{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/270/740/#00-status","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":"270-740","subtopic_title":"Income Taxes","section":{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"270-740-00-1","para":"00-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">The following table identifies the changes made to this Subtopic.</div><div class=\"norm-text\"><table class=\"asc-table\" id=\"SL51727631-158273\"><tr><td class=\"entry\"><strong class=\"ph b\">Paragraph</strong></td><td class=\"entry\"><strong class=\"ph b\">Action</strong></td><td class=\"entry\"><strong class=\"ph b\">Accounting Standards Update</strong></td><td class=\"entry\"><strong class=\"ph b\">Date</strong></td></tr><tr><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td></tr><tr><td class=\"entry\"><a href=\"/glossary/c/#commencement-date-of-the-lease-commencement-date\" class=\"term\" title=\"The date on which a lessor makes an underlying asset available for use by a lessee. See paragraphs 842-10-55-19842-10-55-20842-10-55-21 for implementation guidance on the commencement date.\"><span>Commencement Date of the Lease (Commencement Date)</span></a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-02/\" class=\"xref\">Accounting Standards Update No. 2016-02</a></td><td class=\"entry\">02/25/2016</td></tr><tr><td class=\"entry\"><strong class=\"ph b\">Component of an Entity</strong></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2014-08/\" class=\"xref\">Accounting Standards Update No. 2014-08</a></td><td class=\"entry\">04/10/2014</td></tr><tr><td class=\"entry\"><a href=\"/glossary/c/#contract\" class=\"term\" title=\"An agreement between two or more parties that creates enforceable rights and obligations.\"><span>Contract</span></a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-02/\" class=\"xref\">Accounting Standards Update No. 2016-02</a></td><td class=\"entry\">02/25/2016</td></tr><tr><td class=\"entry\"><a href=\"/glossary/d/#deferred-tax-expense-or-benefit\" class=\"term\" title=\"The change during the year in an entity's deferred tax liabilities and assets. For deferred tax liabilities and assets acquired in a purchase business combination during the year, it is the change since the combination date. Income tax expense (or benefit) for the year is allocated among continuing operations, discontinued operations, and items charged or credited directly to shareholders' equity.\"><span>Deferred Tax Expense (or Benefit)</span></a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2015-01/\" class=\"xref\">Accounting Standards Update No. 2015-01</a></td><td class=\"entry\">01/09/2015</td></tr><tr><td class=\"entry\"><strong class=\"ph b\">Extraordinary Items</strong></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2015-01/\" class=\"xref\">Accounting Standards Update No. 2015-01</a></td><td class=\"entry\">01/09/2015</td></tr><tr><td class=\"entry\"><a href=\"/glossary/i/#infrequency-of-occurrence\" class=\"term\" title=\"The underlying event or transaction should be of a type that would not reasonably be expected to recur in the foreseeable future, taking into account the environment in which the entity operates (see paragraph 220-20-60-1).\"><span>Infrequency of Occurrence</span></a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2015-01/\" class=\"xref\">Accounting Standards Update No. 2015-01</a></td><td class=\"entry\">01/09/2015</td></tr><tr><td class=\"entry\"><a href=\"/glossary/l/#lease\" class=\"term\" title=\"A contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration.\"><span>Lease</span></a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-02/\" class=\"xref\">Accounting Standards Update No. 2016-02</a></td><td class=\"entry\">02/25/2016</td></tr><tr><td class=\"entry\"><a href=\"/glossary/l/#lessee\" class=\"term\" title=\"An entity that enters into a contract to obtain the right to use an underlying asset for a period of time in exchange for consideration.\"><span>Lessee</span></a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-02/\" class=\"xref\">Accounting Standards Update No. 2016-02</a></td><td class=\"entry\">02/25/2016</td></tr><tr><td class=\"entry\"><a href=\"/glossary/l/#lessor\" class=\"term\" title=\"An entity that enters into a contract to provide the right to use an underlying asset for a period of time in exchange for consideration.