# ASC Topic 105: Generally Accepted Accounting Principles Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/105/) Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-09T22:50:59.847Z to 2026-09-09T22:51:44.884Z Record version: sha256:e70b5c04abf0159894e1d3d8fb9b9dfc658ed24fadc91dbe79c9d72e5a0656c9 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## Machine-generated topic summary ASC 105 establishes the FASB Accounting Standards Codification as the single source of authoritative U.S. GAAP for nongovernmental entities, supplemented for SEC registrants by SEC rules, interpretive releases, SABs and staff announcements (105-10-05-1, 105-10-10-1). Its single subtopic, 105-10, sets the hierarchy for gaps: when no authoritative guidance addresses a transaction, an entity first considers authoritative guidance for similar transactions by analogy (unless analogy is prohibited), and only then turns to nonauthoritative sources such as FASB Concepts Statements, IFRS, AICPA Issues Papers, TPAs, textbooks and prevalent industry practice, weighted by relevance, specificity, authority of the author, and use in practice (105-10-05-2, 105-10-05-3). The key idea is that everything outside the Codification is nonauthoritative — Accounting Standards Updates merely amend the Codification and are not themselves authoritative — subject to narrow grandfathered guidance for ongoing transactions such as poolings of interests, pension transition assets/obligations, and pre-Statement 114 troubled debt restructurings (105-10-05-5, 105-10-70-2). The Codification need not be applied to immaterial items (105-10-05-6). Source downloaded (UTC): 2026-09-09T22:50:59.847Z to 2026-09-09T22:51:44.884Z Record version: sha256:491b02b439a612097b61d14ce746b7a2ed8f3dcf5505f717e0a48a3cf63d0271 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 105-10: Generally Accepted Accounting Principles — Overall ### Machine-generated study aids ```json { "summary": "ASC 105-10 establishes the FASB Accounting Standards Codification as the single source of authoritative U.S. GAAP for nongovernmental entities, with SEC rules and interpretive releases (plus SABs and staff announcements) also authoritative for SEC registrants. Everything not in the Codification (other than grandfathered guidance) is nonauthoritative. When no authoritative guidance addresses a transaction, an entity looks first by analogy to authoritative guidance for similar transactions (unless analogy is prohibited) and only then to nonauthoritative sources such as Concepts Statements, IFRS, and prevalent industry practice.", "key_points": [ "The Codification is the source of authoritative GAAP recognized by the FASB for nongovernmental entities; SEC rules and interpretive releases are also authoritative for SEC registrants (105-10-05-1, 105-10-10-1).", "If no authoritative GAAP addresses a transaction, an entity shall first consider guidance for similar transactions within authoritative GAAP, then nonauthoritative sources; analogy is prohibited where the guidance says it may not be applied by analogy (105-10-05-2).", "Nonauthoritative sources include prevalent practice, FASB Concepts Statements, AICPA Issues Papers, IFRS, pronouncements of professional associations or regulators, TPAs, and textbooks; their weight depends on relevance, specificity, authority of the author, and use in practice (105-10-05-3).", "SEC Sections (an 'S' before the section number) are included for convenience only, relate solely to SEC registrants, are incomplete, and do not replace or affect SEC or staff guidance (105-10-05-4, 105-10-15-2).", "Accounting Standards Updates are not authoritative in their own right; they only amend the Codification and supply background and basis for conclusions, and all nongrandfathered non-SEC guidance outside the Codification is superseded (105-10-05-5).", "The Codification need not be applied to immaterial items (105-10-05-6).", "Certain superseded standards remain authoritative as grandfathered guidance for ongoing transactions (e.g., poolings of interests, pension transition assets/obligations, pre-Statement 114 troubled debt restructurings) (105-10-70-2)." ], "categories": [ "SEC guidance", "Transition and effective dates", "Financial statement presentation" ], "audience_level": "introductory", "student_note": "This is the \"rules about the rules\" topic — exams love the two-step hierarchy (authoritative Codification, then analogy, then nonauthoritative sources). The classic misunderstanding is thinking FASB Concepts Statements or an ASU itself are authoritative GAAP; they are not, and analogy is off-limits where the guidance expressly forbids it.", "related_topics": [ "250-10", "205-10", "270-10", "958-805", "260-10" ], "key_concepts": [ "authoritative gaap", "gaap hierarchy", "codification", "nonauthoritative guidance", "analogy to similar transactions", "sec sections", "grandfathered guidance", "materiality" ] } ``` Source downloaded (UTC): 2026-09-09T22:50:59.847Z to 2026-09-09T22:50:59.847Z Record version: sha256:a566cb9deed16bceb231561b2d70fe14818c9b296d01b7fa5a52d7f337111f4d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 105-10-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/105/10/#00-status) SEC content: no ##### [105-10-00-1](https://asc.understandingaccounting.org/asc/105/10/#105-10-00-1) Pending content: no Source downloaded (UTC): 2026-09-09T22:50:59.847Z to 2026-09-09T22:50:59.847Z Record version: sha256:5b03615bcc5624b30f0711c32168860010e26cab90a3d772c3eca259625dd0be Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
Conduit Debt SecurityAddedMaintenance Update 2014-20 (PDF)09/29/2014
