Accounting Standards Updates

The amendments in this Update improve generally accepted accounting principles by providing authoritative guidance on how an issuer should initially measure paid-in-kind dividends on equity-classified preferred stock.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2025-ED300—Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock.

For more information, see the following:

Issued: April 23, 2026

The amendments in this Update improve generally accepted accounting principles (GAAP) by providing specific authoritative guidance for environmental credits and environmental credit obligations.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2024-ED910—Environmental Credits and Environmental Credit Obligations (Topic 818), which has been deleted.

For more information, see the following:

Issued: May 19, 2026

For investment companies within the scope of Topic 946, Financial Services—Investment Companies, the amendments in this Update require that a contractual restriction on the sale of an equity security (such as a lock-up agreement) be considered in measuring fair value.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2026-ED300—Fair Value Measurement (Topic 820): Investment Companies with Equity Securities Subject to Contractual Sale Restrictions, which has been deleted.

For more information, see the following:

Issued: September 9, 2026

The amendment in this Update clarifies the effective date of Update 2024-03, which is that public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2024-ED800—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which has been deleted.

For more information, see the following:

Issued: January 6, 2025

The amendments in this Accounting Standards Update amend various SEC paragraphs pursuant to the issuance of SEC Staff Accounting Bulletin No. 122.

For more information, see the following:

Issued: March 18, 2025

The amendments in this Update would enhance the comparability of financial statements across entities engaging in acquisition transactions effected primarily by exchanging equity interests when the legal acquiree meets the definition of a business.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2024-ED500—Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which has been deleted.

For more information, see the following:

Issued: May 12, 2025

The amendments in this Update would reduce diversity in practice and improve the decision usefulness and operability of the guidance for share-based consideration granted to a customer in conjunction with selling goods or services.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2024-ED300—Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606), which has been deleted.

For more information, see the following:

Issued: May 15, 2025

The amendments in this Update provide (1) all entities with a practical expedient and (2) entities other than public business entities with an accounting policy election when applying the guidance in Topic 326, Financial Instruments–Credit Losses, to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2024-ED900 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets for Private Companies and Certain Not-for-Profit Entities, which has been deleted.

For more information see the following:

Issued: July 30, 2025

The amendments in this Update make targeted improvements to Subtopic 350-40, Intangibles—Goodwill and Other—Internal-Use Software to increase the operability of the recognition guidance considering different methods of software development.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2024-ED400—Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), which has been deleted.

For more information see the following:

Issued: September 18, 2025

The amendments in this Update address stakeholders’ concerns about (1) the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract and (2) the diversity in accounting for share-based noncash consideration from a customer that is consideration for the transfer of goods or services.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2024-ED100—Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606), which has been deleted.

For more information, see the following:

Issued: September 29, 2025

The amendments in this Update expand the gross-up approach for initial recognition and measurement of acquired financial assets to purchased seasoned loans.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2023-ED400—Financial Instruments—Credit Losses (Topic 326): Purchased Financial Assets, which has been deleted.

For more information, see the following:

Issued: November 12, 2025

The amendments in this Update clarify certain aspects of the guidance on hedge accounting and address several incremental hedge accounting issues arising from global reference rate reform.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2024-ED200—Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which has been deleted.

For more information, see the following:

Accounting Standards Update 2025-09—Derivatives and Hedging (Topic 815): Hedge Accounting Improvements (PDF)

Issued: November 25, 2025

The amendments in this Update improve generally accepted accounting principles (GAAP) by establishing authoritative guidance on the accounting for government grants received by business entities.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2024-ED700—Government Grants (Topic 832): Accounting for Government Grants by Business Entities, which has been deleted.

For more information, see the following:

Issued: December 4, 2025

The amendments in this Update clarify interim disclosure requirements and the applicability of Topic 270.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2024-ED600—Interim Reporting (Topic 270): Narrow-Scope Improvements, which has been deleted.

For more information, see the following:

Issued: December 8, 2025

The amendments in this Update address stakeholder suggestions on the Accounting Standards Codification and make other incremental improvements to generally accepted accounting principles (GAAP). The amendments make Codification updates to a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2025-ED100—Codification Improvements, which has been deleted.

For more information, see the following:

Accounting Standards Update 2025-12—Codification Improvements (PDF)

Issued: December 17, 2025

The amendments in this Update improve the clarity of paragraph 718-10-15-3 and its application to profits interest or similar awards, primarily through the addition of an illustrative example that includes four fact patterns.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2023-ED300—Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest Awards, which has been deleted.

For more information, see the following:

Issued: March 21, 2024

This Update contains amendments to the Codification that remove references to various FASB Concepts Statements. Removing all references to Concepts Statements in the guidance will simplify the Codification and draw a distinction between authoritative and nonauthoritative literature.

For more information, see the following:

Issued: March 29, 2024

The amendments in this Update require a public business entity to disclose specific information about certain costs and expenses in the notes to its financial statements for interim and annual reporting periods. The objective of the disclosure requirements is to provided disaggregated information about a public business entity's expenses to help investors (a) better understand the entity's performance, (b) better assess the entity's prospects for future cash flows, and (c) compare an entity's performance over time and with that of other entities.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2023-ED500—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which has been deleted.

The effective of Update 2024-03 was amended by Accounting Standards Update No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. Public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of Update 2024-03 is permitted.

For more information, see the following:

Issued: November 4, 2024

Stakeholders noted that the current guidance is not clear on whether the induced conversion guidance can be applied to the settlement of a convertible debt instrument that does not require the issuance of equity securities upon conversion (for example, a convertible debt instrument with a cash conversion feature) or the early settlement of a convertible debt instrument that is not currently convertible. They also noted that current GAAP does not address how the incorporation, elimination, or modification of a volume-weighted average price (VWAP) formula interacts with the criterion in the existing induced conversion guidance.

The amendments in this Update improve the consistent application and relevance of the induced conversion guidance in Subtopic 470-20, Debt—Debt with Conversion and Other Options.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2023-ED600—Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments (a consensus of the Emerging Issues Task Force), which has been deleted.

For more information, see the following:

Issued: November 26, 2024

The amendments in this Update address two issues:

Issue 1: Terms and Conditions to Be Considered

The amendments in this Update provide a practical expedient for private companies and not-for-profit entities that are not conduit bond obligors to use the written terms and conditions of a common control arrangement to determine:

The practical expedient may be applied on an arrangement-by-arrangement basis.

Issue 2: Accounting for Leasehold Improvements

The amendments in this Update are applicable for all entities and require that leasehold improvements associated with leases between entities under common control be:

Additionally, those leasehold improvements are subject to the impairment guidance in Topic 360, Property, Plant, and Equipment.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2022-ED500—Leases (Topic 842): Common Control Arrangements, which has been deleted.

Issued: March 27, 2023

The amendments in this Update permit reporting entities to elect to account for their tax equity investments, regardless of the program from which the income tax credits are recieved, using the proportional amortaziation method if certain conditions are met. A reporting entity may make an accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity level or to individual investments.

To qualify for the proportional amortization method, if elected in accordance with paragraph 323-740-25-4, all of the following conditions must be met:

The amendments in the Update also remove certain guidance for Qualified Affordable Housing Project investments and require the application of the delayed equity contribution guidance to all tax equity investments.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2022-004—Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force), which has been deleted.

Issued: March 29, 2023

This Accounting Standards Update amends and supersedes various SEC paragraphs pursuant to the issuance of SEC Staff Accounting Bulletin No. 120 and pursuant to the SEC Staff Announcement at the March 24, 2022 Emerging Issues Task Force meeting. This Update also updates an SEC paragraph to conform to the latest version of SEC Staff Accounting Bulletin Topic 6.B, Accounting Series Release No. 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock.

Issued: July 14, 2023

This Accounting Standards Update amends and adds various SEC paragraphs pursuant to the issuance of SEC Staff Accounting Bulletin No. 121.

Issued: August 3, 2023

The amendments in this Update address the accounting for contributions made to a joint venture, upon its formation, in a joint venture’s separate financial statements. The amendments require that a joint venture apply a new basis of accounting upon formation. By applying a new basis of accounting, a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance).

The amendments in this Update affect the acounting for contributions received upon formation by entities that meet the definition of a joint venture or a corporate joint venture, as defined in the Master Glossary of the Codification.

This Accounting Standards Update is the final version of the Proposed Accounting Standards Update 2022-300—Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement.

Issued: August 23, 2023

The amendments in this Update modify the disclosure or presentation requirements of a variety of Topics in the Codification. The amendments are in response to the U.S. Securities and Exchange Commission's (SEC) Release No. 33-10532, Disclosure Update and Simplification, in which the SEC referred certain of its disclosure requirements that overlap with, but require incremental information to, generally accepted accounting principles to the FASB for potential incorporation into the Codification. The amendments in this Update are the result of the Board’s decision to incorporate into the Codification 14 of the 27 disclosures referred by the SEC. Certain of the amendments represent clarifications to or technical corrections of the current requirements and other amendments add incremental disclosure requirements to align with the SEC's regulations.

For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. For all other entities, the amendments will be effective two years later.

For all entities, if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2019-600—Disclosure Improvements—Codification Amendments in Response to the SEC΄s Disclosure Update and Simplification Initiative, which has been deleted.

Issued: October 9, 2023

The amendments in this Update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update:

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2022-ED100—Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures, which has been deleted.

Issued: November 27, 2023

The amendments in this Update improve the accounting for and disclosure of crypto assets held that meet all of the following criteria:

The amendments in the Update address measurement, presentation, disclosure, and transition requirements for holders of crypto assets that meet the criteria.

The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued (or made available for issuance).

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2023-ED200—Intangibles–Goodwill and Other: Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which has been deleted.

For more information, see the following:

Accounting Standards Update 2023-08—Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (PDF)

Issued: December 13, 2023

The amendments in this Update provide more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2023-ED100—Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which has been deleted.

For more information, see the following:

Issued: December 14, 2023

The amendments in this Update expand the current last-of-layer method of hedge accounting that permits only one hedged layer to allow multiple hedged layers of a single closed portfolio. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method.

Additionally, amendments in this Update:

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2021-002—Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method, which has been deleted.

Accounting Standards Update No. 2022-01 (PDF)

Issued: March 28, 2022

The amendments in this Update eliminate the accounting guidance for troubled debt restructurings (TDRs) by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance in paragraphs 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan.

Additionally, for public business entities, the amendments in this Update require that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost in the vintage disclosures required by paragraph 326-20-50-6.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2021-006—Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which has been deleted.

Issued: March 31, 2022

The amendments in this Update affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments also require the following disclosures for equity securities subject to contractual sale restrictions:

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2021-005—Fair Value (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which has been deleted.

Issued: June 30, 2022

Subtopic 405-50, Supplier Finance Programs—Disclosure of Supplier Finance Program Obligations, requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude.

The amendments in this Update require qualitative and quantitative disclosures about supplier finance programs and thereby allow financial statement users to better understand the effect of those programs on an entity’s working capital, liquidity, and cash flows.

This Accounting Standard Update applies to all entities that use supplier finance programs in connection with the purchase of goods and services.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2021-007—Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which has been deleted.

Issued: September 29, 2022

The amendments in this Update modify the current application requirements of Accounting Standards Update No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). The amendments in this Update amend the LDTI transition guidance to allow an insurance entity to make an accounting policy election on a transaction-by-transaction basis. An insurance entity may elect to exclude contracts that meet certain criteria from applying the amendments in Update 2018-12. To qualify for the accounting policy election, as of the LDTI effective date both of the following conditions must be met:

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2022-003—Financial Services—Insurance (Topic 944): Transition for Sold Contracts, which has been deleted.

Issued: December 15, 2022

In 2020, the Board issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting.