\"><span>Lessor</span></a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-02/\" class=\"xref\">Accounting Standards Update No. 2016-02</a></td><td class=\"entry\">02/25/2016</td></tr><tr><td class=\"entry\"><a href=\"/glossary/l/#leveraged-lease\" class=\"term\" title=\"From the perspective of a lessor, a lease that was classified as a leveraged lease in accordance with the leases guidance in effect before the effective date and for which the commencement date is before the effective date.\"><span>Leveraged Lease</span></a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-02/\" class=\"xref\">Accounting Standards Update No. 2016-02</a></td><td class=\"entry\">02/25/2016</td></tr><tr><td class=\"entry\"><a href=\"/glossary/o/#ordinary-income-or-loss\" class=\"term\" title=\"Ordinary income (or loss) refers to income (or loss) from continuing operations before income taxes (or benefits) excluding significant unusual or infrequently occurring items. Discontinued operations and cumulative effects of changes in accounting principles are also excluded from this term. The term is not used in the income tax context of ordinary income versus capital gain. The meaning of unusual or infrequently occurring items is consistent with their use in the definitions of the terms unusual nature and infrequency of occurrence.\"><span>Ordinary Income (or Loss)</span></a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2015-01/\" class=\"xref\">Accounting Standards Update No. 2015-01</a></td><td class=\"entry\">01/09/2015</td></tr><tr><td class=\"entry\"><a href=\"/glossary/u/#underlying-asset\" class=\"term\" title=\"An asset that is the subject of a lease for which a right to use that asset has been conveyed to a lessee. The underlying asset could be a physically distinct portion of a single asset.\"><span>Underlying Asset</span></a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-02/\" class=\"xref\">Accounting Standards Update No. 2016-02</a></td><td class=\"entry\">02/25/2016</td></tr><tr><td class=\"entry\"><a href=\"/glossary/u/#unusual-nature\" class=\"term\" title=\"The underlying event or transaction should possess a high degree of abnormality and be of a type clearly unrelated to, or only incidentally related to, the ordinary and typical activities of the entity, taking into account the environment in which the entity operates (see paragraph 220-20-60-1).\"><span>Unusual Nature</span></a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2015-01/\" class=\"xref\">Accounting Standards Update No. 2015-01</a></td><td class=\"entry\">01/09/2015</td></tr><tr><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-05-4\" class=\"xref\">740-270-05-4</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2015-01/\" class=\"xref\">Accounting Standards Update No. 2015-01</a></td><td class=\"entry\">01/09/2015</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-25-5\" class=\"xref\">740-270-25-5</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2019-12/\" class=\"xref\">Accounting Standards Update No. 2019-12</a></td><td class=\"entry\">12/18/2019</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-25-12\" class=\"xref\">740-270-25-12</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-09/\" class=\"xref\">Accounting Standards Update No. 2016-09</a></td><td class=\"entry\">03/30/2016</td></tr><tr><td class=\"entry\"><div class=\"xref-range displayInline\"><a href=\"/asc/270/740/#270-740-25-12\" class=\"xref\">740-270-25-12 through 25-14</a></div></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2015-01/\" class=\"xref\">Accounting Standards Update No. 2015-01</a></td><td class=\"entry\">01/09/2015</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-30-4\" class=\"xref\">740-270-30-4</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-09/\" class=\"xref\">Accounting Standards Update No. 2016-09</a></td><td class=\"entry\">03/30/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-30-8\" class=\"xref\">740-270-30-8</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-09/\" class=\"xref\">Accounting Standards Update No. 2016-09</a></td><td class=\"entry\">03/30/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-30-8\" class=\"xref\">740-270-30-8</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2015-01/\" class=\"xref\">Accounting Standards Update No. 2015-01</a></td><td class=\"entry\">01/09/2015</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-30-11\" class=\"xref\">740-270-30-11</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2019-12/\" class=\"xref\">Accounting Standards Update No. 2019-12</a></td><td