ASC 855-926
Entertainment—Films
855 Subsequent Events
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ASC 855-926 was the film-industry-specific subsection of the subsequent events guidance, which previously required film entities to consider post-balance-sheet information (such as actual results after the reporting date) in estimating ultimate revenue and testing film costs for impairment. Every substantive paragraph (855-926-05-1, 15-1, and 35-1) was superseded by ASU 2012-07, so the subtopic now contains no operative guidance. Film cost impairment and ultimate revenue estimation are addressed instead in ASC 926-20, and general subsequent events guidance remains in ASC 855-10.
Key points (5)
- All content of this subtopic — 855-926-05-1 (overview), 855-926-15-1 (scope), and 855-926-35-1 (subsequent measurement) — was superseded by Accounting Standards Update No. 2012-07.
- Because no paragraphs remain in force, ASC 855-926 imposes no current recognition, measurement, or disclosure requirements on film entities.
- ASU 2012-07 removed the industry-specific rebuttable presumption tied to subsequent-event information in film impairment assessments, so entities apply the general film cost guidance in ASC 926-20 instead.
- General subsequent events principles — the evaluation period and the distinction between recognized and nonrecognized subsequent events — continue to apply to film entities under ASC 855-10.
- A superseded paragraph number is retained in the Codification as a placeholder; it should not be cited as authoritative support for an accounting position.
For students. The trap here is citing a dead subtopic: everything in 855-926 was wiped out by ASU 2012-07, so for film impairment you must go to ASC 926-20 and for subsequent events to ASC 855-10. Remember that the Codification keeps superseded paragraph numbers visible, which can fool readers into thinking guidance still exists.
Machine-generated study aid for ASC 855-926. Check the source paragraphs below.
855-926-00Status
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| Paragraph | Action | Accounting Standards Update | Date |
| Film costs | Superseded | Accounting Standards Update No. 2012-07 | 10/24/2012 |
| Films | Superseded | Accounting Standards Update No. 2012-07 | 10/24/2012 |
| 926-855-05-1 | Superseded | Accounting Standards Update No. 2012-07 | 10/24/2012 |
| 926-855-15-1 | Superseded | Accounting Standards Update No. 2012-07 | 10/24/2012 |
| 926-855-35-1 | Superseded | Accounting Standards Update No. 2012-07 | 10/24/2012 |
855-926-05Overview and Background
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855-926-15Scope and Scope Exceptions
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855-926-20Glossary
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855-926-35Subsequent Measurement
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