# ASC 250-10-S55: Accounting Changes and Error Corrections — Overall — SEC 55 Implementation Guidance and Illustrations

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/250/10/#sec-55-implementation-guidance-and-illustrations)

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## ASC 250-10-S55: SEC 55 Implementation Guidance and Illustrations

[Read section](https://asc.understandingaccounting.org/asc/250/10/#sec-55-implementation-guidance-and-illustrations)

SEC content: yes

#### Materiality

##### [250-10-S55-1](https://asc.understandingaccounting.org/asc/250/10/#250-10-S55-1)

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See paragraph [250-10-S99-1](https://asc.understandingaccounting.org/asc/250/10/#250-10-S99-1), SAB Topic 1.M, for SEC Staff views regarding the assessment of materiality.

##### [250-10-S55-2](https://asc.understandingaccounting.org/asc/250/10/#250-10-S55-2)

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See paragraph [250-10-S99-1](https://asc.understandingaccounting.org/asc/250/10/#250-10-S99-1), SAB Topic 1.M, for SEC Staff views regarding intentionally made immaterial misstatements.

#### Accounting for Changes Not Retroactively Applied Due to Immateriality

##### [250-10-S55-3](https://asc.understandingaccounting.org/asc/250/10/#250-10-S55-3)

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See paragraph [250-10-S99-3](https://asc.understandingaccounting.org/asc/250/10/#250-10-S99-3), SAB Topic 5.F, for SEC Staff views regarding accounting for changes not retroactively applied due to immateriality.

#### Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements

##### [250-10-S55-4](https://asc.understandingaccounting.org/asc/250/10/#250-10-S55-4)

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See paragraph [250-10-S99-2](https://asc.understandingaccounting.org/asc/250/10/#250-10-S99-2), SAB Topic 1.N, for SEC Staff views regarding considering the effects of prior year misstatements when quantifying misstatements in the current year.

#### Reporting Requirements for Accounting Changes

##### [250-10-S55-5](https://asc.understandingaccounting.org/asc/250/10/#250-10-S55-5)

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See paragraph [250-10-S99-4](https://asc.understandingaccounting.org/asc/250/10/#250-10-S99-4), SAB Topic 6.G.2.b.1, for SEC Staff views regarding preferability among accounting alternatives.

##### [250-10-S55-6](https://asc.understandingaccounting.org/asc/250/10/#250-10-S55-6)

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See paragraph [250-10-S99-4](https://asc.understandingaccounting.org/asc/250/10/#250-10-S99-4), SAB Topic 6.G.2.b.2, for SEC Staff views regarding requirements to file an accountant's preferability letter.

#### A Change by an Insurance Entity in Its Method of Selecting a Discount Rate Used to Discount Claims Liabilities Related to Short-Duration Contracts

##### [250-10-S55-7](https://asc.understandingaccounting.org/asc/250/10/#250-10-S55-7)

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See paragraph [944-20-S99-1](https://asc.understandingaccounting.org/asc/944/20/#944-20-S99-1), SAB Topic 5.N, Question 2, for SEC Staff views regarding a change from a statutory rate to an investment related rate.