Financial Statements Are Available to Be IssuedAddedAccounting Standards Update No. 2018-0907/16/2018
Nonpublic Entity (Def. 1)AmendedMaintenance Update 2014-20 (PDF)09/29/2014
Public Business EntityAmendedMaintenance Update 2017-06 (PDF)04/07/2017
Public Business EntityAmendedMaintenance Update 2016-11 (PDF)06/27/2016
105-10-05-5AmendedAccounting Standards Update No. 2012-0410/01/2012
105-10-65-2AddedAccounting Standards Update No. 2012-0410/01/2012
105-10-65-3AddedAccounting Standards Update No. 2015-1006/12/2015
105-10-65-4AddedAccounting Standards Update No. 2018-0907/16/2018
105-10-65-5AddedAccounting Standards Update No. 2018-0907/16/2018
105-10-65-6AddedAccounting Standards Update No. 2020-1010/29/2020
105-10-65-7AddedAccounting Standards Update No. 2023-0610/09/2023
105-10-65-8AddedAccounting Standards Update No. 2023-0610/09/2023
105-10-65-9AddedAccounting Standards Update No. 2024-0203/29/2024
105-10-65-10AddedAccounting Standards Update No. 2025-1212/17/2025
105-10-70-2AmendedAccounting Standards Update No. 2010-0701/28/2010
Source downloaded (UTC): 2026-09-09T22:51:03.039Z to 2026-09-09T22:51:03.039Z Record version: sha256:8823c6387a65bb3877b4ace56d4ae14ef900f99339b1c8da50742c021ea1eca2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 105-10-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/105/10/#05-overview-and-background) SEC content: no ##### [105-10-05-1](https://asc.understandingaccounting.org/asc/105/10/#105-10-05-1) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:03.039Z to 2026-09-09T22:51:03.039Z Record version: sha256:34b39da87cb1cb4a959dad37ec29edaa6d796f7dedc9487e2f88493e97f10c30 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Topic establishes the _Financial Accounting Standards Board (FASB) Accounting Standards Codification_® (Codification) as the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by [nongovernmental entities](https://asc.understandingaccounting.org/glossary/n/#nongovernmental-entity "An entity that is not required to issue financial reports in accordance with guidance promulgated by the Governmental Accounting Standards Board or the Federal Accounting Standards Advisory Board."). Rules and interpretive releases of the Securities and Exchange Commission (SEC) under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. In addition to the SEC's rules and interpretive releases, the SEC staff issues Staff Accounting Bulletins that represent practices followed by the staff in administering SEC disclosure requirements, and it utilizes SEC Staff Announcements and Observer comments made at Emerging Issues Task Force meetings to publicly announce its views on certain accounting issues for SEC registrants. ##### [105-10-05-2](https://asc.understandingaccounting.org/asc/105/10/#105-10-05-2) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:03.039Z to 2026-09-09T22:51:03.039Z Record version: sha256:e328a6f9ec263abbc79a8ea22ff83a2302eb634f0823114f516d1677c3d6d91e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If the guidance for a transaction or event is not specified within a source of authoritative GAAP for that entity, an entity shall first consider accounting principles for similar transactions or events within a source of authoritative GAAP for that entity and then consider nonauthoritative guidance from other sources. An entity shall not follow the accounting treatment specified in accounting guidance for similar transactions or events in cases in which those accounting principles either prohibit the application of the accounting treatment to the particular transaction or event or indicate that the accounting treatment should not be applied by analogy. ##### [105-10-05-3](https://asc.understandingaccounting.org/asc/105/10/#105-10-05-3) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:03.039Z to 2026-09-09T22:51:03.039Z Record version: sha256:063bca2a6ba1853344bb57c17f87addbd5457e6c13108a2009cdbfb8ead104cf Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Accounting and financial reporting practices not included in the Codification are nonauthoritative. Sources of nonauthoritative accounting guidance and literature include, for example, the following: 1. a Practices that are widely recognized and prevalent either generally or in the industry 2. b FASB Concepts Statements 3. c American Institute of Certified Public Accountants (AICPA) Issues Papers 4. d International Financial Reporting Standards of the International Accounting Standards Board 5. e Pronouncements of professional associations or regulatory agencies 6. f Technical Information Service Inquiries and Replies included in AICPA Technical Practice Aids 7. g Accounting textbooks, handbooks, and articles. The appropriateness of other sources of accounting guidance depends on its relevance to particular circumstances, the specificity of the guidance, the general recognition of the issuer or author as an authority, and the extent of its use in practice. ##### [105-10-05-4](https://asc.understandingaccounting.org/asc/105/10/#105-10-05-4) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:03.039Z