FASB Accounting Standards Updates

Jack Humphrey, Regulatory journalist
October 02, 2012 /

Effective July 1, 2009, changes to the source of authoritative U.S. GAAP, the FASB Accounting Standards Codification® (FASB Codification), are communicated through an Accounting Standards Update (Update). Updates will be published for all authoritative U.S. GAAP promulgated by the FASB, regardless of the form in which such guidance may have been issued prior to release of the FASB Codification (e.g., FASB Statements, EITF Abstracts, FASB Staff Positions, etc.). Updates also will be issued for amendments to the SEC content in the FASB Codification as well as for editorial changes.

An Update is a transient document that (1) summarizes the key provisions of the project that led to the Update, (2) details the specific amendments to the FASB Codification, and (3) explains the basis for the Board’s decisions. Although ASUs will update the FASB Codification, the FASB does not consider Updates as authoritative in their own right.

Prior to the release of the FASB Codification as the single source of authoritative U.S. GAAP, the FASB amended pre-Codification standards and issued them in an “as amended” form. The FASB will not amend Updates. It will only amend the FASB Codification.

 

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