ASC 810-10 SEC: Identification of Related Parties and Defacto Agents For Purposes of Applying the Consolidation Topic

The Variable Interest Entities Generators are based on guidance that resulted from revisions to Consolidation guidance that were effective for annual reporting periods beginning after November 15, 2009, for interim periods during that annual period, and for subsequent interim and annual periods. If a reporting entity is evaluating the method of derecognition, recognition, initial measurement or subsequent measurement of a legal entity as a result of the initial adoption of these new standards, special transitional guidance reflected in ASC 810-10-65-2 may apply, and such transitional guidance is not reflected in the Generators in this section.

GAAP GeneratorsTM

On February 18, 2015, the FASB issued ASU 2015-02 to modify the analysis that companies must perform to determine whether a legal entity should be consolidated. ASU 2015-02 is effective for public companies for years beginning after December 15, 2015, and interim periods within those fiscal periods. For all other entities, ASU 2015-02 is effective for years beginning after December 15, 2016 and interm periods within annual periods beginning after December 15, 2017. Early adoption on a modified retrospective or full retrospective basis is permitted. The Generators on theGAAPpost.com have not been modified to reflect the provisions of ASU 2015-02.  Read More.

Note: This Generator is meant for use by SEC registrants (although some practitioners take the position that the rules applicable to SEC registrants represent the SEC's interpretation of U.S. GAAP, and that those interpretations should also be applied to privately held entities). To access GAAP Generators that do not reflect SEC interpretations, see the private company section of theGAAPpost.com.

ASC 810-10 SEC VIEs, Related Parties and De Facto Agents: Although this module is also included in the VIE Scope Generator, we have included it as a separate Generator in the event that it is needed in connection with the identification of the primary beneficiary.

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