to 2026-09-09T22:51:03.039Z Record version: sha256:138e0f2284ce189cab86699de4509f2fe3b3af2ba7eea31c2295a0777a5383bd Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The Codification contains the authoritative standards that are applicable to both public nongovernmental entities and [nonpublic](https://asc.understandingaccounting.org/glossary/n/#nonpublic-entity "Any entity that does not meet any of the following conditions: Its debt or equity securities trade in a public market either on a stock exchange (domestic or foreign) or in an over-the-counter market, including securities quoted only locally or regionally. It is a conduit bond obligor for conduit debt securities that are traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local or regional markets). It files with a regulatory agency in preparation for the sale of any class of debt or equity securities in a public market. It is required to file or furnish financial statements with the Securities and Exchange Commission. It is controlled by an entity covered by criteria (a) through (d).") nongovernmental entities. Content contained in the SEC Sections (designated by an “S” preceding the Section number) is provided for convenience and relates only to SEC registrants. The SEC Sections do not contain the entire population of SEC rules, regulations, interpretive releases, and staff guidance. Content in the SEC Sections is expected to change over time, and there may be delays between SEC and staff changes to guidance and Accounting Standards Updates. The Codification does not replace or affect guidance issued by the SEC or its staff for public entities in their filings with the SEC. ##### [105-10-05-5](https://asc.understandingaccounting.org/asc/105/10/#105-10-05-5) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:03.039Z to 2026-09-09T22:51:03.039Z Record version: sha256:c266eb841cd6e3961255bc9c61128ea19f88ec081c00e1a3ff79433527816f43 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The FASB does not consider Accounting Standards Updates as authoritative in their own right. Instead, new Accounting Standards Updates serve only to update the Codification, provide background information about the guidance, and provide the bases for conclusions on the change(s) in the Codification. All nongrandfathered non-SEC accounting guidance not included in the Codification is superseded and deemed nonauthoritative. ##### [105-10-05-6](https://asc.understandingaccounting.org/asc/105/10/#105-10-05-6) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:03.039Z to 2026-09-09T22:51:03.039Z Record version: sha256:b5613f6428aabe5b0aaf4b98b2857bec9e20a74488570e195323f14f81b5380e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The provisions of the Codification need not be applied to immaterial items. Source downloaded (UTC): 2026-09-09T22:51:04.836Z to 2026-09-09T22:51:04.836Z Record version: sha256:674bea21f49b06f9ed35018329c7112e9feb9cb2298b0a010f901e1262a7a8bb Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 105-10-10: 10 Objectives [Read section](https://asc.understandingaccounting.org/asc/105/10/#10-objectives) SEC content: no ##### [105-10-10-1](https://asc.understandingaccounting.org/asc/105/10/#105-10-10-1) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:04.836Z to 2026-09-09T22:51:04.836Z Record version: sha256:044a497ea450dc8cdc14d0cf17aa8d704f2441fc799f70cf520f7f5e1c45ba5a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The objective of this Topic is to establish the _Financial Accounting Standards Board (FASB) Accounting Standards Codification_® as the source of authoritative principles and standards recognized by the FASB to be applied by [nongovernmental entities](https://asc.understandingaccounting.org/glossary/n/#nongovernmental-entity "An entity that is not required to issue financial reports in accordance with guidance promulgated by the Governmental Accounting Standards Board or the Federal Accounting Standards Advisory Board.") in the preparation of financial statements in conformity with generally accepted accounting principles (GAAP). Rules and interpretive releases of the Securities and Exchange Commission (SEC) under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. ##### [105-10-10-2](https://asc.understandingaccounting.org/asc/105/10/#105-10-10-2) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:04.836Z to 2026-09-09T22:51:04.836Z Record version: sha256:fb48f076a0915b24b0a4c7f8a6398fcd5531e9013b07eafae14c493e4fca6bfa Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Topic also identifies the sources of accounting principles and the framework for selecting the principles used in the preparation of financial statements of nongovernmental entities that are presented in conformity with GAAP in the United States (the GAAP hierarchy). Source downloaded (UTC): 2026-09-09T22:51:07.801Z to 2026-09-09T22:51:07.801Z Record version: sha256:46559900925b40d3bf382c3c5c9679848f0c2a72b2ddf17c391445443f32e9a8 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 105-10-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/105/10/#15-scope-and-scope-exceptions) SEC content: no #### Entities ##### [105-10-15-1](https://asc.understandingaccounting.org/asc/105/10/#105-10-15-1) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:07.801Z to 2026-09-09T22:51:07.801Z Record