Statement of Financial Accounting Standards No. 157 - Paper Audit ...

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. Paragraph 8: Broadcasters may barter unsold advertising time for products or services. All barter transactions except those involving the exchange of advertising time for network programming 3 shall be reported at the estimated fair value of the product or service received, in accordance with the provisions of paragraph 25 of APB Opinion No. 29, Accounting for Nonmonetary Transactions. Barter revenue shall be reported when commercials are broadcast, and merchandise or services received shall be reported when received or used. If merchandise or services are received prior to the broadcast of the commercial, a liability shall be reported. Likewise, if the commercial is broadcast first, a receivable shall be reported. c. Paragraph 38: For purposes of imputing interest in accordance with Opinion 21, it is assumed that the $1,000,000 payment on July 31, 19X1 and the $6,000,000 payments on January 1, 19X2 and 19X3 relate to films A and B and the $6,000,000 payment on January 1, 19X4 relates to films C and D. Other simplifying assumptions or methods of assigning the payments to the films could be made. [For ease of use, the remainder of this paragraph, which is unaffected by this Statement, has been omitted.] d. Paragraph 39: Asset and Liability Recognition (Present Value ApproachFair Value Approach) [For ease of use, the remainder of this paragraph, which is unaffected by this Statement, has been omitted.] e. Paragraph 40: Expense Recognition (Present Value ApproachFair Value Approach) [For ease of use, the remainder of this paragraph, which is unaffected by this Statement, has been omitted.] 100
E10. FASB Statement No. 65, Accounting for Certain Mortgage Banking Activities, is amended as follows: a. Paragraph 4, as amended: Mortgage loans held for sale shall be reported at the lower of cost or market fair value, determined as of the balance sheet date. If a mortgage loan has been the hedged item in a fair value hedge, the loan’s “cost” basis used in lower-of-cost-or-marketfair value accounting shall reflect the effect of the adjustments of its carrying amount made pursuant to paragraph 22(b) of Statement 133. The amount by which cost exceeds marketfair value shall be accounted for as a valuation allowance. Changes in the valuation allowances shall be included in the determination of net income of the period in which the change occurs. Mortgage-backed securities held by not-for-profit organizations shall be reported at fair value in accordance with the provisions of FASB Statement No. 124, Accounting for Certain Investments Held by Not-for- Profit Organizations. b. Paragraph 6, as amended: A mortgage loan transferred to a long-term-investment classification shall be transferred at the lower of cost or marketfair value on the transfer date. Any difference between the carrying amount of the loan and its outstanding principal balance shall be recognized as an adjustment to yield by the interest method. 2 A mortgage loan shall not be classified as a long-term investment unless the mortgage banking enterprise has both the ability and the intent to hold the loan for the foreseeable future or until maturity. After the securitization of a mortgage loan held for sale, any retained mortgage-backed securities shall be classified in accordance with the provisions of FASB Statement No. 115, Accounting for Certain Investments in Debt and Equity Securities. However, a mortgage banking enterprise must classify as trading any retained mortgage-backed securities that it commits to sell before or during the securitization process. c. Paragraph 9, as amended: The marketfair value of mortgage loans and mortgage-backed securities held for sale shall be determined by type of loan. At a minimum, separate determinations of marketfair value for residential (one- to four-family dwellings) and commercial mortgage loans shall be made. Either the aggregate or individual loan basis may be used in determining the lower of 101
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Financial Accounting Series NO. 284
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Summary This Statement defines fair
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(blockage factor). This Statement e
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instruments as of the beginning of
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Copyright © 2006 by Financial Acco
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Statement of Financial Accounting S
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disaggregated) for purposes of appl
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Application to Assets 12. A fair va
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of the elements in the transaction,
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paragraph 19). The disclosure provi
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sufficient to absorb the quantity h
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c. For fair value measurements usin
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38. At the date this Statement is i
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A3. The judgments applied in differ
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include those buyers that initially
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participants have technology in a m
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elevant data points in the market a
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in the fair value hierarchy within
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the one- and two-year options on th
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tions in which the price in a trans
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higher of its fair value in-use as
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measure fair value are required in
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Assets Measured at Fair Value on a
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d. The price for bearing the uncert
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liability being measured, it may be
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cash flows, it likely will be highe
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Appendix C BACKGROUND INFORMATION A
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Appendix C BACKGROUND INFORMATION A
Page 61 and 62: Scope Share-Based Payment Transacti
Page 63 and 64: epresent the fair value of the inst
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Page 69 and 70: or liability (for example, a commod
Page 71 and 72: Application to Liabilities C39. For
Page 73 and 74: whether changes in a debtor’s cre
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Page 77 and 78: Valuation Techniques C53. This Stat
Page 79 and 80: C60. In its discussions, the Board
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Page 97: International Financial Reporting S
Page 100 and 101: Pronouncement Statement 65* Stateme
Page 102 and 103: Pronouncement Interpretation 45* In
Page 104 and 105: Pronouncement FSP AAG INV-1 and SOP
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Page 110 and 111: E6. FASB Statement No. 19, Financia
Page 114 and 115: cost or marketfair value for each t
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Page 124 and 125: . Paragraph 112 (glossary), as amen
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Page 130 and 131: value of an asset (or liability) in
Page 132 and 133: securities. An acquiring entity oft
Page 134 and 135: as the basis for the measurement, i
Page 136 and 137: of those cash flows that are embodi
Page 138 and 139: current rate. Any downward revision
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Page 142 and 143: Date Incurred 12/31/03 12/31/04 12/
Page 144 and 145: market prices in active markets are
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Page 148 and 149: i. Paragraph A13: The following tab
Page 150 and 151: accordance with paragraph 7, the en
Page 152 and 153: expected present value technique of
Page 154 and 155: E29. Statement 133 Implementation I
Page 156 and 157: upon the assignment because the pro
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