The objective of the guidance in Topic 848 is to provide temporary relief during the transition period. The Board included a sunset provision within Topic 848 based on expectations of when the London Interbank Offered Rate (LIBOR) would cease being published. At the time that Update 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022—12 months after the expected cessation date of all currencies and tenors of LIBOR.

In March 2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848.

Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place, the amendments in this Update defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848.

The amendments in this Update apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform.

The amendments in this Update are effective for all entities upon issuance of this Update.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update—Reference Rate Reform (Topic 848) and Derivatives and Hedging (Topic 815): Deferral of the Sunset Date of Topic 848 and Amendments to the Definition of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate, which has been deleted.

Issued: December 21, 2022

The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this Update to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2020-900—Reference Rate Reform (Topic 848): Scope Refinement, which has been deleted.

Issued: January 7, 2021

The amendments in this Update are intended to reduce the cost and complexity of applying Topic 606, Revenue from Contracts with Customers, to pre-opening services for franchisors that are not public business entities. The amendments in this Update introduce a new practical expedient that simplifies the application of the guidance in Topic 606 about identifying performance obligations.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2020-600—Franchisors—Revenue from Contracts with Customers (Subtopic 952-606): Practical Expedient, which has been deleted.

Issued: January 28, 2021

The amendments in this Update provide private companies and not-for-profit entities with an accounting alternative to perform the goodwill impairment triggering event evaluation as required in Subtopic 350-20 as of the end of the reporting period, whether the reporting period is an interim or annual period.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2020-1100—Intangibles—Goodwill and Other (Topic 350): Accounting Alternative for Evaluating Triggering Events, which has been deleted.

Issued: March 30, 2021

The amendments in this Update clarify and reduce diversity in an issuer's accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The guidance clarifies whether an issuer should account for a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as (1) an adjustment to equity and, if so, the related earnings per share (EPS) effects, if any, or (2) an expense and, if so, the manner and pattern of recognition.

The amendments in this Update affect all entities that issue freestanding written call options that are classified in equity. The amendments do not apply to modifications or exchanges of financial instruments that are within the scope of another Topic and do not affect a holder's accounting for freestanding call options.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2020-800—Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Forwards and Options (a consensus of the Emerging Issues Task Force), which has been deleted.

Issued: May 3, 2021

The amendments in this Update require lessors to classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met:

1. The lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in paragraphs 842-10-25-2 through 25-3.

2. The lessor would have otherwise recognized a day-one loss.

The amendments in this Update affect lessors with lease contracts that (1) have variable lease payments that do not depend on a reference index or a rate and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing.

This Accounting Standards Update is the final version of a portion of Proposed Accounting Standards Update 2020-700—Leases (Topic 842): Targeted Improvements.

This Accounting Standards Update amends and adds various SEC paragraphs pursuant to the issuance of SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants.

Issued: August 9, 2021

The objective of this Update is to address the concerns of private company stakeholders about the cost and complexity associated with determining the current price input into the valuation of a share-based award granted as compensation. The amendments in this Update provide a practical expedient for a nonpublic entity to determine the current price input of equity-classified share-based awards issued to both employees and nonemployees.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update—Compensation—Stock Compensation (Topic 718): Determining the Current Price of an Underlying Share for Equity-Classified Share Option Awards, which has been deleted.

Issued: October 25, 2021

The amendments in this Update address diversity and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination. The amendments in this Update require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2020-1000—Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which has been deleted.

Issued: October 28, 2021

The amendments in this Update allow a lessee that is not a public business entity to elect an accounting policy to use a risk-free rate as its discount rate by class of underlying asset rather than at an entity-wide level, as is currently required by Topic 842, Leases.

The amendments in this Update also require that when the rate implicit in the lease is readily determinable for any individual lease, the lessee would use that rate (rather than a risk-free rate or an incremental borrowing rate), regardless of whether it has made the risk-free rate election.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2021-003—Leases (Topic 842)—Discount Rate for Lessees That Are Not Public Business Entities, which has been deleted.

Issued: November 11, 2021

The amendments in this Update require disclosures about transactions with a government that have been accounted for by analogizing to a grant or contribution accounting model to increase transparency about (1) the types of transactions, (2) the accounting for the transactions, and (3) the effect of the transactions on an entity's financial statements.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2015-340—Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which has been deleted.

Issued: November 17, 2021

The amendments in this Update clarify the interaction of the accounting for equity securities under Topic 321 and investments under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The amendments also clarify that for the purpose of applying paragraph 815-10-15-141(a) an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in Topic 323 or the fair value option in accordance with the financial instruments guidance in Topic 825. An entity also would evaluate the remaining characteristics in paragraph 815-10-15-141 to determine the accounting for those forward contracts and purchased options.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2019-740—Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815, which has been deleted.

Issued: January 16, 2020

This Accounting Standards Update adds an SEC paragraph pursuant to the issuance of SEC Staff Accounting Bulletin No. 119, which adds Topic 6M on Accounting for Loan Losses by Registrants Engaged in Lending Activities Subject to FASB ASC Topic 326. It also adds a note in paragraph 842-10-S65-1 regarding the updated effective date for Leases pursuant to the issuance of Accounting Standards Update 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates.

Issued: February 6, 2020

The amendments in this Update represent changes to clarify or improve the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities.

Issued: March 9, 2020

In response to concerns about structural risks of interbank offered rates (IBORs), and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR), regulators around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. The amendments in this Update provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effects) of reference rate reform on financial reporting.

The amendments in this Update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.

The amendments in this Update apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022.

The amendments in this Update are elective and are effective upon issuance for all entities.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2019-770—Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which has been deleted.

Issued: March 12, 2020

Coronavirus Disease 2019 (COVID-19) pandemic is adversely affecting the global economy and causing significant and widespread business and capital market disruptions. The Board is committed to supporting and assisting stakeholders during this difficult time.

The Board is issuing this Update as a limited deferral of the effective dates of the following Updates (including amendments issued after the issuance of the original Update) to provide immediate, near-term relief for certain entities for whom these Updates are either currently effective or imminently effective:

1. Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (Revenue)

2. Accounting Standards Update No. 2016-02, Leases (Topic 842) (Leases).

The amendments in this Update defer, for one year, the required effective date of Revenue for entities, that are not public business entities, that have not yet issued their financial statements (or made financial statements available for issuance) reflecting the adoption of Revenue. Those entities may elect to adopt the guidance for annual reporting periods beginning after December 15, 2019 and for interim reporting periods within annual reporting periods beginning after December 15, 2020. Those entities may elect to follow the original effective date of annual reporting periods beginning after December 15, 2018 and interim reporting periods within annual reporting periods beginning after December 15, 2019.

The amendments in this Update defer the effective date of Leases for private entities (the “all other” category) to fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Additionally, the amendments defer the effective date of Leases to fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, for not-for-profit entities that have issued or are conduit bond obligors for securities that are traded, listed, or quoted on an exchange or an over-the-counter market that have not yet issued financial statements (or made financial statements available for issuance). Early application continues to be permitted which means that an entity may choose to implement Leases before those deferred effective dates.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2020-300—Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842)—Effective Dates for Certain Entities, which has been deleted.

Issued: June 3, 2020

The objective of the amendments in this Update is to address issues identified as a result of the complexity associated with applying generally accepted accounting principles (GAAP) for certain financial instruments with characteristics of liabilities and equity.

The amendments in this Update reduce the number of accounting models for convertible debt instruments and convertible preferred stock. For convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging, or that do not result in substantial premiums accounted for as paid-in capital, the embedded conversion features no longer are separated from the host contract.

The amendments in this Update remove certain conditions that should be considered in the derivatives scope exception evaluation under Subtopic 815-40, Derivatives and Hedging—Contracts in Entity's Own Equity, and clarify the scope and certain requirements under Subtopic 815-40.

The amendments in this Update also improve the guidance related to the disclosures and earnings-per-share (EPS) for convertible instruments and contract in entity's own equity.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2019-730—Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40)—Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which has been deleted.

Issued: August 5, 2020

The objective of the amendments in this Update is to increase transparency of contributed nonfinancial assets for not-for-profit (NFP) entities through enhancements in presentation and disclosure requirements. NFP entities will now be required to present contributed nonfinancial assets as a separate line item in the statement of activities, apart from contributions of cash and other financial contributions. NFPs will also be required to disclose various information related to contributed nonfinancial assets.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2020-100—Not-for-Profit Entities (Topic 958)—Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets, which has been deleted.

Issued: September 17, 2020

The amendments in this Update clarify the Board's intent that an entity should reevaluate whether a callable debt security that has multiple call dates is within the scope of paragraph 310-20-35-33 for each reporting period. 

Issued: October 15, 2020

This Accounting Standards Update amends and supersedes various SEC paragraphs pursuant to the issuance of SEC Final Rule Release No. 33-10762, Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant's Securities.

Issued: October 22, 2020

The amendments in this Update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2019-800—Codification Improvements, which has been deleted.

Issued: October 29, 2020

The Board is issuing this Update to provide implementation relief to insurance entities adopting Accounting Standards Update No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The amendments in this Update:

1. Defer the required effective date of Update 2018-12 by one year for all insurance entities.

2. Provide transition relief for entities that elect early application by amending the transition date to be the beginning of the prior period presented or the beginning of the earliest period presented.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2020-400—Financial Services—Insurance (Topic 944): Effective Date and Early Application, which has been deleted.

Issued: November 5, 2020

The amendments in this Update reinstate the exception in Topic 842 for lessors that are not manufacturers or dealers. Specifically, those lessors will use their cost, reflecting any volume or trade discounts that may apply, as the fair value of the underlying asset. However, if a significant lapse of time occurs between the acquisition of the underlying asset and lease commencement, those lessors will be required to apply the definition of fair value (exit price) in Topic 820.

The amendments in this Update address the concerns of lessors within the scope of Topic 942 about where “principal payments received under leases” should be presented. Specifically, lessors that are depository and lending institutions within the scope of Topic 942 will present all “principal payments received under leases” within investing activities.

The amendments in this Update address those concerns by explicitly providing an exception to the paragraph 250-10-50-3 interim disclosure requirements in the Topic 842 transition disclosure requirements.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2018-310—Leases (Topic 842)—Codification Improvements for Lessors, which has been deleted.

Issued: March 05, 2019

This update releases Accounting Standards Update No. 2019-02—Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (Subtopic 920-350). This update is the final version of Proposed Accounting Standards Update 2018-290, which has been deleted.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2018-290—Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (Subtopic 920-350), which has been deleted.

Issued: March 06, 2019

The amendments in this final Update improve the definition of the term collections in the Master Glossary by realigning it with the definition in the American Alliance of Museums' (AAM) Code of Ethics for Museums (the Code) in order to eliminate the diversity in practice that exists today between the application of the Master Glossary's definition compared with the definition that many entities use for accreditation purposes. The amendments in this Update also are an improvement because aligning the definition and permitting proceeds to be utilized for the direct care of collections is consistent with the basis for conclusions in FASB Statement No. 116, Accounting for Contributions Received and Contributions Made, about the care and preservation of collections. The amendments in this Update require that a collection-holding entity disclose its policy for the use of proceeds from when collection items are deaccessioned (that is, removed from a collection). If a collection-holding entity has a policy that allows proceeds from deaccessioned collection items to be used for direct care, it should disclose its definition of the term direct care.

The amendments in this Update also make a Codification improvement in Topic 360, Property, Plant, and Equipment, to clarify that the collections guidance in Subtopic 958-360, Not-for-Profit Entities—Property, Plant, and Equipment, applies to business entities as well as not-for-profit entities, consistent with what was indicated in Statement 116.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2018-250—Not-for-Profit Entities (Topic 958): Updating the Definition of Collections, which has been deleted.