version: sha256:c1f6219f9896cb00d716b7bf869348cb30b220f67291d49fdb9f86c5c18501ba Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The _Financial Accounting Standards Board (FASB) Accounting Standards Codification_® applies to financial statements of [nongovernmental entities](https://asc.understandingaccounting.org/glossary/n/#nongovernmental-entity "An entity that is not required to issue financial reports in accordance with guidance promulgated by the Governmental Accounting Standards Board or the Federal Accounting Standards Advisory Board.") that are presented in conformity with generally accepted accounting principles (GAAP). ##### [105-10-15-2](https://asc.understandingaccounting.org/asc/105/10/#105-10-15-2) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:07.801Z to 2026-09-09T22:51:07.801Z Record version: sha256:6ba085a7393d56791de1af0f0ab7e3af4d162396f6eaea32fcff51ce14840480 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Content in the Securities and Exchange Commission (SEC) Sections of the Codification is provided for convenience and relates only to financial statements of SEC registrants that are presented in conformity with GAAP. Source downloaded (UTC): 2026-09-09T22:51:37.801Z to 2026-09-09T22:51:37.801Z Record version: sha256:4ad25923f23e00d63df6b06d6afbf3d4a663c48242260792eab4129e9bd5e6e9 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 105-10-65: 65 Transition and Open Effective Date Information [Read section](https://asc.understandingaccounting.org/asc/105/10/#65-transition-and-open-effective-date-information) SEC content: no ##### [105-10-65-1](https://asc.understandingaccounting.org/asc/105/10/#105-10-65-1) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:37.801Z to 2026-09-09T22:51:37.801Z Record version: sha256:9f83485b7667f337b99d08688aa39a041ea2f92de810a3b10e7b9a742b9988da Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Paragraph superseded on 11/07/2012 after the end of the transition period stated in FASB Statement No. 168, _The_ FASB Accounting Standards Codification®_and the Hierarchy of Generally Accepted Accounting Principles_. ##### [105-10-65-2](https://asc.understandingaccounting.org/asc/105/10/#105-10-65-2) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:37.801Z to 2026-09-09T22:51:37.801Z Record version: sha256:7827080e36c68a526bef0cd0dda81c926ffddfca5c44b101fed0b11f4bd41b78 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Paragraph superseded on 06/26/2015 after the end of the transition period stated in Accounting Standards Update No. 2012-04, _Technical Corrections and Improvements_. ##### [105-10-65-3](https://asc.understandingaccounting.org/asc/105/10/#105-10-65-3) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:37.801Z to 2026-09-09T22:51:37.801Z Record version: sha256:48798e1cf2f82b4fb1f17b6d610ef6ade9ed26ff26d074506a92c7579c8503b6 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Paragraph superseded on 07/05/2017 after the end of the transition period stated in Accounting Standards Update No. 2015-10, _Technical Corrections and Improvements_. ##### [105-10-65-4](https://asc.understandingaccounting.org/asc/105/10/#105-10-65-4) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:37.801Z to 2026-09-09T22:51:37.801Z Record version: sha256:d605eed31c345770ba25ef751c329989457e677572583a074c1fc6507095ae56 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Paragraph superseded on 08/19/2021 after the end of the transition period stated in Accounting Standards Update No. 2018-09, _Codification Improvements_. ##### [105-10-65-5](https://asc.understandingaccounting.org/asc/105/10/#105-10-65-5) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:37.801Z to 2026-09-09T22:51:37.801Z Record version: sha256:b045ff4550c9eef21e7361b00b5eac0080a15f89d8a496c160548cf99da72a9e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Paragraph superseded on 08/19/2021 after the end of the transition period stated in Accounting Standards Update No. 2018-09, _Codification Improvements_. ##### [105-10-65-6](https://asc.understandingaccounting.org/asc/105/10/#105-10-65-6) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:37.801Z to 2026-09-09T22:51:37.801Z Record version: sha256:34a7a655af4b58b67db0f521679a57eabbed9ae29731d5f4d376a249e1439db5 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Paragraph superseded on 07/10/2023 after the end of the transition period stated in Accounting Standards Update No. 2020-10, _Codification Improvements_. #### Transition Related to Accounting Standards Update No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative ##### [105-10-65-7](https://asc.understandingaccounting.org/asc/105/10/#105-10-65-7) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:37.801Z to 2026-09-09T22:51:37.801Z Record version: sha256:16096c4d7a7fb8cabcf18c4eafbd651f3a88abc87a1a688d4f5117be0f6ed10b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Accounting Standards Update 2023-06](https://asc.understandingaccounting.org/updates/asu-2023-06/) 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 The following represents the transition and effective date information related to Accounting Standards Update No. 2023-06, _Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative_: 1. a For all entities subject to the Securities and Exchange Commission’s (SEC) existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, each amendment in the pending content that links to this paragraph shall become effective on the date that the SEC’s removal of the related guidance from Regulation S-X or Regulation S-K becomes effective. An entity shall apply the pending content that links to this paragraph to financial statements issued after the effective date. Early adoption is prohibited. Paragraph [105-10-65-8](https://asc.understandingaccounting.org/asc/105/10/#105-10-65-8) includes a cross-reference to Regulation S-X and Regulation S-K for the pending content that links to this paragraph. 