ASC

ASC 340-915

Development Stage Entities

340 Other Assets and Deferred Costs

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In brief

IntroductoryTransition and effective datesRecognitionFinancial statement presentation

ASC 340-915 formerly provided guidance on other assets and deferred costs for development stage entities, but every paragraph in the subtopic (Sections 05, 15, 25, and 35) was superseded by Accounting Standards Update No. 2014-10. As a result, there is no longer any incremental GAAP for deferred costs that is specific to development stage entities; such entities apply the same recognition and measurement guidance as any other reporting entity.

Key points (5)
  • All content of this subtopic — 340-915-05-1, 340-915-15-1, 340-915-25-1, and 340-915-35-1 through 35-2 — was superseded by ASU 2014-10.
  • ASU 2014-10 eliminated the concept of a development stage entity from U.S. GAAP, removing the specialized incremental reporting requirements formerly found in Topic 915.
  • Because no substantive guidance remains, an entity formerly meeting the development stage entity definition accounts for other assets and deferred costs under the general guidance in Topic 340 and other applicable Topics.
  • Preexisting references to development stage entity deferral practices (for example, deferring organization or start-up type costs) are no longer supported by this subtopic; see Subtopic 720-15 for start-up costs.
  • Students should treat this subtopic as a historical placeholder retained in the Codification only to record the supersession and its effective date.

For students. Exam or research traps here are citation traps: if you find guidance pointing to 340-915, note it is entirely superseded by ASU 2014-10 and apply general GAAP instead. The common misunderstanding is assuming development stage entities may still defer costs (such as organization or start-up costs) that other entities must expense.

development stage entitysuperseded guidancedeferred costsother assetsstart-up costs

Machine-generated study aid for ASC 340-915. Check the source paragraphs below.

340-915-00Status

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340-915-00-1
The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
Development Stage EntitySupersededAccounting Standards Update No. 2014-1006/10/2014
915-340-05-1SupersededAccounting Standards Update No. 2014-1006/10/2014
915-340-15-1SupersededAccounting Standards Update No. 2014-1006/10/2014
915-340-25-1SupersededAccounting Standards Update No. 2014-1006/10/2014
915-340-35-1SupersededAccounting Standards Update No. 2014-1006/10/2014
915-340-35-2SupersededAccounting Standards Update No. 2014-1006/10/2014

340-915-05Overview and Background

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340-915-15Scope and Scope Exceptions

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340-915-20Glossary

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340-915-25Recognition

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340-915-35Subsequent Measurement

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