Issued: March 21, 2019

The amendments in this Update clarify, correct, and improve various aspects of the guidance in the following Accounting Standards Updates related to financial instruments:

• Accounting Standards Update No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities
• Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
• Accounting Standards Update No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2018-320—Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Entities (Topic 958): Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities, which has been deleted.

Issued: April 25, 2019

The amendments in this Update provide entities with an option to irrevocably elect the fair value option applied on an instrument-by-instrument basis for certain financial assets upon the adoption of Topic 326.

The fair value option election does not apply to held-to-maturity debt securities.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2019-100—Targeted Transition Relief for Topic 326, Financial Instruments—Credit Losses, which has been deleted.

Issued: May 15, 2019

The objective of the amendments in this Update is to address the concerns of not-for-profit stakeholders that the benefits of the current accounting for goodwill and certain identifiable intangible assets acquired in a business combination do not justify the related costs. Therefore, the amendments in this Update permit a not-for-profit entity to elect the private company alternatives. Under Topic 350, instead of testing goodwill for impairment annually at the reporting unit level, a not-for-profit entity can elect to amortize goodwill on a straight-line basis, test for impairment upon a triggering event, and have the option to elect to test for impairment at the entity level. Under the Topic 805, a not-for-profit entity can elect to recognize fewer items as separate intangible assets in an acquisition. The amendments in this Update are effective immediately.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2018-320—Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Entities (Topic 958): Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities, which has been deleted.

Issued: May 30, 2019

This Accounting Standards Update amends various SEC paragraphs pursuant to the issuance of SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization. Other miscellaneous updates to agree to the electronic Code of Federal Regulations also have been incorporated.

Issued: July 26, 2019

After the effective date of the amendments in Update 2018-07, the Codification would have no longer provided explicit guidance on when to measure share-based payment awards granted to a customer. The amendments in this Update require that an entity measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718. The amount recorded as a reduction of the transaction price is required to be measured on the basis of the grant-date fair value of the share-based payment award in accordance with Topic 718.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2019-400—Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer, which has been deleted.

Issued: November 11, 2019

Pursuant to a philosophy developed by the Board for establishing effective dates for major Updates, the Board decided that, generally, a major Update will first be effective for public business entities (per the Master Glossary) that are Securities and Exchange Commission (SEC) filers (per the Master Glossary), excluding entities eligible to be smaller reporting companies (SRCs) under the U.S. Securities and Exchange Commission's definition. For all other entities, including entities eligible to be SRCs, it is anticipated that the Board will consider requiring an effective date staggered at least two years after the effective date for public business entities that are SEC filers, excluding entities eligible to be SRCs. Generally, it is expected that early application would continue to be permitted for all entities. The Board applied this philosophy to the effective date for Accounting Standards Update No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (Insurance).

The Board decided to change the effective date for Insurance for public business entities that are SEC filers, excluding entities eligible to be SRCs, to be applied for fiscal years beginning after December 15, 2021, including interim periods within those years. The Board also decided to change the effective date for all other entities for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years beginning after December 14, 2024. Early application continues to be allowed for all entities.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2019-760—Financial Services—Insurance (Topic 944): Effective Date, which has been deleted.

Issued: November 15, 2019

Pursuant to a philosophy developed by the Board for establishing effective dates for major Updates, the Board decided that, generally, a major Update will first be effective for public business entities (per the Master Glossary) that are Securities and Exchange Commission (SEC) filers (per the Master Glossary), excluding entities eligible to be smaller reporting companies (SRCs) under the U.S. Securities and Exchange Commission's definition. Those entities are bucket-one entities. All other entities (bucket two), including entities eligible to be SRCs, all other public business entities, and all nonpublic business entities (private companies, not-for-profit organizations, and employee benefit plans) compose bucket two. For those entities, it is anticipated that the Board will consider requiring an effective date staggered at least two years after bucket one for major Updates. Generally, it is expected that early application would continue to be permitted for all entities. The Board applied this philosophy to the effective dates for the following major Updates (including amendments issued after the issuance of the original Update):

1. 1
   Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (Credit Losses), and, as a consequential amendment, Accounting Standards Update No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (Goodwill)
2. 2
   Accounting Standards Update No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (Hedging)
3. 3
   Accounting Standards Update No. 2016-02, Leases (Topic 842) (Leases).

The Board addressed the application of the philosophy to Accounting Standards Update No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (Insurance), in a separate project.

For Credit Losses and Goodwill, the amended mandatory effective dates are as follows:

1. 1
   Public business entities that meet the definition of an SEC filer, excluding entities eligible to be SRCs as defined by the SEC, for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years
2. 2
   All other entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.

For Hedging, because the Update already is effective for all public business entities, the Board retained the existing effective date for those entities, including SRCs. Consistent with having bucket two be at least two years after the initial effective date, the Board deferred the mandatory effective date for all other entities by an additional year. Therefore, Hedging is now effective for entities other than public business entities for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. Early application continues to be allowed.

For Leases, because the Update already is effective for (a) public business entities; (b) not-for-profit entities that have issued or are conduit bond obligors for securities that are traded, listed, or quoted on an exchange or an over-the-counter-market; and (c) employee benefit plans that file or furnish financial statements with or to the SEC, the Board retained the existing effective date for those entities, including SRCs. Consistent with having bucket two be at least two years after the initial effective date, the Board deferred the mandatory effective date for all other entities by an additional year. Therefore, Leases is now effective for those entities for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. Early application continues to be allowed.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2019-750—Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), which has been deleted.

Issued: November 15, 2019

The amendments in this Update require entities to include expected recoveries of the amortized cost basis previously written off or expected to be written off in the valuation account for purchased financial assets with credit deterioration. In addition, the amendments in this Update clarify and improve various aspects of the guidance for Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2019-710—Codification Improvements to Topic 326, Financial Instruments—Credit Losses, which has been deleted.

Issued: November 26, 2019

The amendments in this Update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes. The amendments also improve consistent application or and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2019-700—Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes, which has been deleted.

Issued: December 18, 2019

A number of stakeholders inquired about the application of Topic 842 to land easements. Land easements (also commonly referred to as rights of way) represent the right to use, access, or cross another entity's land for a specified purpose. There currently is diversity in practice in accounting for land easements.

The amendments in this Update provide an optional transition practical expedient to not evaluate under Topic 842 existing or expired land easements that were not previously accounted for as leases under Topic 840, Leases. An entity that elects this practical expedient should evaluate new or modified land easements under Topic 842 beginning at the date that the entity adopts Topic 842. An entity that does not elect this practical expedient should evaluate all existing or expired land easements in connection with the adoption of the new lease requirements in Topic 842 to assess whether they meet the definition of a lease.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2017-290—Leases (Topic 842)—Land Easement Practical Expedient for Transition to Topic 842, which has been deleted.

Issued: January 25, 2018

On December 22, 2017, the U.S. federal government enacted a tax bill, H.R.1, An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (Tax Cuts and Jobs Act of 2017). Stakeholders raised a narrow-scope financial reporting issue that arose as a consequence of the Tax Cuts and Jobs Act of 2017. The amendments in this Update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017. The amendments in this Update affect any entity that is required to apply the provisions of Topic 220, Income Statement-Reporting Comprehensive Income, and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2018-210—Income Statement—Reporting Comprehensive Income (Topic 220), which has been deleted.

Issued: February 14, 2018

This update releases final Accounting Standards Update 2018-03—Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10)—Recognition and Measurement of Financial Assets and Financial Liabilities. This update is the final version of Proposed Accounting Standards Update 2017-300, which has been deleted.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2017-300—Technical Corrections and Improvements to Recently Issued Standards—Accounting Standards Update No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which has been deleted.

Issued: February 28, 2018

This Accounting Standards Update supersedes SEC paragraphs pursuant to the SEC Staff Accounting Bulletin No. 117, which brings existing guidance into conformity with Topic 321, Investments—Equity Securities, and SEC Release No. 33-9273, which removed Regulation S-X Rule 3A-05, Special Requirements as to Public Utility Holding Companies.

Issued: March 9, 2018

This Accounting Standards Update adds SEC paragraphs pursuant to the SEC Staff Accounting Bulletin No. 118, which expresses the view of the staff regarding application of Topic 740, Income Taxes, in the reporting period that includes December 22, 2017 - the date on which the Tax Cuts and Jobs Act (H.R.1, An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018) was signed into law.

Issued: March 13, 2018

This Accounting Standards Update supersedes outdated guidance related to the Office of the Comptroller of the Currency's Banking Circular 202, Accounting for Net Deferred Tax Charges.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2017-260—Technical Corrections and Improvements to Topic 942, Financial Services—Depository and Lending—Elimination of Certain Guidance for Bad Debt Reserves of Savings and Loans, which has been deleted.

Issued: May 7, 2018

The amendments in this Update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2017-220—Compensation—Stock Compensation (Topic 718)—Improvements to Nonemployee Share-Based Payment Accounting, which has been deleted.

Issued: June 20, 2018

The FASB is issuing this Update to clarify and improve the scope and the accounting guidance for contributions received and contributions made. The amendments in this Update should assist entities in (1) evaluating whether transactions should be accounted for as contributions (nonreciprocal transactions) within the scope of Topic 958, Not-for-Profit Entities, or as exchange (reciprocal) transactions subject to other guidance and (2) determining whether a contribution is conditional.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2017-270—Not-for-Profit Entities (Topic 958)—Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made, which has been deleted.

Issued: June 21, 2018

The amendments in this Update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. Some of the amendments make the Codification easier to understand and easier to apply by eliminating inconsistencies, providing needed clarifications, and improving the presentation of guidance in the Codification.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2017-320—Codification Improvements, which has been deleted.

Issued: July 16, 2018

The amendments in this Update are of a similar nature to the items typically addressed in the Codification improvements project. However, the Board decided to issue a separate Update for the improvements related to Accounting Standards Update No. 2016-02, Leases (Topic 842), to increase stakeholders' awareness of the amendments and to expedite the improvements. The amendments in this Update affect narrow aspects of the guidance issued in Update 2016-02.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2017-310—Technical Corrections and Improvements to Recently Issued Standards−Accounting Standards Update No. 2016-02, Leases (Topic 842), which has been deleted.

Issued: July 18, 2018

The amendments in this Update will provide entities with an additional (and optional) transition method to adopt the new lease requirements by allowing entities to initially apply the requirements by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity's reporting for the comparative periods presented in the financial statements in which the entity adopts the new lease requirements would continue to be in accordance with current GAAP (Topic 840). An entity electing this additional (and optional) transition method must provide the required Topic 840 disclosures for all periods that continue to be in accordance with Topic 840. The amendments do not change the existing disclosure requirements in Topic 840 (for example, they do not create interim disclosure requirements that entities previously were not required to provide.

The amendments in this Update provide lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met:

1. 1
   The timing and pattern of transfer of the nonlease component(s) and associated lease component are the same.
2. 2
   The lease component, if accounted for separately, would be classified as an operating lease.

If the nonlease component or components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with Topic 606. Otherwise, the entity must account for the combined component as an operating lease in accordance with Topic 842. In addition, an entity electing this practical expedient (including an entity that accounts for the combined component entirely in Topic 606) is required to provide certain disclosures.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2018-200—Leases (Topic 842)—Targeted Improvements, which has been deleted.

Issued: July 30, 2018

The amendments in this Update make targeted improvements to the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. Specifically, the amendments in this Update (1) improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows, (2) simplify and improve the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, (3) simplify the amortization of deferred acquisition costs, and (4) improve the effectiveness of the required disclosures.

This Update is the final version of Proposed Accounting Standards Update 2016-330 - Financial Services - Insurance (Topic 944) - Targeted Improvements to the Accounting for Long-Duration Contracts, which has been deleted.