2. b For all other entities, each amendment in the pending content that links to this paragraph shall be effective two years after the pending content becomes effective for entities referred to in paragraph 105-10-65-7(a). 3. c The pending content that links to any related requirements not removed by the SEC from Regulation S-X or Regulation S-K by June 30, 2027, will be removed from the Codification and will not become effective for any entity. 4. d An entity shall apply the pending content that links to this paragraph prospectively to financial statements issued after the effective date. ##### [105-10-65-8](https://asc.understandingaccounting.org/asc/105/10/#105-10-65-8) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:37.801Z to 2026-09-09T22:51:37.801Z Record version: sha256:a89dde550a152b4003a9d45ed305bf49cf11f0d503293bc43add013d72643881 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Accounting Standards Update 2023-06](https://asc.understandingaccounting.org/updates/asu-2023-06/) 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 2027-06-30 The following represents a cross-reference to Regulation S-X or Regulation S-K for the pending content that links to paragraph [105-10-65-7](https://asc.understandingaccounting.org/asc/105/10/#105-10-65-7):
SEC RuleCodification Paragraph
Regulation S-K Item 302(b)
932-235-50-2A
Regulation S-X Rule 10-01(b)(2)
260-10-50-1
260-10-55-51 through 55-52
Regulation S-X Rule 10-01(b)(7)
250-10-50-6
270-10-45-12
270-10-45-19
270-10-50-1
Regulation S-X Rule 3-15(c)
974-10-50-1
Regulation S-X Rule 4-08(b)
440-10-50-1
Regulation S-X Rule 4-08(d)
505-10-50-4
Regulation S-X Rule 4-08(m)
860-30-15-1
860-30-45-2 through 45-3
860-30-50-7
860-30-50-9 through 50-12
860-30-55-4
Regulation S-X Rule 4-08(n)
230-10-50-9
815-10-50-8C
Regulation S-X Rule 5-02.19(b)
470-10-15-1
470-10-50-6 through 50-7
Regulation S-X Rule 6-04.17
946-20-50-11
#### Transition Related to Accounting Standards Update No. 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements ##### [105-10-65-9](https://asc.understandingaccounting.org/asc/105/10/#105-10-65-9) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:37.801Z to 2026-09-09T22:51:37.801Z Record version: sha256:78f04f33c8e925c9cfed5d2d7a00c4a8d56144faf4907957ab365fa473256f66 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Accounting Standards Update 2024-02](https://asc.understandingaccounting.org/updates/asu-2024-02/) 2027-06-14 2024-12-16 2024-12-16 2024-12-16 2024-12-16 2025-12-16 2025-12-16 2025-12-16 2025-12-16 2025-12-16 2025-12-16 2025-12-16 2025-12-16 2025-12-16 2025-12-16 The following represents the transition and effective date information related to Accounting Standards Update No. 2024-02, _Codification Improvements—Amendments to Remove References to the Concepts Statements_: 1. a For [public business entities](https://asc.understandingaccounting.org/glossary/p/#public-business-entity "A public business entity is a business entity meeting any one of the criteria below. Neither a not-for-profit entity nor an employee benefit plan is a business entity. It is required by the U.S. Securities and Exchange Commission (SEC) to file or furnish financial statements, or does file or furnish financial statements (including voluntary filers), with the SEC (including other entities whose financial statements or financial information are required to be or are included in a filing). It is required by the Securities Exchange Act of 1934 (the Act), as amended, or rules or regulations promulgated under the Act, to file or furnish financial statements with a regulatory agency other than the SEC. It is required to file or furnish financial statements with a foreign or domestic regulatory agency in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer. It has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an over-the-counter market. It has one or more securities that are not subject to contractual restrictions on transfer, and it is required by law, contract, or regulation to prepare U.S. GAAP financial statements (including notes) and make them publicly available on a periodic basis (for example, interim or annual periods). An entity must meet both of these conditions to meet this criterion. An entity may meet the definition of a public business entity solely because its financial statements or financial information is included in another entity's filing with the SEC. In that case, the entity is only a public business entity for purposes of financial statements that are filed or furnished with the SEC.")**,** the pending content that links to this paragraph shall be effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. 2. b For all other entities, the pending content that links to this paragraph shall be effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. 