinion No. 17, Intangible Assets.
What is a held and used asset?
When the asset is classified as held and used, any test for recoverability must be based on using the asset for its remaining useful life, assuming disposal will not occur. If the carrying amount exceeds fair value at disposal, the company must recognize an impairment loss.
What SFAS 142?
SFAS 142 means the Statement of Financial Accounting Standards No. 142 (Goodwill and Other Intangible Assets), as issued by the Financial Accounting Standards Board in June, 2001, and applicable to all fiscal years beginning after December 15, 2001.”
Did SFAS 141 142 improve the market’s understanding of net assets goodwill or other intangible assets?
This suggests that the since the implementation of SFAS 142, the market has significantly improved (not improved) in its ability to understand the future earnings implications of goodwill (other intangibles).
What SFAS No?
SFAS have been superseded by the FASB Accounting Standards Codification, which became effective after Sept. 15, 2009. This codification is now updated via Accounting Standards Updates (ASUs). The total number of SFAS is 168, with no. 168 noting that all prior standards are superseded by the ASC.
What does SFAS mean?
Acronym. Definition. SFAS. Statement of Financial Accounting Standards.
What are to be disclosed under intangible assets?
Such an asset is identifiable when it is separable, or when it arises from contractual or other legal rights. Separable assets can be sold, transferred, licensed, etc. Examples of intangible assets include computer software, licences, trademarks, patents, films, copyrights and import quotas.
What assets can be impaired?
Asset accounts that are likely to become impaired are the company’s accounts receivable, goodwill, and fixed assets. Long-term assets, such as intangibles and fixed assets, are particularly at risk of impairment because the carrying value has a longer span of time to become impaired.