Issued: August 15, 2018

The Board is issuing the amendments in this Update to improve the effectiveness of fair value measurement disclosures. The amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2015-350—Fair Value Measurement (Topic 820)—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurements, which has been deleted.

Issued: August 28, 2018

Subtopic 715-20 addresses the disclosure of other accounting and reporting requirements related to single-employer defined benefit pension or other postretirement benefit plans.

The amendments in this Update remove disclosures that no longer are considered cost-beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. Although narrow in scope, the amendments are considered an important part of the Board's efforts to improve the effectiveness of disclosures in the notes to financial statements by applying concepts in the FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements. The amendments in this Update apply to all employers that sponsor defined benefit pension or other postretirement plans.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2016-210—Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20)—Changes to the Disclosure Requirements for Defined Benefit Plans, which has been deleted.

Issued: August 28, 2018

The amendments in this Update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Accordingly, the amendments require an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense.

The amendments also require the entity (customer) to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, which includes reasonably certain renewals.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2018-230—Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which has been deleted.

Issued: August 29, 2018

During the hedge accounting project that led to the issuance of Update 2017-12, the Federal Reserve Board and the Federal Reserve Bank of New York (Fed) requested that the OIS rate based on SOFR be considered eligible as a U.S. benchmark interest rate for purposes of applying hedge accounting under Topic 815. Similar to the OIS rate based on the Fed Funds Effective Rate, which is a swap rate based on the underlying overnight Fed Funds Effective Rate, the OIS rate based on SOFR will be a swap rate based on the underlying overnight SOFR rate. The Fed and Alternative Reference Rate Committee (ARRC) expressed the importance of including the OIS rate based on SOFR as a benchmark rate for hedge accounting purposes in facilitating broader use of the underlying SOFR rate in the marketplace.

The amendments in this Update permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the UST, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate, and the SIFMA Municipal Swap Rate.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2018-220—Derivatives and Hedging (Topic 815)—Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes, which has been deleted.

Issued: October 25, 2018

The amendments in this Update affect reporting entities that are required to determine whether they should consolidate a legal entity under the guidance within the Variable Interest Entities Subsections of Subtopic 810-10, Consolidation—Overall.

A private company (reporting entity) may elect not to apply VIE guidance to legal entities under common control (including common control leasing arrangements) if both the parent and the legal entity being evaluated for consolidation are not public business entities. The accounting alternative provides an accounting policy election that a private company will apply to all current and future legal entities under common control that meet the criteria for applying this alternative. If the alternative is elected, a private company should continue to apply other consolidation guidance, particularly the voting interest entity guidance, unless another scope exception applies.

Indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This is consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2017-240—Consolidation (Topic 810)—Targeted Improvements to Related Party Guidance for Variable Interest Entities, which has been deleted.

Issued: October 31, 2018

The amendments in this Update clarify the interaction between Topic 808 and Topic 606 by (1) clarifying that certain transactions between collaborative arrangement participants should be accounted for under Topic 606, (2) adding unit-of-account guidance in Topic 808 to align with the guidance in Topic 606, and (3) clarifying presentation guidance for transactions with a collaborative arrangement participant that are not accounted for under Topic 606.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2018-240—Collaborative Arrangements (Topic 808): Targeted Improvements, which has been deleted.

Issued: November 5, 2018

This update releases Accounting Standards Update No. 2018-19—Codification Improvements to Topic 326, Financial Instruments—Credit Losses. This update is the final version of Proposed Accounting Standards Update 2018-270, which has been deleted.

Additionally, the amendments clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2018-270—Codification Improvements to Topic 326, Financial Instruments—Credit Losses, which has been deleted.

Issued: November 15, 2018

The amendments in this Update permit lessors, as an accounting policy election, to not evaluate whether certain sales taxes and other similar taxes are lessor costs (as described in paragraph 842-10-15-30(b)) or lessee costs. Instead, those lessors will account for those costs as if they are lessee costs. Consequently, a lessor making this election will exclude from the consideration in the contract and from variable payments not included in the consideration in the contract all collections from lessees of taxes within the scope of the election and will provide certain disclosures.

The amendments in this Update related to certain lessor costs require lessors to exclude from variable payments, and therefore revenue, lessor costs paid by lessees directly to third parties from variable payments. The amendments also require lessors to account for costs excluded from the consideration of a contract that are paid by the lessor and reimbursed by the lessee as variable payments. A lessor will record those reimbursed costs as revenue.

The amendments in this Update related to recognizing variable payments for contracts with lease and nonlease components require lessors to allocate (rather than recognize as currently required) certain variable payments to the lease and nonlease components when the changes in facts and circumstances on which the variable payment is based occur. After the allocation, the amount of variable payments allocated to the lease components will be recognized as income in profit or loss in accordance with Topic 842, while the amount of variable payments allocated to nonlease components will be recognized in accordance with other Topics, such as Topic 606.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2018-260—Leases (Topic 842)—Narrow-Scope Improvements for Lessors, which has been deleted.

Issued: December 10, 2018

The amendments in this Update clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses.

The amendments in this Update provide a screen to determine when a set is not a business. If the screen is not met, it (1) requires that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) removes the evaluation of whether a market participant could replace the missing elements.

This Update is the final version of Proposed Accounting Standards Update 2015-330 BusinessCombinations (Topic 805)- Clarifying The Definition of a Business, which has been deleted.

Issued: January 5, 2017

The FASB is issuing this Accounting Standards Update to amend the consolidation guidance in Subtopic 958-810, Not-for-Profit Entities—Consolidation, to clarify when a not-for-profit entity (NFP) that is a general partner or a limited partner should consolidate a for-profit limited partnership or similar legal entity once the amendments in Accounting Standards Update No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, become effective. The amendments in this Update maintain how NFP general partners currently apply the consolidation guidance in Subtopic 810-20 by including that guidance within Subtopic 958-810. The amendments also add to Subtopic 958-810 the general guidance in Subtopic 810-10 on when NFP limited partners should consolidate a limited partnership.

This Update is the final version of Proposed Accounting Standards Update 2016-280—Not-for-Profit Entities—Consolidation (Subtopic 958-810)—Clarifying When a Not-for-Profit Entity That Is a General Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity, which has been deleted.

Issued: January 12, 2017

This Accounting Standards Update adds and amends SEC paragraphs pursuant to the SEC Staff Announcements at the September 22, 2016 and November 17, 2016 Emerging Issues Task Force (EITF) meetings. The September announcement is about the Disclosure of the Impact That Recently Issued Accounting Standards Will Have on the Financial Statements of a Registrant When Such Standards are Adopted in a Future Period. The November announcement made amendments to conform the SEC Observer Comment on Accounting for Tax Benefits Resulting from Investments in Qualified Affordable Housing Projects to the guidance issued in Accounting Standards Update No. 2014-01, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects.

Issued: January 23, 2017

Topic 350, Intangibles—Goodwill and Other (Topic 350), currently requires an entity that has not elected the private company alternative for goodwill to perform a two-step test to determine the amount, if any, of goodwill impairment. In Step 1, an entity compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, the entity performs Step 2 and compares the implied fair value of goodwill with the carrying amount of that goodwill for that reporting unit. An impairment charge equal to the amount by which the carrying amount of goodwill for the reporting unit exceeds the implied fair value of that goodwill is recorded, limited to the amount of goodwill allocated to that reporting unit.

To address concerns over the cost and complexity of the two-step goodwill impairment test, the amendments in this Update remove the second step of the test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The new guidance does not amend the optional qualitative assessment of goodwill impairment.

This Update is the final version of Proposed Accounting Standards Update 2016-230—Intangibles—Goodwill and Other (Topic 350)—Simplifying the Accounting for Goodwill Impairment, which has been deleted.

Issued: January 26, 2017

The amendments in this Update clarify the scope of the nonfinancial asset guidance in Subtopic 610-20. The amendments also clarify that the derecognition of all businesses and nonprofit activities (except those related to conveyances of oil and gas mineral rights or contracts with customers) should be accounted for in accordance with the derecognition and deconsolidation guidance in Subtopic 810-10. In addition, the amendments eliminate the exception in the financial asset guidance for transfers of investments (including equity method investments) in real estate entities and supersede the guidance in the Exchanges of a Nonfinancial Asset for a Noncontrolling Ownership Interest Subsection within Topic 845. The amendments in this Update also provide guidance on the accounting for what often are referred to as partial sales of nonfinancial assets within the scope of Subtopic 610-20 and contributions of nonfinancial assets to a joint venture or other noncontrolled investee.

This Update is the final version of Proposed Accounting Standards Update 2016-250—Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)—Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which has been deleted.

Issued: February 22, 2017

The Board is issuing this Update to improve the usefulness of the information reported to users of employee benefit plan financial statements. This Update relates primarily to the reporting by an employee benefit plan (a plan) for its interest in a master trust. A master trust is a trust for which a regulated financial institution (bank, trust company, or similar financial institution that is regulated, supervised, and subject to periodic examination by a state or federal agency) serves as a trustee or custodian and in which assets of more than one plan sponsored by a single employer or by a group of employers under common control are held.

This Update is the final version of Proposed Accounting Standards Update EITF-16B—Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965), which has been deleted.

Issued: February 27, 2017

Topic 715, Compensation-Retirement Benefits, requires an entity to present net periodic pension cost and net periodic postretirement benefit cost as a net amount that may be capitalized as part of an asset where appropriate.

Users have communicated that the service cost component generally is analyzed differently from the other components of net periodic pension cost and net periodic postretirement benefit cost. To improve the consistency, transparency, and usefulness of financial information for users, the amendments in this Update require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. It also requires the other components of net periodic pension cost and net periodic postretirement benefit cost as defined in paragraphs 715-30-35-4 and 715-60-35-9 to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. Additionally, only the service cost component is eligible for capitalization, when applicable.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2016-200—Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which has been deleted.

Issued: March 10, 2017

This Accounting Standards Update amends guidance on the amortization period of premiums on certain purchased callable debt securities. Specifically, the amendments shorten the amortization period of premiums on certain purchased callable debt securities to the earliest call date. The amendments affect all entities that hold investments in callable debt securities that have an amortized cost basis in excess of the amount that is repayable by the issuer at the earliest call date (that is, at a premium).

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2016-340—Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which has been deleted.

Issued: March 30, 2017

The Board is issuing this Update to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award.

The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718.

This Update is the final version of Proposed Accounting Standards Update 2016-360—Compensation—Stock Compensation (Topic 718)—Scope of Modification Accounting, which has been deleted.

Issued: May 10, 2017

Stakeholders indicated that there is diversity in practice in how an operating entity determines the customer of the operation services for transactions within the scope of Topic 853, Service Concession Arrangements.

A service concession arrangement is one between a public-sector entity grantor and an operating entity whereby the operating entity will operate and sometimes maintain the grantor's infrastructure (for example, airports, roads, bridges, tunnels, prisons, and hospitals) for a specified period of time. The amendments in this Update clarify that the grantor, rather than a third-party, is the customer of the operation services in all cases for service concession arrangements within the scope of Topic 853.

This Update is the final version of Proposed Accounting Standards Update EITF-16C—Service Concession Arrangements (Topic 853): Determining the Customer of the Operation Services, which has been deleted.

Issued: May 16, 2017

The amendments in the Update change the classification of certain equity-linked financial instruments (or embedded features) with down round features. The amendments also clarify existing disclosure requirements for equity-classified instruments.

For freestanding equity-classified financial instruments, the amendments require entities that present earnings per share (EPS) in accordance with Topic 260, Earnings Per Share, to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS.

Convertible instruments with embedded conversion options that have down round features would be subject to the specialized guidance for contingent beneficial conversion features (in Subtopic 470-20, Debt—Debt with Conversion and Other Options), including related EPS guidance (in Topic 260).

