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The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
Film costsSupersededAccounting Standards Update No. 2012-0710/24/2012
FilmsSupersededAccounting Standards Update No. 2012-0710/24/2012
926-855-05-1SupersededAccounting Standards Update No. 2012-0710/24/2012
926-855-15-1SupersededAccounting Standards Update No. 2012-0710/24/2012
926-855-35-1SupersededAccounting Standards Update No. 2012-0710/24/2012
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Paragraph superseded by Accounting Standards Update No. 2012-07.
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Every substantive paragraph (855-926-05-1, 15-1, and 35-1) was superseded by ASU 2012-07, so the subtopic now contains no operative guidance.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":["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of this subtopic — 855-926-05-1 (overview), 855-926-15-1 (scope), and 855-926-35-1 (subsequent measurement) — was superseded by Accounting Standards Update No. 2012-07.","Because no paragraphs remain in force, ASC 855-926 imposes no current recognition, measurement, or disclosure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between recognized and nonrecognized subsequent events — continue to apply to film entities under ASC 855-10.","A superseded paragraph number is retained in the Codification as a placeholder; it should not be cited as authoritative support for an accounting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."],"categories":["Industry-specific","Impairment","Subsequent measurement","Transition and effective dates"],"audience_level":"intermediate","student_note":"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. 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