3. c Early application of the pending content that links to this paragraph is permitted for any fiscal year or interim period for which the entity’s financial statements have not yet been issued (or made available for issuance). If an entity adopts the pending content that links to this paragraph in an interim period, it must adopt that pending content as of the beginning of the fiscal year that includes that interim period. 4. d An entity shall apply the pending content that links to this paragraph using one of the following transition methods: 1. 1 Prospectively to all new or modified transactions recognized on or after the date that the entity first applies the pending content that links to this paragraph 2. 2 Retrospectively to the beginning of the earliest comparative period presented in which the pending content that links to this paragraph was first applied. An entity shall adjust the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) as of the beginning of the earliest comparative period presented. 5. e An entity applying the pending content that links to this paragraph retrospectively in accordance with (d)(2) shall provide the transition disclosures required by paragraphs [250-10-50-1 through 50-3](https://asc.understandingaccounting.org/asc/250/10/#250-10-50-1) . #### Transition Related to Accounting Standards Update No. 2025-12, Codification Improvements ##### [105-10-65-10](https://asc.understandingaccounting.org/asc/105/10/#105-10-65-10) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:37.801Z to 2026-09-09T22:51:37.801Z Record version: sha256:77cf61f7576ee2986facb0b65c4cc95003a8e3dad0b03269d42b5ad0138cfe6d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Accounting Standards Update 2025-12](https://asc.understandingaccounting.org/updates/asu-2025-12/) 2028-06-13 2026-12-16 2026-12-16 2026-12-16 2026-12-16 2026-12-16 2026-12-16 2026-12-16 2026-12-16 2026-12-16 2026-12-16 2026-12-16 2026-12-16 2026-12-16 2026-12-16 The following represents the transition and effective date information related to Accounting Standards Update No. 2025-12, _Codification Improvements_ (except for entities applying the amendments to Topic 260 on earnings per share, for which transition guidance is provided in paragraph [260-10-65-5](https://asc.understandingaccounting.org/asc/260/10/#260-10-65-5)): **Effective date and early adoption** 1. a All entities shall apply the pending content that links to this paragraph for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. 2. b Early adoption of the pending content that links to this paragraph is permitted in any interim or annual reporting period in which financial statements have not yet been issued or made available for issuance (also see (f) about transition elections). If an entity adopts the pending content that links to this paragraph in an interim reporting period, it shall adopt the pending content as of the beginning of the annual reporting period that includes that interim reporting period. **Transition methods** 1. c An entity shall apply the pending content that links to this paragraph using one of the following transition methods (also see (f) about transition elections): 1. 1 Prospectively to all transactions recognized on or after the date that the pending content that links to this paragraph is adopted. 2. 2 Retrospectively to the beginning of the earliest comparative period presented in which the pending content that links to this paragraph was first applied. An entity shall adjust the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) as of the beginning of the earliest comparative period presented. **Transition disclosures** 1. d An entity that applies the pending content that links to this paragraph prospectively in accordance with (c)(1) shall provide the transition disclosures required by paragraph [250-10-50-1(a)](https://asc.understandingaccounting.org/asc/250/10/#250-10-50-1) in both the interim reporting period (if applicable) and the annual reporting period of the change. 2. e An entity that applies the pending content that links to this paragraph retrospectively in accordance with (c)(2) shall provide the transition disclosures required by paragraph [250-10-50-1(a) through (b)(1)](https://asc.understandingaccounting.org/asc/250/10/#250-10-50-1), (b)(2) for any prior periods retrospectively adjusted, (b)(3), and (c)(2) in both the interim reporting period (if applicable) and the annual reporting period of the change. **Transition elections** 1. f In electing to early adopt the pending content that links to this paragraph in accordance with (b) and electing a transition method to apply the pending content that links to this paragraph in accordance with (c), an entity may make those elections individually for each of the following: 1. 1 Amendments to the Master Glossary to remove the term _Amortized Cost_ 2. 2 Amendments to Subtopic 205-10 in paragraph [205-10-45-2](https://asc.understandingaccounting.org/asc/205/10/#205-10-45-2) 3. 3 Amendments to Subtopic 220-10 in paragraph [220-10-55-7](https://asc.understandingaccounting.org/asc/220/10/#220-10-55-7) 4. 4 Amendments to Subtopic 310-10 in paragraph [310-10-50-40](https://asc.understandingaccounting.org/asc/310/10/#310-10-50-40) 5. 