# ASC 405-20-00: Liabilities — Extinguishments of Liabilities — 00 Status

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/405/20/#00-status)

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.

Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure.

Source downloaded (UTC): 2026-09-10T00:13:46.142Z to 2026-09-10T00:13:46.142Z

Record version: sha256:dbe1690d361445d6362bdf37b4074ee8aaa1cdf6aac1d47f5d47a4368cb4679f

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


## ASC 405-20-00: 00 Status

[Read section](https://asc.understandingaccounting.org/asc/405/20/#00-status)

SEC content: no

##### [405-20-00-1](https://asc.understandingaccounting.org/asc/405/20/#405-20-00-1)

Pending content: no

Source downloaded (UTC): 2026-09-10T00:13:46.142Z to 2026-09-10T00:13:46.142Z

Record version: sha256:45b73ae06e6f57a6c4815df0458aabcb8867769dcd760c2495c3a0829a2bbc0b

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


The following table identifies the changes made to this Subtopic.

<table class="asc-table" id="SL6229630-165343"><tbody><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="https://asc.understandingaccounting.org/glossary/e/#environmental-credit" class="term" title="(P) December 16, 2027; (N) December 16, 2028818-10-65-1An enforceable right that is acquired, internally generated, granted by a regulatory agency or its designee(s), or received in a nonreciprocal transfer that is not a grant from a regulator or its designee(s) that meets all of the following criteria:Lacks physical substance and is not a financial asset.Is represented to prevent, control, reduce, or remove emissions or other pollution.Is, or previously was, separately transferable in an exchange transaction. If an item is no longer separately transferable in an exchange transaction, an entity must be able to use that item to satisfy an environmental credit obligation to meet this criterion.Is not an income tax credit that may be used to settle an entity’s income tax liability, regardless of whether the entity has a tax liability or intends to use the credit for that purpose.An environmental credit that meets the above criteria may exist in a variety of forms, including (but not limited to) credits, certificates, allowances, and offsets."><span>Environmental Credit</span></a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2026-02/" class="xref">Accounting Standards Update No. 2026-02</a></td><td class="entry">05/19/2026</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/glossary/e/#environmental-credit-obligation" class="term" title="(P) December 16, 2027; (N) December 16, 2028818-10-65-1A regulatory compliance obligation arising from existing or enacted laws, statutes, or ordinances represented to prevent, control, reduce, or remove emissions or other pollution that may be settled with environmental credits. Obligations within the scope of Subtopic 410-30 are not environmental credit obligations."><span>Environmental Credit Obligation</span></a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2026-02/" class="xref">Accounting Standards Update No. 2026-02</a></td><td class="entry">05/19/2026</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/glossary/e/#exchange" class="term" title="An exchange (or exchange transaction) is a reciprocal transfer between two entities that results in one of the entities acquiring assets or services or satisfying liabilities by surrendering other assets or services or incurring other obligations."><span>Exchange</span></a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2026-02/" class="xref">Accounting Standards Update No. 2026-02</a></td><td class="entry">05/19/2026</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/glossary/f/#financial-asset" class="term" title="Cash, evidence of an ownership interest in an entity, or a contract that conveys to one entity a right to do either of the following: Receive cash or another financial instrument from a second entity Exchange other financial instruments on potentially favorable terms with the second entity."><span>Financial Asset</span></a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2026-02/" class="xref">Accounting Standards Update No. 2026-02</a></td><td class="entry">05/19/2026</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/glossary/i/#income-taxes" class="term" title="Domestic and foreign federal (national), state, and local (including franchise) taxes based on income."><span>Income Taxes</span></a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2026-02/" class="xref">Accounting Standards Update No. 2026-02</a></td><td class="entry">05/19/2026</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/glossary/n/#nonfinancial-asset" class="term" title="An asset that is not a financial asset. Nonfinancial assets include land, buildings, use of facilities or utilities, materials and supplies, intangible assets, or services."><span>Nonfinancial Asset</span></a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2026-02/" class="xref">Accounting Standards Update No. 2026-02</a></td><td class="entry">05/19/2026</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/glossary/n/#nonreciprocal-transfer" class="term" title="Nonreciprocal transfer is a transfer of assets or services in one direction, either from an entity to its owners (whether or not in exchange for their ownership interests) or to another entity, or from owners or another entity to the entity. An entity's reacquisition of its outstanding stock is an example of a nonreciprocal transfer."><span>Nonreciprocal Transfer</span></a> (1st def.)</td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2026-02/" class="xref">Accounting Standards Update No. 2026-02</a></td><td class="entry">05/19/2026</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/20/#405-20-10-1" class="xref">405-20-10-1</a></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2009-16/" class="xref">Accounting Standards Update No. 2009-16</a></td><td class="entry">12/23/2009</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/20/#405-20-15-2" class="xref">405-20-15-2</a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2016-04/" class="xref">Accounting Standards Update No. 2016-04</a></td><td class="entry">03/08/2016</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/20/#405-20-40-1" class="xref">405-20-40-1</a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2026-02/" class="xref">Accounting Standards Update No. 2026-02</a></td><td class="entry">05/19/2026</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/20/#405-20-40-1" class="xref">405-20-40-1</a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2016-04/" class="xref">Accounting Standards Update No. 2016-04</a></td><td class="entry">03/08/2016</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/20/#405-20-40-3" class="xref">405-20-40-3</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2016-04/" class="xref">Accounting Standards Update No. 2016-04</a></td><td class="entry">03/08/2016</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/20/#405-20-40-4" class="xref">405-20-40-4</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2016-04/" class="xref">Accounting Standards Update No. 2016-04</a></td><td class="entry">03/08/2016</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/20/#405-20-50-1" class="xref">405-20-50-1</a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2009-16/" class="xref">Accounting Standards Update No. 2009-16</a></td><td class="entry">12/23/2009</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/20/#405-20-50-2" class="xref">405-20-50-2</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2016-04/" class="xref">Accounting Standards Update No. 2016-04</a></td><td class="entry">03/08/2016</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/20/#405-20-55-2" class="xref">405-20-55-2</a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2012-04/" class="xref">Accounting Standards Update No. 2012-04</a></td><td class="entry">10/01/2012</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/20/#405-20-55-4" class="xref">405-20-55-4</a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2015-10/" class="xref">Accounting Standards Update No. 2015-10</a></td><td class="entry">06/12/2015</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/20/#405-20-55-4" class="xref">405-20-55-4</a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2012-04/" class="xref">Accounting Standards Update No. 2012-04</a></td><td class="entry">10/01/2012</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/20/#405-20-55-6" class="xref">405-20-55-6 through 55-8</a></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2009-16/" class="xref">Accounting Standards Update No. 2009-16</a></td><td class="entry">12/23/2009</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/20/#405-20-65-1" class="xref">405-20-65-1</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2016-04/" class="xref">Accounting Standards Update No. 2016-04</a></td><td class="entry">03/08/2016</td></tr></tbody></table>