FASB: Status of Statement 114

Status of Statement No. 114

Accounting by Creditors for Impairment of a Loan—an amendment of FASB Statements No. 5 and 15

Status

Issued: May 1993

Effective Date:
For fiscal years beginning after December 15, 1994

Affects:
Amends FAS 5, paragraph 23
Amends prospectively FAS 15, paragraphs 1, 33, 34, and 42
Replaces prospectively FAS 15, paragraph 30
Deletes prospectively FAS 15, paragraphs 31, 32, 35 through 37, 40(a), and 41 and footnotes 18, 19, 21, 24, and 25
Amends FAS 60, paragraph 47
Amends FAS 91, paragraph 14
Supersedes FTB 79-6
Supersedes FTB 79-7

Affected by:
Paragraphs 8 and 11 through 15 amended by FAS 118, paragraphs 6(a) through 6(f)
Paragraph 17 replaced by FAS 118, paragraph 6(g)
Paragraphs 18 and 19 deleted by FAS 118, paragraph 6(h)
Paragraph 20 replaced by FAS 118, paragraph 6(i)
Paragraph 65 deleted by FAS 118, paragraph 6(j)

Other Interpretive Pronouncement:
FTB 94-1

Other Interpretive Release:
FASB Viewpoints, "Application of FASB Statements 5 and 114 to a Loan Portfolio," April 12, 1999 (in Current Text Section I08)

AICPA Accounting Standards Executive Committee (AcSEC)
Related Pronouncements:
SOP 75-2
SOP 93-1
SOP 94-6
SOP 01-6
PB 4
PB 5
PB 6

Issues Discussed by FASB Emerging Issues Task Force (EITF)

Affects:
Nullifies EITF Issues No. 87-5 and 89-9 and Topic No. D-37

Interpreted by:
Paragraph 13 interpreted by EITF Issue No. 98-13

Related Issues:
EITF Issues No. 84-4, 84-19, 85-44, 87-18, 87-19, 94-8, 96-22, and 99-20 and Topic No. D-80

Abbreviations for Accounting Pronouncements

FAS - FASB Statements
FIN - FASB Interpretations
FTB - FASB Technical Bulletins
APB - APB Opinions
AIN - AICPA Interpretations
ARB - Accounting Research Bulletins
CON - FASB Concepts
EITF - EITF Issues
Q&A - FASB Implementation Guides

Additional Details