The amendments in Part II of this Update recharacterize the indefinite deferral of certain provisions of Topic 480, Distinguishing Liabilities from Equity, that now are presented as pending content in the Codification, to a scope exception. Those amendments do not have an accounting effect.

This Update is the final version of Proposed Accounting Standards Update 2016-370—Distinguishing Liabilities from Equity (Topic 480), which has been deleted.

Issued: July 13, 2017

The amendments in this Update better align an entity's risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements.

The amendments in this Update also make certain targeted improvements to simplify the application of hedge accounting guidance and ease the administrative burden of hedge documentation requirements and assessing hedge effectiveness.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2016-310—Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which has been deleted.

Issued: August 28, 2017

This Accounting Standards Update adds SEC paragraphs pursuant to the SEC Staff Announcement at the July 20, 2017 Emerging Issues Task Force (EITF) meeting. The July announcement addresses Transition Related to Accounting Standards Updates No. 2014-09, Revenue from Contracts with Customers (Topic 606), and No. 2016-02, Leases (Topic 842). This Update also supersedes SEC paragraphs pursuant to the rescission of SEC Staff Announcement, “Accounting for Management Fees Based on a Formula,” effective upon the initial adoption of Topic 606, Revenue from Contracts with Customers, and SEC Staff Announcement, “Lessor Consideration of Third-Party Value Guarantees,” effective upon the initial adoption of Topic 842, Leases. The amendments in this Update also rescind three SEC Observer Comments effective upon the initial adoption of Topic 842. One SEC Staff Observer comment is being moved to Topic 842.

Issued: September 29, 2017

This Accounting Standards Update amends SEC paragraphs pursuant to the SEC Staff Accounting Bulletin No. 116 and SEC Release No. 33-10403, which bring existing guidance into conformity with Topic 606, Revenue from Contracts with Customers.

Issued: November 22, 2017

The amendments in this Update supersede Topic 995, U.S. Steamship Entities, because its guidance is no longer relevant. FASB Statement No. 109, Accounting for Income Taxes, provided an option in the reporting of deferred taxes for steamship entities that had statutory reserve deposits that were made before December 15, 1992. The Department of Transportation program from which these statutory reserve deposits originate and the Internal Revenue Service (IRS) provide a 25-year time frame in which to use the reserves or forfeit the tax deferral. The Board decided that all steamship entities with statutory reserve funds should be reporting all deferred taxes in accordance with Topic 740, Income Taxes, and that the guidance in Topic 995 on transitioning to the requirements of Topic 740 is no longer relevant because statutory funds deposited on or before December 15, 1992, have reached the 25-year limit.

This Update is the final version of Proposed Accounting Standards Update 2017-250—Technical Corrections and Improvements to Topic 995, U.S. Steamship Entities: Elimination of Topic 995.

Issued: December 5, 2017

The amendments in this Update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee).

The amendments in this Update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition the amendments in this Update eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement for to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2013-220—Financial Instruments—Overall (Subtopic 825-10) and Proposed Accounting Standards Update 2013-221—Financial Instruments—Overall (Subtopic 825-10).

For more information, see the following:

Issued: January 5, 2016

The amendments in this Update create Topic 842, Leases, and supersede the leases requirements in Topic 840, Leases. Topic 842 specifies the accounting for leases. The objective of Topic 842 is to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update (Revised) 2013-270—Leases (Topic 842), which has been deleted.

Accounting Standards Update 2016-02

Section A (PDF)—Summary and Amendments to the Accounting Standards Codification

Section B (PDF)—Conforming Amendments to Other Topics and Subtopics in the Codification and Status Tables

Section C (PDF)—Background Information and Basis for Conclusions

Issued: February 25, 2016

The amendments in this Update address the concerns of private company stakeholders about the required assessment of preferability when electing a private company accounting alternative for the first time after its effective date. Those stakeholders were concerned about scenarios in which it may be suboptimal for a private company to elect the alternative by its effective date because of the private company's facts and circumstances or because it was unaware of the alternative until after the effective date. Stakeholders were also concerned about whether private companies were benefiting from the favorable transition provisions provided in other Updates when a private company voluntarily elects an alternative in those Update after its effective date.

The amendments in this Update resolve stakeholders' concerns by making the guidance in Updates 2014-02, 2014-03, 2014-07, and 2014-18 effective immediately by removing their effective dates. The amendments in this Update also extend the transition guidance in those Updates indefinitely.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update PCC-15-01—Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), and Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance, which has been deleted.

For more information, see the following:

Issued: March 7, 2016

When an entity sells a prepaid stored-value product (such as gift cards, telecommunication cards, and traveler's checks), it recognizes a financial liability for its obligation to provide the product holder with the ability to purchase goods or services at a third-party merchant. When a prepaid stored-value product goes unused wholly or partially for an indefinite time period, the amount that remains on the product is referred to as breakage. There currently is diversity in the methodology used to recognize breakage. Subtopic 405-20 includes derecognition guidance for both financial liabilities and nonfinancial liabilities, and Topic 606, Revenue from Contracts with Customers, includes authoritative breakage guidance but excludes financial liabilities.

The amendments in this Update provide a narrow scope exception to the guidance in Subtopic 405-20 to require that breakage be accounted for consistent with the breakage guidance in Topic 606.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-15B—Liabilities—Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Cards, which has been deleted.

For more information, see the following:

Issued: March 8, 2016

The term novation refers to replacing one counterparty to a derivative instrument with a new counterparty. That change occurs for a variety of reasons, including financial institution mergers, intercompany transactions, an entity exiting a particular derivatives business or relationship, an entity managing against internal credit limits, or in response to laws or regulatory requirements.

The amendments in this Update clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815, does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-15D—Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships, which has been deleted.

For more information, see the following:

Issued: March 10, 2016

Topic 815 requires that embedded derivatives be separated from the host contract and accounted for separately as derivatives if certain criteria are met, including the “clearly and closely related” criterion. The amendments in this Update clarify the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. An entity performing the assessment under the amendments is required to assess the embedded call (put) options solely in accordance with the four-step decision sequence. The amendments apply to all entities that are issuers of or investors in debt instruments (or hybrid financial instruments that are determined to have a debt host) with embedded call (put) options.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-15E—Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments, which has been deleted.

For more information, see the following:

Issued: March 14, 2016

To simplify the accounting for equity method investments, the amendments in the Update eliminate the requirement in Topic 323 that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting.

The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting.

For more information, see the following:

Issued: March 15, 2016

This update releases Accounting Standards Update No. 2016-08--Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). The amendments in this Update will clarify the implementation guidance on principal versus agent considerations.

For more information, see the following:

Issued: March 17, 2016

The Board is issuing this Update as part of its initiative to reduce complexity in accounting standards. The areas for simplification in this Update involve several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. In addition, the amendments in this Update eliminate the guidance in Topic 718 that was indefinitely deferred shortly after the issuance of FASB Statement No. 123 (revised 2004), Share-Based Payment.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update—Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which has been deleted.

For more information, see the following:

Issued: March 30, 2016

This update releases Accounting Standards Update No. 2016-10—Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. This Update clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in the new revenue recognition standard.

The Update includes targeted improvements based on input the Board received from the Transition Resource Group for Revenue Recognition and other stakeholders. The Update seeks to proactively address areas in which diversity in practice potentially could arise, as well as to reduce the cost and complexity of applying certain aspects of the guidance both at implementation and on an ongoing basis.

For more information, see the following:

Issued: April 14, 2016

This Accounting Standards Update rescinds SEC paragraphs pursuant to the SEC Staff Announcement, “Rescission of Certain SEC Staff Observer Comments upon Adoption of Topic 606,” and the SEC Staff Announcement, “Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or Equity,” announced at the March 3, 2016 Emerging Issues Task Force (EITF) meeting.

For more information, see the following:

Issued: May 2, 2016

The amendments in this Update address narrow-scope improvements to the guidance on collectibility, noncash consideration, and completed contracts at transition. Additionally, the amendments in this Update provide a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2015-320—Revenue from Contracts with Customers (Topic 606)—Narrow-Scope Improvements and Practical Expedients, which has been deleted.

For more information, see the following:

Issued: May 09, 2016

Topic 326 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities.

For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected.

For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down.

This Accounting Standards Update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2012-260—Financial Instruments—Credit Losses (Subtopic 825-15), which has been deleted.

For more information, see the following:

Issued: June 16, 2016

The amendments in this Accounting Standards Update make improvements to the information provided in financial statements and accompanying notes of not-for-profit entities. The amendments set forth the FASB's improvements to net asset classification requirements and the information presented about a not-for-profit entity's liquidity, financial performance, and cash flows.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2015-230—Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954), which has been deleted.

For more information, see the following:

Issued: August 18, 2016

Stakeholders indicated that there is diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics.

This Accounting Standards Update addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle.

The amendments in this Update apply to all entities, including both business entities and not-for-profit entities that are required to present a statement of cash flows under Topic 230.

This Update is the final version of Proposed Accounting Standards Update EITF-15F—Statement of Cash Flows—Classification of Certain Cash Receipts and Cash Payments (Topic 230), which has been deleted.

Issued: August 26, 2016

Topic 740, Income Taxes, prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. In addition, interpretations of this guidance have developed in practice for transfers of certain intangible and tangible assets. This prohibition on recognition is an exception to the principle of comprehensive recognition of current and deferred income taxes in GAAP.

To more faithfully represent the economics of intra-entity asset transfers, the amendments in this Update require that entities recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments in this Update do not change GAAP for the pre-tax effects of an intra-entity asset transfer under Topic 810, Consolidation, or for an intra-entity transfer of inventory.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2015-200—Income Taxes (Topic 740), which has been deleted.

Issued: October 24, 2016

The Board is issuing this Accounting Standards Update to amend the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity (VIE) should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. Under the amendments, a single decision maker is not required to consider indirect interests held through related parties that are under common control with the single decision maker to be the equivalent of direct interests in their entirety. Instead, a single decision maker is required to include those interests on a proportionate basis consistent with indirect interests held through other related parties.

This Update is the final version of Proposed Accounting Standards Update 2016-260—Consolidation (Topic 810)—Interests Held through Related Parties That Are under Common Control, which has been deleted.

Issued: October 26, 2016

Stakeholders indicated that diversity exists in the classification and presentation of changes in restricted cash on the statement of cash flows under Topic 230, Statement of Cash Flows. This Update addresses that diversity.

The amendments in this Update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update apply to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230.

This Update is the final version of Proposed Accounting Standards Update EITF-16A—Statement of Cash Flows (Topic 230), which has been deleted.

Issued: November 17, 2016

The amendments in this Update cover a wide range of Topics in the Codification. The amendments in this Update represent changes to make corrections or improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities.

This Update is the final version of Proposed Accounting Standards Update 2016-220—Technical Corrections and Improvements, which has been deleted.

Issued: December 14, 2016

The amendments in this Update cover a variety of Topics in the Codification related to the new revenue recognition standard (Accounting Standards Update No. 2014-09). The amendments in this Update represent changes to make minor corrections or minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities.

This Update is the final, combined version of Proposed Accounting Standards Updates 2016-240 and 2016-320 (both entitled Technical Corrections and Improvements), which have been deleted.

Issued: December 21, 2016

The objective of this Update is to simplify the income statement presentation requirements in Subtopic 225-20 by eliminating the concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2014-220—Income Statement—Extraordinary Items (Subtopic 225-20), which has been deleted.

Issued: January 9, 2015

The amendments in this Update affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments:

1. 1
   Modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities
2. 2
   Eliminate the presumption that a general partner should consolidate a limited partnership
3. 3
   Affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships
4. 4
   Provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2011-220—Consolidation (Topic 810), which has been deleted.

