# ASC 405-40-00: Liabilities — Obligations Resulting from Joint and Several Liability Arrangements — 00 Status

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/405/40/#00-status)

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## ASC 405-40-00: 00 Status

[Read section](https://asc.understandingaccounting.org/asc/405/40/#00-status)

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##### [405-40-00-1](https://asc.understandingaccounting.org/asc/405/40/#405-40-00-1)

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The following table identifies the changes made to this Subtopic.

<table class="asc-table" id="SL34748491-199206"><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/c/#conduit-debt-securities" class="term" title="Certain limited-obligation revenue bonds, certificates of participation, or similar debt instruments issued by a state or local governmental entity for the express purpose of providing financing for a specific third party (the conduit bond obligor) that is not a part of the state or local government's financial reporting entity. Although conduit debt securities bear the name of the governmental entity that issues them, the governmental entity often has no obligation for such debt beyond the resources provided by a lease or loan agreement with the third party on whose behalf the securities are issued. Further, the conduit bond obligor is responsible for any future financial reporting requirements."><span>Conduit Debt Security</span></a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/asc-pdf/GUID-EFA6D1D7-EED2-443D-BBD3-C6F2E960EBE3.pdf" class="pdf-link" target="_blank" rel="noopener">Maintenance Update 2014-20 (PDF)</a></td><td class="entry">09/29/2014</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/glossary/n/#nonpublic-entity" class="term" title="Any entity that does not meet any of the following conditions: Its debt or equity securities trade in a public market either on a stock exchange (domestic or foreign) or in an over-the-counter market, including securities quoted only locally or regionally. It is a conduit bond obligor for conduit debt securities that are traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local or regional markets). It files with a regulatory agency in preparation for the sale of any class of debt or equity securities in a public market. It is required to file or furnish financial statements with the Securities and Exchange Commission. It is controlled by an entity covered by criteria (a) through (d)."><span>Nonpublic Entity</span></a> (Def. 1)</td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/asc-pdf/GUID-EFA6D1D7-EED2-443D-BBD3-C6F2E960EBE3.pdf" class="pdf-link" target="_blank" rel="noopener">Maintenance Update 2014-20 (PDF)</a></td><td class="entry">09/29/2014</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/glossary/n/#nonpublic-entity" class="term" title="Any entity that does not meet any of the following conditions: Its debt or equity securities trade in a public market either on a stock exchange (domestic or foreign) or in an over-the-counter market, including securities quoted only locally or regionally. It is a conduit bond obligor for conduit debt securities that are traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local or regional markets). It files with a regulatory agency in preparation for the sale of any class of debt or equity securities in a public market. It is required to file or furnish financial statements with the Securities and Exchange Commission. It is controlled by an entity covered by criteria (a) through (d)."><span>Nonpublic Entity</span></a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2013-04/" class="xref">Accounting Standards Update No. 2013-04</a></td><td class="entry">02/28/2013</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/asc/405/40/#405-40-05-1" class="xref">405-40-05-1</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2013-04/" class="xref">Accounting Standards Update No. 2013-04</a></td><td class="entry">02/28/2013</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/40/#405-40-15-1" class="xref">405-40-15-1</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2013-04/" class="xref">Accounting Standards Update No. 2013-04</a></td><td class="entry">02/28/2013</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/40/#405-40-15-2" class="xref">405-40-15-2</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2016-19/" class="xref">Accounting Standards Update No. 2016-19</a></td><td class="entry">12/14/2016</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/40/#405-40-25-1" class="xref">405-40-25-1</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2013-04/" class="xref">Accounting Standards Update No. 2013-04</a></td><td class="entry">02/28/2013</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/40/#405-40-25-2" class="xref">405-40-25-2</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2013-04/" class="xref">Accounting Standards Update No. 2013-04</a></td><td class="entry">02/28/2013</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/40/#405-40-30-1" class="xref">405-40-30-1</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2013-04/" class="xref">Accounting Standards Update No. 2013-04</a></td><td class="entry">02/28/2013</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/40/#405-40-30-2" class="xref">405-40-30-2</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2013-04/" class="xref">Accounting Standards Update No. 2013-04</a></td><td class="entry">02/28/2013</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/40/#405-40-35-1" class="xref">405-40-35-1</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2013-04/" class="xref">Accounting Standards Update No. 2013-04</a></td><td class="entry">02/28/2013</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/40/#405-40-50-1" class="xref">405-40-50-1</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2013-04/" class="xref">Accounting Standards Update No. 2013-04</a></td><td class="entry">02/28/2013</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/40/#405-40-50-2" class="xref">405-40-50-2</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2013-04/" class="xref">Accounting Standards Update No. 2013-04</a></td><td class="entry">02/28/2013</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/405/40/#405-40-65-1" class="xref">405-40-65-1</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2013-04/" class="xref">Accounting Standards Update No. 2013-04</a></td><td class="entry">02/28/2013</td></tr></tbody></table>