transition period

ASC 360-20 formerly contained the specialized U.S. GAAP for recognizing profit on sales of real estate (the old FASB Statement No. 66 model with full accrual, installment, cost recovery, deposit, and percentage-of-completion methods, plus sale-leaseback and continuing-involvement rules). Every paragraph in the subtopic has been superseded — mostly by ASU 2014-09 (Revenue from Contracts with Customers) and ASU 2016-02 (Leases). Sales of real estate are now accounted for under ASC 606 if the counterparty is a customer, or under ASC 610-20 for sales of nonfinancial assets to noncustomers, with sale-leaseback transactions governed by ASC 842-40.

ASC 848-10 was the "Overall" subtopic of Topic 848, Reference Rate Reform, which provided optional expedients and exceptions for contract modifications, hedge accounting, and other transactions affected by the discontinuation of LIBOR and other reference rates. As presented, every paragraph in this subtopic has been superseded — the substantive guidance in Sections 05 through 55 was superseded by ASU 2020-04 and ASU 2021-01, and the transition paragraphs (848-10-65-1 and 65-2) were superseded on 07/02/2026 at the end of the transition period set by ASU 2020-04, ASU 2021-01, and ASU 2022-06 (which deferred the sunset date). The practical result is that Topic 848 relief is time-limited and no longer available after the sunset date.

ASC 915-10 formerly set out the "Overall" guidance for development stage entities — entities devoting substantially all efforts to establishing a new business that had no principal operations or no significant revenue. All of its substantive content (scope, background, and the transition paragraph) was superseded by ASU 2014-10, which eliminated the incremental reporting requirements for development stage entities; the transition guidance in 915-10-65-1 was itself superseded on 06/23/2016 after the transition period ended. The subtopic is now an empty shell with no operative U.S. GAAP requirements.