Issued: February 18, 2015

To simplify presentation of debt issuance costs, the amendments in this Update would require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs would not be affected by the amendments in this Update.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2014-250—Interest—Imputation of Interest (Subtopic 835-30), which has been deleted.

Issued: April 7, 2015

The amendments in this Update would provide a practical expedient for employers with fiscal year-ends that do not fall on a month-end by permitting those employers to measure defined benefit plan assets and obligations as of the month-end that is closest to the entity's fiscal year-end.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2014-260—Compensation—Retirement Benefits (Topic 715), which has been deleted.

Issued: April 15, 2015

The objective of the amendments in this Update is to address the concerns of stakeholders that the lack of guidance about a customer's accounting for fees in a cloud computing arrangement leads to unnecessary cost and complexity when evaluating the accounting for those fees, as well as some diversity in practice. The amendments in this Update will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement by providing guidance as to whether an arrangement includes the sale or license of software.

The amendments in this Update will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement by providing guidance as to whether an arrangement includes the sale or license of software.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2014-230—Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), which has been deleted.

Issued: April 15, 2015

Under Topic 260, Earnings Per Share, master limited partnerships (MLPs) apply the two-class method to calculate earnings per unit (EPU) because the general partner, limited partners, and incentive distribution rights holders each participate differently in the distribution of available cash. When a general partner transfers (or “drops down”) net assets to a master limited partnership and that transaction is accounted for as a transaction between entities under common control, the statements of operations of the master limited partnership are adjusted retrospectively to reflect the dropdown transaction as if it occurred on the earliest date during which the entities were under common control.

The amendments in this Update specify that for purposes of calculating historical EPU under the two-class method, the earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner interest, and previously reported EPU of the limited partners would not change as a result of a dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs also are required.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-14A—Earnings Per Share—Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions (Topic 260), which has been deleted.

Issued: April 30, 2015

Topic 820, Fair Value Measurement, permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment. Currently, investments valued using the practical expedient are categorized within the fair value hierarchy on the basis of whether the investment is redeemable with the investee at net asset value on the measurement date, never redeemable with the investee at net asset value, or redeemable with the investee at net asset value at a future date.

To address the diversity in practice related to how certain investments measured at net asset value with future redemption dates are categorized, the amendments in this Update remove the requirement to categorize investments for which fair values are measured using the net asset value per share practical expedient. It also limits disclosures to investments for which the entity has elected to measure the fair value using the practical expedient.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-14B—Fair Value Measurement—Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent) (Topic 820), which has been deleted.

Issued: May 1, 2015

This Accounting Standards Update amends various SEC paragraphs pursuant to the issuance of Staff Accounting Bulletin No. 115.

Issued: May 8, 2015

The objectives of the amendments in this Update are to increase transparency of significant estimates made in measuring the liability for unpaid claims and claim adjustment expenses, improve comparability through consistently disclosed information, and provide financial statements users with information to facilitate analysis of the amount, timing, and uncertainty of cash flows arising from contracts issued by insurance entities and the development of loss reserve estimates.

Issued: May 21, 2015

The amendments in this Update cover a wide range of Topics in the Codification. The amendments in this Update represent changes to make minor corrections or minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2014-240—Technical Corrections and Improvements, which has been deleted.

Issued: June 12, 2015

Topic 330, Inventory, currently requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin.

The amendments in this Update require an entity to measure inventory within the scope of this Update at the lower of cost and net realizable value. Subsequent measurement is unchanged for inventory measured using last-in, first-out (LIFO) or the retail inventory method.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2014-210—Inventory (Topic 330), which has been deleted.

Issued: July 22, 2015

This Update reduces complexity in employee benefit plan accounting, which is consistent with the FASB's Simplification initiative.

Part I: Fully Benefit-Responsive Investment Contracts

Topics 962 and 965 on employee benefit plan accounting require fully benefit-responsive investment contracts to be measured at contract value. Those Topics also require an adjustment to reconcile contract value to fair value, when these measures differ, on the face of the plan financial statements.

The amendments in Part I of this Update designate contract value as the only required measure for fully benefit-responsive investment contracts, which maintains the relevant information while reducing the cost and complexity of reporting for fully benefit-responsive investment contracts.

Part II: Plan Investment Disclosures

As new disclosure requirements have been issued or amended, employee benefit plan financial statements have been affected. Specifically, the interaction between Topic 820, Fair Value Measurement, and Topics 960, 962, and 965 on employee benefit plan accounting sometimes requires aggregation, or organization of similar investment information, in multiple ways.

The objective of Part II of this Update is to simplify and make more effective the investment disclosure requirements under Topic 820 and under Topics 960, 962, and 965 for employee benefit plans.

Part III: Measurement Date Practical Expedient

The objective of Part III of this Update is to reduce complexity in employee benefit plan accounting by providing a practical expedient that permits plans to measure investments and investment-related accounts as of a month-end date that is closest to the plan's fiscal year-end, when the fiscal period does not coincide with month-end.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-15C—Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965), which has been deleted.

Issued: July 31, 2015

Topic 815, Derivatives and Hedging, requires that a derivative contract be recognized at fair value unless the contract qualifies for a scope exception. The amendments in this Update clarify that the use of locational marginal pricing by an independent system operator to determine the transmission charge (or credit) does not constitute net settlement of a contract for the purchase or sale of electricity on a forward basis that necessitates transmission through, or delivery to a location within, a nodal energy market.

The amendments in this Update clarify that the use of locational marginal pricing by an independent system operator to determine the transmission charge (or credit) does not constitute net settlement of a contract for the purchase or sale of electricity on a forward basis that necessitates transmission through, or delivery to a location within, a nodal energy market. Consequently, the use of locational marginal pricing by the independent system operator does not cause that contract to fail to meet the physical delivery criterion of the normal purchases and normal sales scope exception.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-15A—Derivatives and Hedging—Application of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts within Nodal Energy Markets (Topic 815), which has been deleted.

For more information, see the following:

Issued: August 10, 2015

On May 28, 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), with an effective date for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, for public business entities, certain not-for-profit entities, and certain employee benefit plans. The effective date for all other entities was for annual reporting periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018.

The amendments in this Update defer the effective date of Update 2014-09. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period.

All other entities should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. Earlier application is permitted only as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period, or an annual reporting period beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which an entity first applies the guidance in Update 2014-09.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2015-240—Revenue From Contracts With Customers (Topic 606), which has been deleted.

For more information, see the following:

Issued: August 12, 2015

This Accounting Standards Update adds SEC paragraphs pursuant to the SEC Staff Announcement at the June 18, 2015 Emerging Issues Task Force (EITF) meeting about the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements.

For more information, see the following:

Issued: August 18, 2015

Topic 805 requires that an acquirer retrospectively adjust provisional amounts recognized in a business combination, during the measurement period. To simplify the accounting for adjustments made to provisional amounts, the amendments in the Update require that the acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined. The acquirer is required to also record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition an entity is required to present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2015-260—Business Combinations (Topic 805), which has been deleted.

For more information, see the following:

Issued: September 25, 2015

Topic 740, Income Taxes, requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. Deferred tax liabilities and assets that are not related to an asset or liability for financial reporting are classified according to the expected reversal date of the temporary difference.

To simplify the presentation of deferred income taxes, the amendments in this Update require that deferred income tax liabilities and assets be classified as noncurrent in a classified statement of financial position.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2015-210—Income Taxes (Topic 740).

For more information, see the following:

Issued: November 20, 2015

The amendments in this Update provide guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The amendments permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-13B—Investments—Equity Method and Joint Ventures (Topic 323), which has been deleted.

Issued: January 15, 2014

The objective of this Update is to address the concerns of private company stakeholders that the benefits of the current accounting for goodwill do not justify the related costs. The amendments in this Update provide guidance about an accounting alternative for the subsequent measurement of goodwill.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update PCC-13-01B—Intangibles—Goodwill and Other (Topic 350), which has been deleted.

Issued: January 16, 2014

The objective of the amendments in this Update is to address the concerns of private company stakeholders by providing an additional hedge accounting alternative within Topic 815 for certain types of swaps that are entered into by a private company for the purpose of economically converting variable-rate interest payments into fixed-rate payments. This additional hedge accounting alternative, the simplified hedge accounting approach, acts as a practical expedient to qualify for cash flow hedge accounting under Topic 815 if certain conditions are met.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update PCC-13-03—Derivatives and Hedging (Topic 815), which has been deleted.

Issued: January 16, 2014

The amendments in this Update clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-13E—Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40), which has been deleted.

Issued: January 17, 2014

The amendments in this Update provide guidance on accounting for service concession arrangements. A service concession arrangement is an arrangement between a public-sector entity grantor and an operating entity under which the operating entity operates the grantor's infrastructure (for example, airports, roads, and bridges).

The amendments in this Update specify that an operating entity should not account for a service concession arrangement within the scope of this Update as a lease in accordance with Topic 840, Leases. The amendments also specify that the infrastructure used in a service concession arrangement should not be recognized as property, plant, and equipment of the operating entity. The amendments apply to an operating entity of a service concession arrangement entered into with a public-sector entity grantor when the grantor controls the services that the operating entity must provide with the infrastructure, and through ownership, any residual interest in the infrastructure at the end of the term of the arrangement.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-12H—Service Concession Arrangements (Topic 853), which has been deleted.

Issued: January 23, 2014

The amendments in this Update relate to glossary terms and cover a wide range of Topics in the Codification. The amendments in this Update represent changes to clarify the Master Glossary of the Codification, consolidate multiple instances of the same term into a single definition, or make minor improvements to the Master Glossary that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. Additionally, the amendments will make the Master Glossary easier to understand, as well as reduce the number of terms appearing in the Master Glossary.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2013-240—Technical Corrections and Improvements Related to Glossary Terms, which has been deleted.

Issued: March 14, 2014

The amendments in this Update permit a private company lessee (the reporting entity) to elect an alternative not to apply VIE guidance to a lessor entity under common control when certain conditions are met.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update PCC-13-02—Consolidation (Topic 810), which has been deleted.

Issued: March 20, 2014

The amendments in this Update change the criteria for reporting discontinued operations for all public and nonpublic entities. The amendments also require new disclosures about discontinued operations and disposals of components of an entity that do not qualify for discontinued operations reporting.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2013-230—Presentation of Financial Statements (Topic 205), which has been deleted.

Issued: April 10, 2014

The amendments in this Update create Topic 606, Revenue from Contracts with Customers, and supersede the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, the amendments supersede the cost guidance in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts, and create new Subtopic 340-40, Other Assets and Deferred Costs—Contracts with Customers. In summary, the core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2011-230—Revenue Recognition (Topic 605) and Proposed Accounting Standards Update 2011-250—Revenue Recognition (Topic 605): Codification Amendments, both of which have been deleted.

Accounting Standards Update 2014-09

Section A (PDF)—Summary and Amendments That Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs—Contracts with Customers (Subtopic 340-40)

Section B (PDF)—Conforming Amendments to Other Topics and Subtopics in the Codification and Status Tables

Section C (PDF)—Background Information and Basis for Conclusions

Issued: May 28, 2014

The amendments in this Update remove the definition of a development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows, and shareholder's equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage.

The amendments also clarify that the guidance in Topic 275, Risks and Uncertainties, is applicable to entities that have not commenced planned principal operations. An illustration has been added to Topic 275 to illustrate how an entity that has not commenced planned principal operations may comply with the disclosure required by paragraph 275-10-50-2.