5 Amendments to Subtopic 325-40 in paragraphs [325-40-35-1](https://asc.understandingaccounting.org/asc/325/40/#325-40-35-1), [325-40-35-4 through 35-4B](https://asc.understandingaccounting.org/asc/325/40/#325-40-35-4) , and [325-40-35-10](https://asc.understandingaccounting.org/asc/325/40/#325-40-35-10) 6. 6 Amendments to Subtopic 326-20 in paragraphs [326-20-30-4A](https://asc.understandingaccounting.org/asc/326/20/#326-20-30-4A), [326-20-35-8A](https://asc.understandingaccounting.org/asc/326/20/#326-20-35-8A), and [326-20-45-5](https://asc.understandingaccounting.org/asc/326/20/#326-20-45-5) 7. 7 Amendments to Subtopic 360-10 in paragraph [360-10-40-2](https://asc.understandingaccounting.org/asc/360/10/#360-10-40-2) 8. 8 Amendments to Subtopic 410-30 in paragraph [410-30-25-17](https://asc.understandingaccounting.org/asc/410/30/#410-30-25-17) 9. 9 Amendments to Subtopic 505-30 in paragraph [505-30-30-8](https://asc.understandingaccounting.org/asc/505/30/#505-30-30-8) 10. 10 Amendments to Subtopic 606-10 in paragraph [606-10-55-404](https://asc.understandingaccounting.org/asc/606/10/#606-10-55-404) 11. 11 Amendments to Subtopic 740-10 in paragraph [740-10-55-38](https://asc.understandingaccounting.org/asc/740/10/#740-10-55-38) 12. 12 Amendments to Subtopic 815-40 in paragraph [815-40-55-5](https://asc.understandingaccounting.org/asc/815/40/#815-40-55-5) 13. 13 Amendments to Subtopic 820-10 in paragraph [820-10-55-53](https://asc.understandingaccounting.org/asc/820/10/#820-10-55-53) 14. 14 Amendments to Subtopic 825-10 in paragraph [825-10-15-7](https://asc.understandingaccounting.org/asc/825/10/#825-10-15-7) 15. 15 Amendments to Subtopic 825-10 in paragraph [825-10-25-4](https://asc.understandingaccounting.org/asc/825/10/#825-10-25-4) 16. 16 Amendments to Subtopic 852-10 in paragraph [852-10-55-3](https://asc.understandingaccounting.org/asc/852/10/#852-10-55-3) 17. 17 Amendments to Subtopic 852-10 in paragraphs [852-10-55-9 through 55-11](https://asc.understandingaccounting.org/asc/852/10/#852-10-55-9) 18. 18 Amendments to Subtopic 860-10 in paragraph [860-10-55-3](https://asc.understandingaccounting.org/asc/860/10/#860-10-55-3) 19. 19 Amendments to Subtopic 860-10 in paragraphs [860-10-55-5](https://asc.understandingaccounting.org/asc/860/10/#860-10-55-5) and [860-10-55-14A](https://asc.understandingaccounting.org/asc/860/10/#860-10-55-14A) 20. 20 Amendments to Subtopic 860-10 in paragraph [860-10-55-42B](https://asc.understandingaccounting.org/asc/860/10/#860-10-55-42B) 21. 21 Amendments to Subtopic 944-360 in paragraph [944-360-45-5](https://asc.understandingaccounting.org/asc/360/944/#360-944-45-5) 22. 22 Amendments to Subtopic 954-810 in paragraph [954-810-15-3](https://asc.understandingaccounting.org/asc/810/954/#810-954-15-3) 23. 23 Amendments to Subtopics 954-220 and 958-220 in paragraphs [954-220-45-6](https://asc.understandingaccounting.org/asc/220/954/#220-954-45-6) and [958-220-45-9](https://asc.understandingaccounting.org/asc/220/958/#220-958-45-9) 24. 24 Amendments to Subtopic 958-310 in paragraph [958-310-35-3](https://asc.understandingaccounting.org/asc/310/958/#310-958-35-3) 25. 25 Amendments to Subtopic 958-325 in paragraph [958-325-35-1](https://asc.understandingaccounting.org/asc/325/958/#325-958-35-1) 26. 26 Amendments to Subtopic 958-325 in paragraphs [958-325-35-5](https://asc.understandingaccounting.org/asc/325/958/#325-958-35-5), [958-325-35-7](https://asc.understandingaccounting.org/asc/325/958/#325-958-35-7), and [958-325-60-2](https://asc.understandingaccounting.org/asc/325/958/#325-958-60-2) 27. 27 Amendments to Subtopics 958-360 and 958-605 in paragraphs [958-360-50-4](https://asc.understandingaccounting.org/asc/360/958/#360-958-50-4) and [958-605-55-25](https://asc.understandingaccounting.org/asc/605/958/#605-958-55-25) 28. 28 Amendments to Subtopic 958-805 in paragraph [958-805-25-21](https://asc.understandingaccounting.org/asc/805/958/#805-958-25-21) 29. 29 Amendments to Subtopic 958-805 in paragraph [958-805-30-5](https://asc.understandingaccounting.org/asc/805/958/#805-958-30-5) 30. 30 Amendments to Subtopic 958-815 in paragraphs [958-815-05-1](https://asc.understandingaccounting.org/asc/815/958/#815-958-05-1) and [958-815-25-1 through 25-2](https://asc.understandingaccounting.org/asc/815/958/#815-958-25-1) 31. 31 Amendments to Subtopic 962-325 in paragraph [962-325-55-17](https://asc.understandingaccounting.org/asc/325/962/#325-962-55-17) 32. 32 Amendments to Subtopic 970-323 in paragraph [970-323-05-4](https://asc.understandingaccounting.org/asc/323/970/#323-970-05-4). Source downloaded (UTC): 2026-09-09T22:51:41.648Z to 2026-09-09T22:51:41.648Z Record version: sha256:494eeae9dd96c18dc662a520d34c28f8b0423da9b4d4ecea3fa2953b8edf2177 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 105-10-70: 70 Grandfathered Guidance [Read section](https://asc.understandingaccounting.org/asc/105/10/#70-grandfathered-guidance) SEC content: no ##### [105-10-70-1](https://asc.understandingaccounting.org/asc/105/10/#105-10-70-1) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:41.648Z to 2026-09-09T22:51:41.648Z Record version: sha256:8825634a2a447e95e5427b912e49836fb260c517a16eb91435ac8578beeb1b4b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Financial Accounting Standards Board (FASB) Statement No. 162, _The Hierarchy of Generally Accepted Accounting Principles,_ contained a description of the