class=\"entry\">12/18/2019</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-30-12\" class=\"xref\">740-270-30-12</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-09/\" class=\"xref\">Accounting Standards Update No. 2016-09</a></td><td class=\"entry\">03/30/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-30-12\" class=\"xref\">740-270-30-12</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2015-01/\" class=\"xref\">Accounting Standards Update No. 2015-01</a></td><td class=\"entry\">01/09/2015</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-30-15\" class=\"xref\">740-270-30-15</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-02/\" class=\"xref\">Accounting Standards Update No. 2016-02</a></td><td class=\"entry\">02/25/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-30-28\" class=\"xref\">740-270-30-28</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2019-12/\" class=\"xref\">Accounting Standards Update No. 2019-12</a></td><td class=\"entry\">12/18/2019</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-30-34\" class=\"xref\">740-270-30-34</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2019-12/\" class=\"xref\">Accounting Standards Update No. 2019-12</a></td><td class=\"entry\">12/18/2019</td></tr><tr><td class=\"entry\"><div class=\"xref-range displayInline\"><a href=\"/asc/270/740/#270-740-45-2\" class=\"xref\">740-270-45-2 through 45-5</a></div></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2015-01/\" class=\"xref\">Accounting Standards Update No. 2015-01</a></td><td class=\"entry\">01/09/2015</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-45-7\" class=\"xref\">740-270-45-7</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2014-08/\" class=\"xref\">Accounting Standards Update No. 2014-08</a></td><td class=\"entry\">04/10/2014</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-45-8\" class=\"xref\">740-270-45-8</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2014-08/\" class=\"xref\">Accounting Standards Update No. 2014-08</a></td><td class=\"entry\">04/10/2014</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-55-16\" class=\"xref\">740-270-55-16</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2019-12/\" class=\"xref\">Accounting Standards Update No. 2019-12</a></td><td class=\"entry\">12/18/2019</td></tr><tr><td class=\"entry\"><div class=\"xref-range displayInline\"><a href=\"/asc/270/740/#270-740-55-24\" class=\"xref\">740-270-55-24 through 55-28</a></div></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2015-01/\" class=\"xref\">Accounting Standards Update No. 2015-01</a></td><td class=\"entry\">01/09/2015</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-55-38\" class=\"xref\">740-270-55-38</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2015-01/\" class=\"xref\">Accounting Standards Update No. 2015-01</a></td><td class=\"entry\">01/09/2015</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-55-44\" class=\"xref\">740-270-55-44</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2019-12/\" class=\"xref\">Accounting Standards Update No. 2019-12</a></td><td class=\"entry\">12/18/2019</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-55-45\" class=\"xref\">740-270-55-45</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2019-12/\" class=\"xref\">Accounting Standards Update No. 2019-12</a></td><td class=\"entry\">12/18/2019</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-55-49\" class=\"xref\">740-270-55-49</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2019-12/\" class=\"xref\">Accounting Standards Update No. 2019-12</a></td><td class=\"entry\">12/18/2019</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-55-50\" class=\"xref\">740-270-55-50</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2019-12/\" class=\"xref\">Accounting Standards Update No. 2019-12</a></td><td class=\"entry\">12/18/2019</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-55-51\" class=\"xref\">740-270-55-51</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2019-12/\" class=\"xref\">Accounting Standards Update No. 2019-12</a></td><td class=\"entry\">12/18/2019</td></tr><tr><td class=\"entry\"><a href=\"/asc/270/740/#270-740-55-52\" class=\"xref\">740-270-55-52</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2015-01/\" class=\"xref\">Accounting Standards Update No. 2015-01</a></td><td class=\"entry\">01/09/2015</td></tr></table></div></div>","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nCommencement Date of the Lease (Commencement Date) | Added | Accounting Standards 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