{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/220/40/#65-transition-and-open-effective-date-information","source":"FASB Accounting Standards Codification, Basic View","usage":"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.","topic":"220","topic_title":"Income Statement—Reporting Comprehensive Income","subtopic":"220-40","subtopic_title":"Expense Disaggregation Disclosures","section":{"number":"65","label":"65 Transition and Open Effective Date Information","anchor":"65-transition-and-open-effective-date-information","is_sec":false,"groups":[{"block":null,"heading":"Transition Related to Accounting Standards Updates No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, and No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date","paragraphs":[{"citation":"220-40-65-1","para":"65-1","html":"
Accounting Standards Update 2024-03
2028-06-13
2026-12-16
2027-12-16
2026-12-16
2027-12-16
2026-12-16
2027-12-16
2026-12-16
2027-12-16
2026-12-16
2027-12-16
2026-12-16
2027-12-16
2026-12-16
2027-12-16
The following represents the transition and effective date information related to Accounting Standards Updates No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, and No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date:
Effective date and early adoption
  1. a
    The pending content that links to this paragraph shall be effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted.
Transition method
  1. b
    A public business entity shall apply the pending content that links to this paragraph prospectively to financial statements issued for reporting periods beginning after the effective date of the pending content that links to this paragraph. The disclosures required by the pending content that links to this paragraph do not need to be included in financial statements for reporting periods beginning before the effective date that are being presented for comparative purposes with financial statements issued for periods after the effective date.
  2. c
    A public business entity may elect to apply the pending content that links to this paragraph retrospectively to any or all prior periods presented in the financial statements. If applied to financial statements for periods beginning before the effective date, those disclosures shall be prepared and presented in accordance with this Subtopic.
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