categories of the generally accepted accounting principles (GAAP) hierarchy that existed before the Codification. An entity that has followed, and continues to follow, an accounting treatment that was previously in category (_c_) or category (_d_) of that GAAP hierarchy as of March 15, 1992, need not change to an accounting treatment in a higher category ((_b_) or (_c_)) of that hierarchy if its effective date was before March 15, 1992. For example, a [nongovernmental entity](https://asc.understandingaccounting.org/glossary/n/#nongovernmental-entity "An entity that is not required to issue financial reports in accordance with guidance promulgated by the Governmental Accounting Standards Board or the Federal Accounting Standards Advisory Board.") that followed a prevalent industry practice (category (_d_)) as of March 15, 1992, does not have to change to an accounting treatment included in a standard in category (_b_) or category (_c_) (such as an accounting principle in a cleared American Institute of Certified Public Accountants \[AICPA\] Statement of Position or Accounting Standards Executive Committee Practice Bulletin) whose effective date is before March 15, 1992. For standards whose effective date is after March 15, 1992, and for entities initially applying an accounting principle after March 15, 1992 (except for Emerging Issues Task Force consensus positions issued before March 16, 1992, which become effective in the hierarchy for initial application of an accounting principle after March 15, 1993), an entity shall follow guidance in the Codification. ##### [105-10-70-2](https://asc.understandingaccounting.org/asc/105/10/#105-10-70-2) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:41.648Z to 2026-09-09T22:51:41.648Z Record version: sha256:98886e3306b0dffb6d36cccfcd1229653ff1dbd6698e36b0ee96f958c415943d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Certain accounting standards have allowed for the continued application of superseded accounting standards for transactions that have an ongoing effect in an entity's financial statements. That superseded guidance has not been included in the Codification, shall be considered grandfathered, and shall continue to remain authoritative for those transactions after the effective date of FASB Statement No. 168, _The_ FASB Accounting Standards Codification® _and the Hierarchy of Generally Accepted Accounting Principles._ While not comprehensive, the following are examples of such grandfathered items: 1. a Pooling of interests in a business combination (originally addressed by APB Opinion No. 16, _Business Combinations_) described in paragraph B217 of FASB Statement No. 141, _Business Combinations_ 2. b Pension transition assets or obligations described in paragraph 77 of FASB Statement No. 87, _Employers' Accounting for Pensions_ 3. c Employee stock ownership plan shares (originally addressed by AICPA Statement of Position 76-3, _Accounting Practices for Certain Employee Stock Ownership Plans_) purchased by, and held as of, December 31, 1992, as described in paragraphs 97 and 102 of AICPA Statement of Position 93-6, _Employers' Accounting for Employee Stock Ownership Plans_ 4. d Loans restructured in a troubled debt restructuring before the effective date of FASB Statement No. 114, _Accounting by Creditors for Impairment of a Loan,_ described in paragraph 24 of FASB Statement No. 118, _Accounting by Creditors for Impairment of a Loan—Income Recognition and Disclosures_ 5. e Stock compensation for [nonpublic](https://asc.understandingaccounting.org/glossary/n/#nonpublic-entity "Any entity that does not meet any of the following conditions: Its debt or equity securities trade in a public market either on a stock exchange (domestic or foreign) or in an over-the-counter market, including securities quoted only locally or regionally. It is a conduit bond obligor for conduit debt securities that are traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local or regional markets). It files with a regulatory agency in preparation for the sale of any class of debt or equity securities in a public market. It is required to file or furnish financial statements with the Securities and Exchange Commission. It is controlled by an entity covered by criteria (a) through (d).") and other entities (originally addressed by FASB Statement No. 123, _Accounting for Stock-Based Compensation,_ or APB Opinion No. 25, _Accounting for Stock Issued to Employees_) described in paragraph 83 of FASB Statement No. 123 (revised 2004), _Share-Based Payment_ 6. f For nonpublic entities electing the deferral of FASB Interpretation No. 48, _Accounting for Uncertainty in Income Taxes,_ FASB Statement No. 109, _Accounting for Income Taxes,_ and related standards 7. g For business combinations with an acquisition date before the first annual reporting period beginning on or after December 15, 2008, Statement 141 and any other relevant standards 8. h For a combination of a not-for-profit entity with one or more other not-for-profit entities, businesses, or nonprofit activities, Opinion 16, if the combination occurred before the effective dates of FASB Statement No. 164, _Not-for-Profit Entities: Mergers and Acquisitions_. 9. i [Subparagraph superseded by Accounting Standards Update No. 2010-07](https://asc.understandingaccounting.org/updates/asu-2010-07/).