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Fasb Week 1 Assignment

1481 words - 6 pages

Presentation of Financial Statements- Going Concern
When trying to determine if a company had the ability to continue as a “going concern,” GAPP provided no specific guidance. Management had no involvement and was not accessing the company’s ability on whether or not it could continue as a going concern. The only requirement was for auditors to evaluate if the company has the ability to continue as a going concern and for a reasonable period of time, not to exceed one year beyond the date of the financial statements being audited (Financial Accounting Standards Board). Meanwhile, lack of guidance lead to issues such as who’s to say what a reasonable time really should be and the content of ...view middle of the document...

Receivables- Troubled Debt Restructurings by Creditors
This update is trying to bring uniformity to the way creditors classify government-guaranteed mortgage loans upon foreclosure. Some reclassify them as receivables and others reclassify the loans the same as other real estate loans with no government guarantee. So the purpose of this update is to bring simplicity to the reclassification of these loans (Financial Accounting Standards Board). Government guaranteed loans include, Federal Housing Administration (FHA), U.S. Department of Housing and Urban Development (HUD), and U.S. Department of Veterans Affairs, (VA). The main difference between these loans in this situation is the guarantee they provide. The VA provides a partial guarantee, while the FHA loan provides a full guarantee (Financial Accounting Standards Board).
Prior to the update, GAAP had no precise guidance on how to classify a guaranteed loan that went into foreclosure. Now to alleviate the mixed reporting of foreclosed guaranteed home loans, the update states the loan is to be derecognized and that a separate other receivable be recognized. However, it must meet the following conditions: (1) the loan has a government guarantee that is not separable from the loan before foreclosure. (2) At the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim. (3) At the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Also, once the loan forecloses, the separate receivable should be the measured based on the loan balance, not the original loan amount (Financial Accounting Standards Board).
While the GAAP has made updates on the classification of foreclosed mortgage loans that are guaranteed by a government sponsored program, IFRS does not contain any guidance specific to the classification. The GAAP update is suppose to take effect for annual periods ending after December 15, 2014 (Financial Accounting Standards Board).
Development State Entities
Development stage entities have been required to report unnecessary information in their financial reports. This information has no useful life for decision making, such as the inception-to-date information and other disclosures that had limited bearing. This update issue provides some relief for development stage entities and has removed all incremental financial reporting requirements from U.S. GAAP for development state entities. It eliminated the following requirements: (1) to present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a...

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