ASC

ASC 235-915

Development Stage Entities

235 Notes to Financial Statements

Download JSONDownload Markdown5 paragraphs · 5 sectionsJump to summary

Source downloaded: .Record version 6d4ad8168be1. Effective date must be checked in the source.

In brief

IntroductoryDisclosurePresentationTransition and effective datesFinancial statement presentation

This subtopic formerly required development stage entities to disclose their accounting policies and their development stage status within the notes to the financial statements. Every paragraph in it (Sections 05, 15, and 50) was superseded by Accounting Standards Update No. 2014-10, which eliminated the development stage entity reporting concept from U.S. GAAP. As a result, there are no remaining requirements under ASC 235-915.

Key points (4)
  • All content of this subtopic is superseded: 235-915-05-1, 235-915-15-1, 235-915-50-1, and 235-915-50-2 were each superseded by Accounting Standards Update No. 2014-10.
  • Because the paragraphs are superseded, there is no incremental notes-to-financial-statements disclosure required of an entity merely because it is in a development stage.
  • Entities formerly within this scope apply the general accounting policy disclosure requirements of ASC 235-10 like any other reporting entity.
  • The superseding guidance (ASU 2014-10) removed the development stage entity concept from the Codification; readers should consult ASC 915 for the related transition and superseded-topic history.

For students. The takeaway is simply that development stage entity reporting no longer exists in U.S. GAAP after ASU 2014-10; the common mistake is citing this subtopic (or ASC 915) as live authority for inception-to-date and development-stage disclosures when start-up companies now follow the ordinary disclosure rules in ASC 235-10.

development stage entitysuperseded guidancesignificant accounting policies disclosurenotes to financial statementsinception-to-date information

Machine-generated study aid for ASC 235-915. Check the source paragraphs below.

235-915-00Status

Source downloaded: .Record version e37981a94253. Effective date must be checked in the source.

235-915-00-1
The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
Development Stage EntitySupersededAccounting Standards Update No. 2014-1006/10/2014
915-235-05-1SupersededAccounting Standards Update No. 2014-1006/10/2014
915-235-15-1SupersededAccounting Standards Update No. 2014-1006/10/2014
915-235-50-1SupersededAccounting Standards Update No. 2014-1006/10/2014
915-235-50-2SupersededAccounting Standards Update No. 2014-1006/10/2014

235-915-05Overview and Background

Source downloaded: .Record version a8b93c67223f. Effective date must be checked in the source.

235-915-15Scope and Scope Exceptions

Source downloaded: .Record version 2b40e3bb46bc. Effective date must be checked in the source.

235-915-20Glossary

Source downloaded: .Record version bf80daccfc71. Effective date must be checked in the source.

235-915-50Disclosure

Source downloaded: .Record version e023c53d275b. Effective date must be checked in the source.

Related subtopics