{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/270/10/#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":"270","topic_title":"Interim Reporting","subtopic":"270-10","subtopic_title":"Overall","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 Update No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements","paragraphs":[{"citation":"270-10-65-1","para":"65-1","html":"
Accounting Standards Update 2025-11
2030-06-14
2027-12-16
2027-12-16
2028-12-16
2028-12-16
2028-12-16
2028-12-16
2028-12-16
2028-12-16
2028-12-16
2028-12-16
2028-12-16
2028-12-16
2028-12-16
2028-12-16
The following represents the transition and effective date information related to Accounting Standards Update No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements:
Effective date and early adoption
  1. a
    A public business entity shall apply the pending content that links to this paragraph for interim reporting periods within annual reporting periods beginning after December 15, 2027. An entity other than a public business entity shall apply the pending content that links to this paragraph for interim reporting periods within annual reporting periods beginning after December 15, 2028.
  2. b
    Early adoption of the pending content that links to this paragraph is permitted in any interim reporting period in which financial statements have not yet been issued or made available for issuance.
Transition method
  1. c
    An entity shall apply the pending content that links to this paragraph using one of the following transition methods:
    1. 1
      Prospectively to interim financial statements and notes in accordance with generally accepted accounting principles (GAAP) issued for interim reporting periods beginning after the date of adoption. The disclosures required by the pending content that links to this paragraph do not need to be included in interim financial statements and notes in accordance with GAAP for interim reporting periods beginning before the date of adoption that are being presented for comparative purposes.
    2. 2
      Retrospectively to any or all prior interim reporting periods presented in the interim financial statements and notes in accordance with GAAP.
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