Finally, the amendments also remove paragraph 810-10-15-16. Paragraph 810-10-15-16 states that a development stage entity does not meet the condition in paragraph 810-10-15-14(a) to be a variable interest entity (VIE) if (1) the entity can demonstrate that the equity invested in the legal entity is sufficient to permit it to finance the activities it is currently engaged in and (2) the entity's governing documents and contractual arrangements allow additional equity investments. Under the amendments, all entities within the scope of the Variable Interest Entities Subsections of Subtopic 810-10, Consolidation—Overall, would be required to evaluate whether the total equity investment at risk is sufficient using the guidance provided in paragraphs 810-10-25-45 through 25-47, which requires both qualitative and quantitative evaluations.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2013-320—Development Stage Entities (Topic 915), which has been deleted.

Issued: June 10, 2014

The amendments in this Update require that repurchase-to-maturity transactions be accounted for as secured borrowings consistent with the accounting for other repurchase agreements. In addition, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty (a repurchase financing), which will result in secured borrowing accounting for the repurchase agreement. The amendments require an entity to disclose information about transfers accounted for as sales in transactions that are economically similar to repurchase agreements, in which the transferor retains substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. In addition the amendments require disclosure of the types of collateral pledged in repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions and the tenor of those transactions.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2013-210—Transfers and Servicing (Topic 860), which has been deleted.

Issued: June 12, 2014

Some share-based payment awards that require a specific performance target to be achieved before the employee can benefit from the award, also require an employee to render service until the performance target is achieved. In some cases, the terms of an award may provide that the performance target could be achieved after an employee completes the requisite service period. That is, the employee would be entitled to benefit from the award regardless of whether the employee is rendering service on the date the performance target is achieved. Some entities account for those performance targets as performance conditions that affect the vesting of the award and, therefore, do not reflect the performance target in the estimate of the grant-date fair value. Others treat them as nonvesting conditions that affect the grant-date fair value of the award.

The amendments apply to reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target can be achieved after the requisite service period.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-13D—Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, which has been deleted.

Issued: June 19, 2014

Topic 810 requires a reporting entity to consolidate a collateralized financing entity if it is the primary beneficiary of that collateralized financing entity. A collateralized financing entity is a variable interest entity that holds financial assets and issues beneficial interests in those financial assets. The beneficial interests have recourse only to the related financial assets of the collateralized financing entity and are classified as financial liabilities. Upon initial consolidation, many elect or are required to account for the financial assets and financial liabilities of the consolidated collateralized financing entity at fair value. The fair value of a collateralized financing entity's financial assets may differ from the fair value of its financial liabilities even though the financial liabilities have recourse only to the financial assets. Diversity in practice has developed in the accounting for that measurement difference in both initial consolidation and subsequent measurement of the fair values of the assets and the liabilities of a collateralized financing entity. This Update addresses that measurement difference.

The amendments would apply to reporting entities that are required to consolidate a collateralized financing entity under the Variable Interest Entity Subsections of Subtopic 810-10.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-12R—Consolidation—Measuring the Financial Liabilities of a Consolidated Collateralized Financing Entity (Topic 810), which has been deleted.

Issued: August 5, 2014

Under certain government-sponsored loan guarantee programs, such as those offered by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA), qualifying creditors can extend mortgage loans to borrowers with a guarantee that entitles the creditor to recover all or a portion of the unpaid principal balance from the government if the borrower defaults.

The objective of this Update is to reduce diversity in practice by addressing the classification of foreclosed mortgage loans that are fully or partially guaranteed under government programs. Currently, some creditors reclassify those loans to real estate as with other foreclosed loans that do not have guarantees; others reclassify the loans to other receivables.

The amendments affect creditors that hold government-guaranteed mortgage loans, including those guaranteed by the FHA and the VA.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-13F—Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Residential Mortgage Loans upon Foreclosure, which has been deleted.

Issued: August 8, 2014

The Update provides U.S. GAAP guidance on management's responsibility in evaluating whether there is substantial doubt about a company's ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company's ability to continue as a going concern within one year from the date the financial statements are issued.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2013-300—Presentation of Financial Statements (Topic 205): Disclosure of Uncertainties about an Entity's Going Concern Presumption, which has been deleted.

Issued: August 27, 2014

Certain classes of shares include features that entitle the holders to preferences and rights (such as conversion rights, redemption rights, voting powers, and liquidation and dividend payment preferences) over the other shareholders. Shares that include embedded derivative features are referred to as hybrid financial instruments, which must be separated from the host contract and accounted for as a derivative if certain criteria are met under Subtopic 815-10.

One criterion requires evaluating whether the nature of the host contract is more akin to debt or to equity and whether the economic characteristics and risks of the embedded derivative feature are “clearly and closely related” to the host contract. In making that evaluation, an issuer or investor may consider all terms and features in a hybrid financial instrument including the embedded derivative feature that is being evaluated for separate accounting or may consider all terms and features in the hybrid financial instrument except for the embedded derivative feature that is being evaluated for separate accounting. The use of different methods can result in different accounting outcomes for economically similar hybrid financial instruments.

Additionally, there is diversity in practice with respect to the consideration of redemption features in relation to other features when determining whether the nature of a host contract is more akin to debt or to equity.

The amendments apply to all reporting entities that are issuers of, or investors in, hybrid financial instruments that are issued in the form of a share.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-13G—Derivatives and Hedging—Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (Topic 815), which has been deleted.

Issued: November 3, 2014

The objective of this Update is to provide guidance for determining whether and at what threshold an acquiree (acquired entity) that is a business or nonprofit activity can reflect the acquirer's accounting and reporting basis (pushdown accounting) in its separate financial statements.

Paragraphs 805-50-S99-1 through S99-4 of the Codification provide limited guidance for SEC registrants for determining whether and when a new accounting and reporting basis should be established in an acquiree's separate financial statements. However, because diversity in practice exists with respect to the application of pushdown accounting among entities that are not SEC registrants, the amendments provide guidance for entities that are SEC registrants and for those that are not.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-12F—Business Combinations—Pushdown Accounting (Topic 805), which has been deleted.

Issued: November 18, 2014

The objective of the amendments in this Update is to address the concerns of private company stakeholders that the benefits of the current accounting for identifiable intangible assets acquired in a business combination do not justify the related costs. The amendments provide guidance about an accounting alternative for recognizing or otherwise considering the fair value of identifiable intangible assets acquired as a result of certain specified transactions, including business combinations.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update PCC-13-01A—Business Combinations (Topic 805), which has been deleted.

Issued: December 23, 2014

The objective of this Update is to clarify that the scope of Accounting Standards Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities, would apply to derivatives including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or are subject to a master netting arrangement or similar agreement.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2012-250—Balance Sheet (Topic 210) which has been deleted.

Issued: January 31, 2013

The amendments in this Update supersede and replace the presentation requirements for reclassifications out of accumulated other comprehensive income in ASUs 2011-05 (issued in June 2011) and 2011-12 (issued in December 2011) for all public and private organizations. The amendments would require an entity to provide additional information about reclassifications out of accumulated other comprehensive income.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2012-240—Comprehensive Income (Topic 220) which has been deleted.

Issued: February 5, 2013

The amendment in the Update clarifies the scope and applicability of a disclosure exemption that resulted from the issuance of Accounting Standards Update No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The amendment clarifies that the requirement to disclose "the level of the fair value hierarchy within which the fair value measurements are categorized in their entirety (Level 1, 2, or 3)" does not apply to nonpublic entities for items that are not measured at fair value in the statement of financial position, but for which fair value is disclosed.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2013-200—Financial Instruments (Topic 825) which has been deleted.

Issued: February 7, 2013

The amendments in this Update provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this Update is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance in this Update also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF12D—Liabilities (Topic 405) which has been deleted.

Issued: February 28, 2013

The amendments in this Update resolve the diversity in practice about whether Subtopic 810-10, Consolidation—Overall, or Subtopic 830-30, Foreign Currency Matters—Translation of Financial Statements, applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. In addition, the amendments in this Update resolve the diversity in practice for the treatment of business combinations achieved in stages (sometimes also referred to as step acquisitions) involving a foreign entity.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF11Ar—Foreign Currency Matters (Topic 830), which has been deleted.

Issued: March 4, 2013

The objective of this Update is to address the diversity in practice about what guidance not-for-profit entities should apply for recognizing and measuring personnel services received from an affiliate, that is, a party that directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with the recipient not-for-profit entity.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-12B—Not-for-Profit Entities (Topic 958), which has been deleted.

Issued: April 19, 2013

The objective of this Update is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2012-210—Presentation of Financial Statements (Topic 205), which has been deleted.

Issued: April 22, 2013

The amendments in this Update change the approach to determining whether an entity is an investment company within the scope of Topic 946 and provide comprehensive implementation guidance for that assessment. The amendments also modify measurement and disclosure requirements for investment companies within the scope of Topic 946.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2011-200—Financial Services—Investment Companies (Topic 946), which has been deleted.

Issued: June 7, 2013

The amendments in this Update defer indefinitely the effective date of certain quantitative disclosures contained in FASB Accounting Standards Update No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, for investments held by a nonpublic employee benefit plan in its plan sponsor's own nonpublic entity equity securities, including equity securities of its plan sponsor's nonpublic affiliated entities. The amendments in this Update do not defer the effective date for those certain quantitative disclosures for other nonpublic entity equity securities held in the nonpublic employee benefit plan or any qualitative disclosures.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2013-260—Fair Value Measurement (Topic 820), which has been deleted.

Issued: July 8, 2013

The amendments in this Update permit the Fed Funds Effective Swap Rate (also referred to as the Overnight Index Swap Rate) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to interest rates on direct Treasury obligations of the U.S. government and the London Interbank Offered Rate. The amendments also remove the restriction on using different benchmark rates for similar hedges.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-13A—Derivatives and Hedging (Topic 815), which has been deleted.

Issued: July 17, 2013

The amendments in this Update provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-13C—Income Taxes (Topic 740), which has been deleted.

Issued: July 18, 2013

The purposes of the Update are to (a) amend the Master Glossary to include one definition of a public business entity for use in U.S. generally accepted accounting principles and (b) identify the types of organizations that would be excluded from the scope of the Private Company Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies once it is finalized. This Update will not affect existing requirements.

The definition of a public business entity will be used by the FASB, the Private Company Council, and the Emerging Issues Task Force in specifying the scope of future financial accounting and reporting guidance.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2013-310—Definition of a Public Business Entity, which has been deleted.

Issued: December 23, 2013

The objective of this Update is to clarify the reporting for refundable advance fees received by continuing care retirement communities.

Issued: July 24, 2012

The amendments in this Update will allow an entity to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test. Under these amendments, an entity would not be required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines, based on qualitative assessment, that it is not more likely than not, the indefinite-lived intangible asset is impaired. The amendments include a number of events and circumstances for an entity to consider in conducting the qualitative assessment.

Issued: July 27, 2012

This Accounting Standards Update amends various SEC paragraphs pursuant to SAB 114, SEC Release No. 33-9250, and ASU 2010-22, which amend or rescind portions of certain SAB Topics.

Issued: August 27, 2012

The amendments in this Update make technical corrections, clarifications, and limited-scope improvements to various Topics throughout the Codification.

Issued: October 1, 2012

This Update addresses how cash receipts arising from the sale of certain donated financial assets, such as securities, should be classified in the statement of cash flows of not-for-profit entities (NFPs). Some NFPs classify those cash receipts as investing cash inflows, while other entities classify them as either operating cash inflows or financing cash inflows, consistent with their treatment of inflows arising from cash contributions. The objective of this Update is for an NFP to classify cash receipts from the sale of donated financial assets consistently with cash donations received in the statement of cash flows if those cash receipts were from the sale of donated financial assets that upon receipt were directed without the NFP imposing any limitations for sale and were converted nearly immediately into cash.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-12A—Statement of Cash Flows (Topic 230) which has been deleted.

