FASB Original Pronouncements As Amended and Current Text Annual Bound Editions 2008–2009

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Original Pronouncements As Amended as of June 1, 2008—Three Volumes
The authoritative pronouncements in an “as amended” format, including FASB Statements of Standards, Concepts Statements, Interpretations, Technical Bulletins, and FASB Staff Positions, and AICPA APB Opinions, Interpretations, and Accounting Research Bulletins. In this format, all pronouncements amended by subsequent pronouncements reflect those amendments. Pronouncements that have been superseded but may still be applied by some entities are shaded to indicate that they have been superseded. Completely superseded pronouncements that may no longer be applied are omitted from this bound edition; however, a Status page is retained for those omitted pronouncements.

• FAS141 (revised 2007), Business Combinations, requires the acquiring entity to recognize all (and only) the assets acquired and liabilities assumed; establishes the acquisition-date fair value as the measurement objective; and requires the acquirer to disclose to investors and other users all of the information they need to evaluate and understand the nature and financial effect of the business combination.
• FAS160, Noncontrolling Interests in Consolidated Financial Statements, establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary.
• FAS161, Disclosures about Derivative Instruments and Hedging Activities, requires enhanced disclosures to enable investors to better understand their effects on an entity's financial position, financial performance, and cash flows. Statement 161 also improves transparency about the location and amounts of derivative instruments in an entity's financial statements; how derivative instruments and related hedged items are accounted for under FASB Statement 133; and how they affect its financial position, financial performance, and cash flows.
• FAS162, The Hierarchy of Generally Accepted Accounting Principles, identifies a consistent framework, or hierarchy, for selecting accounting principles to be used in preparing financial statements in conformity with U.S. generally accepted accounting principles (GAAP) for nongovernmental entities.
• FAS163, Accounting for Financial Guarantee Insurance Contracts, clarifies how FASB Statement 60 applies to financial guarantee insurance contracts issued by insurance enterprises, including the recognition and measurement of premium revenue and claim liabilities.
• Nine FASB Staff Positions (FSPs): FSP APB 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement), FSP FAS 140-3, Accounting for Transfers of Financial Assets and Repurchase Financing Transactions, FSP FAS 142-3, Determination of the Useful Life of Intangible Assets, FSP FAS 157-1, Application of FASB Statement No. 157 to FASB Statement No. 13 and Other Accounting Pronouncements That Address Fair Value Measurements for Purposes of Lease Classification or Measurement under Statement 13, FSP FAS 157-2, Effective Date of FASB Statement No. 157, FSP FIN 48-2, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises, FSP SOP 90-7-1, An Amendment of AICPA Statement of Position 90-7, FSP SOP 94-3-1 and AAG HCO-1, Omnibus Changes to Consolidation and Equity Method Guidance for Not-for-Profit Organizations, and FSP SOP 07-1-1, Effective Date of AICPA Statement of Position 07-1.

  Current Text as of June 1, 2008—Two Volumes
  Integration of the financial accounting and reporting standards included in the Original Pronouncements As Amended, arranged by topic for general and industry standards. In the 2008–2009 edition of Current Text, sections have been added or revised due to issuance of the FASB documents noted in the above description for Original Pronouncements As Amended.