Issued: October 22, 2012

Accounting for a business combination requires that at each subsequent reporting date, an acquirer measure an indemnification asset on the same basis as the indemnified liability or asset, subject to any contractual limitations on its amount, and for an indemnification asset that is not subsequently measured at its fair value, management's assessment of the collectibility of the indemnification asset. This Update addresses the diversity in practice about how to interpret the terms on the same basis and contractual limitations when subsequently measuring an indemnification asset recognized in a government-assisted (Federal Deposit Insurance Corporation or National Credit Union Administration) acquisition of a financial institution that includes a loss-sharing agreement (indemnification agreement).

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-12C—Business Combinations (Topic 805) which has been deleted.

Issued: October 23, 2012

Topic 926, Entertainment—Films, requires that if evidence of a possible need for a write-down of unamortized film costs occurs after the date of the balance sheet but before the financial statements are issued, a rebuttable presumption exists that the conditions leading to the writeoff existed at the balance sheet date. Topic 926 requires that those conditions be incorporated into the fair value measurement used in the impairment test as of the balance sheet date as if they were known with certainty at that date, unless an entity can demonstrate that those conditions did not exist at that date. Questions have arisen about the apparent conflict between the guidance in Topic 926 and the guidance in Topic 820, Fair Value Measurement. Specifically, the fair value guidance in Topic 820 requires calculation of an exit price under current market conditions at the measurement date. That exit price may be calculated under conditions of uncertainty because the cash flows used were estimates rather than known amounts. In contrast, Topic 926 requires that an entity's fair value analysis performed as of a period end date reflect those results that become known after the measurement date to the extent that an entity cannot overcome the rebuttable presumption. This Update aligns the guidance on fair value measurements in the impairment test of unamortized film costs with the guidance on fair value measurements in other instances within U.S. generally accepted accounting principles.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-12E—Entertainment—Films (Topic 926) which has been deleted.

Issued: October 24, 2012

The amendments in this Update temporarily delay the effective date of the disclosures about troubled debt restructurings in Accounting Standards Update No. 2010-20, Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses for public entities. The delay is intended to allow the Board time to complete its deliberations on what constitutes a troubled debt restructuring. The effective date of the new disclosures about troubled debt restructurings for public entities and the guidance for determining what constitutes a troubled debt restructuring will then be coordinated.

Issued: January 20, 2011

The amendments in this Update would provide additional guidance to assist creditors in determining whether a restructuring of a receivable meets the criteria to be considered a troubled debt restructuring.

Issued: April 5, 2011

The amendments in this Update remove from the assessment of effective control (1) the criterion requiring the transferor to have the ability to repurchase or redeem the financial assets on substantially the agreed terms, even in the event of default by the transferee, and (2) the collateral maintenance implementation guidance related to that criterion.

Issued: April 29, 2011

The amendments in this Update generally represent clarifications of Topic 820, but also include some instances where a particular principle or requirement for measuring fair value or disclosing information about fair value measurements has changed. This Update results in common principles and requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. GAAP and IFRSs.

Issued: May 12, 2011

Under the amendments to Topic 220, Comprehensive Income, in this Update, an entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This Update eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments in this Update do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income.

Issued: June 16, 2011

The objective of this Update is to address questions about how health insurers should recognize and classify in their income statements fees mandated by the Patient Protection and Affordable Care Act as amended by the Health Care and Education Reconciliation Act (the Acts). The Acts impose an annual fee on health insurers for each calendar year beginning on or after January 1, 2014. For reporting entities that are subject to the fee imposed on health insurers mandated by the Acts, the amendments in this Update specify that the liability for the fee should be estimated and recorded in full once the entity provides qualifying health insurance in the applicable calendar year in which the fee is payable with a corresponding deferred cost that is amortized to expense using a straight-line method of allocation unless another method better allocates the fee over the calendar year that it is payable.

Issued: July 21, 2011

The objective of this Update is to provide financial statement users with greater transparency about a health care entity's net patient service revenue, which is sometimes grossed-up and recognized at the time the services are rendered regardless of whether the entity expects to collect that amount, and the related allowance for doubtful accounts. This Update provides information to assist financial statement users in assessing an entity's sources of net patient service revenue and related changes in its allowance for doubtful accounts. The amendments require health care entities that recognize significant amounts of patient service revenue at the time the services are rendered even though they do not assess the patient's ability to pay to present the provision for bad debts related to patient service revenue as a deduction from patient service revenue (net of contractual allowances and discounts) on their statement of operations.

Issued: July 25, 2011

The amendments in this Update will allow an entity to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. Under these amendments, an entity would not be required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The amendments include a number of events and circumstances for an entity to consider in conducting the qualitative assessment.

Accounting Standards Update No. 2011-08 (PDF)

Issued: September 15, 2011

The amendments in this Update require additional disclosures about an employer's participation in a multiemployer plan.

Issued: September 21, 2011

The objective of the amendments in this Update is to resolve the diversity in practice about whether the guidance in Subtopic 360-20, Property, Plant, and Equipment—Real Estate Sales, applies to a parent that ceases to have a controlling financial interest (as described in Subtopic 810-10, Consolidation—Overall) in a subsidiary that is in substance real estate as a result of default on the subsidiary's nonrecourse debt. This Update does not address whether the guidance in Subtopic 360-20 would apply to other circumstances when a parent ceases to have a controlling financial interest in a subsidiary that is in substance real estate.

Issued: December 14, 2011

The objective of this Update is to provide enhanced disclosures that will enable users of its financial statements to evaluate the effect or potential effect of netting arrangements on an entity's financial position. This includes the effect or potential effect of rights of setoff associated with an entity's recognized assets and recognized liabilities within the scope of this Update. The amendments require enhanced disclosures by requiring improved information about financial instruments and derivative instruments that are either (1) offset in accordance with either Section 210-20-45 or Section 815-10-45 or (2) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with either Section 210-20-45 or Section 815-10-45.

Issued: December 16, 2011

The amendments in this Update supersede certain pending paragraphs in Accounting Standards Update No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income, to effectively defer only those changes in Update 2011-05 that relate to the presentation of reclassification adjustments out of accumulated other comprehensive income. The amendments will be temporary to allow the Board time to redeliberate the presentation requirements for reclassifications out of accumulated other comprehensive income for annual and interim financial statements for public, private, and non-profit entities.

Issued: December 23, 2011

The amendments in this Update clarify that the stock portion of a distribution to shareholders that allows them to elect to receive cash or stock with a potential limitation on the total amount of cash that all shareholders can elect to receive in the aggregate is considered a share issuance that is reflected in EPS prospectively and is not a stock dividend for purposes of applying Topics 505 and 260 (Equity and Earnings Per Share).

Issued: January 5, 2010

This update provides amendments to Subtopic 810-10 and related guidance within U.S. GAAP to clarify the scope of the decrease in ownership provisions of the Subtopic and related guidance. The amendments in this Update also clarify that the decrease in ownership guidance does not apply to certain transactions even if they involve businesses.

Issued: January 6, 2010

The objective of the amendments included in this Update is to align the oil and gas reserve estimation and disclosure requirements of Extractive Activities—Oil and Gas (Topic 932) with the requirements in the Securities and Exchange Commission's final rule, Modernization of the Oil and Gas Reporting Requirements (the Final Rule). The Final Rule was issued on December 31, 2008.

Issued: January 6, 2010

This Accounting Standards Update represents technical corrections to SEC guidance in various Topics.

Issued: January 15, 2010

This Accounting Standards Update codifies EITF Topic D-110, Escrowed Share Arrangements and the Presumption of Compensation, from the June 18, 2009 EITF meeting.

Issued: January 15, 2010

This update provides amendments to Topic 820 that will provide more robust disclosures about (1) the different classes of assets and liabilites measured at fair value, (2) the valuation techniques and inputs used, (3) the activity in Level 3 fair value measurements, and (4) the transfers between Levels 1, 2, and 3.

Issued: January 21, 2010

This Accounting Standards Update amends the Accounting Standards Codification for the issuance of FASB Statement No. 164, Not-for-Profit Entities: Mergers and Acquisitions. The amendments in this Accounting Standards Update provide guidance on accounting for combinations of not-for-profit entities. Those transactions or other events include mergers of two or more not-for-profit entities and acquisitions by a not-for-profit entity that result in its initially recognizing another not-for-profit entity, a business, or a nonprofit activity in its financial statements.

Issued: January 28, 2010

From time to time, the Board reviews its standards to determine if any provisions in U.S. generally accepted accounting principles (GAAP) are outdated, contain inconsistencies, or need clarifications to reflect the Board's original intent. The amendments in this Update eliminate those inconsistencies and outdated provisions and provide the needed clarifications. The related changes to U.S. GAAP are generally nonsubstantive in nature.

Issued: February 2, 2010

This Update addresses both the interaction of the requirements of Topic 855, Subsequent Events, with the SEC's reporting requirements and the intended breadth of the reissuance disclosures provision related to subsequent events (paragraph 855-10-50-4). The amendments in this Update have the potential to change reporting by both private and public entities, however, the nature of the change may vary depending on facts and circumstances.

Issued: February 24, 2010

The objective of this Update is to defer the effective date of the amendments to the consolidation requirements made by FASB Statement 167 to a reporting entity's interest in certain types of entities and clarify other aspects of the Statement 167 amendments. As a result of the deferral, a reporting entity will not be required to apply the Statement 167 amendments to the Subtopic 810-10 consolidation requirements to its interest in an entity that meets the criteria to qualify for the deferral. This Update also clarifies how a related party's interests in an entity should be considered when evaluating the criteria for determining whether a decision maker or service provider fee represents a variable interest. In addition, the Update also clarifies that a quantitative calculation should not be the sole basis for evaluating whether a decision maker's or service provider's fee is a variable interest.

Issued: February 25, 2010

This Update clarifies the type of embedded credit derivative that is exempt from embedded derivative bifurcation requirements. Only one form of embedded credit derivative qualifies for the exemption—one that is related only to the subordination of one financial instrument to another. As a result, entities that have contracts containing an embedded credit derivative feature in a form other than such subordination may need to separately account for the embedded credit derivative feature.

Issued: March 5, 2010

This Update codifies an SEC Staff Announcement relating to accounting for the Health Care and Education Reconciliation Act of 2010 and the Patient Protection and Affordable Care Act.

Issued: April 14, 2010

This Update addresses the classification of a share-based payment award with an exercise price denominated in the currency of a market in which the underlying equity security trades. Topic 718 is amended to clarify that a share-based payment award with an exercise price denominated in the currency of a market in which a substantial portion of the entity's equity securities trades shall not be considered to contain a market, performance, or service condition. Therefore, such an award is not to be classified as a liability if it otherwise qualifies as equity classification.

Issued: April 16, 2010

This Accounting Standards Update amends paragraph 932-10-S99-1 due to SEC Release No. 33-8995 [FR 78], Modernization of Oil and Gas Reporting.

Issued: April 20, 2010

This Update clarifies that an insurance entity should not consider any separate account interests held for the benefit of policy holders in an investment to be the insurer's interests and should not combine those interests with its general account interest in the same investment when assessing the investment for consolidation, unless the separate account interests are held for the benefit of a related party policy holder as defined in the Variable Interest Entities Subsections of Subtopic 810-10 and those Subsections require the consideration of related parties. This Update also amends Subtopic 944-80 to clarify that for the purpose of evaluating whether the retention of specialized accounting for investments in consolidation is appropriate, a separate account arrangement should be considered a subsidiary. The amendments do not require an insurer to consolidate an investment in which a separate account holds a controlling financial interest if the investment is not or would not be consolidated in the standalone financial statements of the separate account. The amendments also provide guidance on how an insurer should consolidate an investment fund in situations in which the insurer concludes that consolidation is required.

Issued: April 21, 2010

This Update clarifies that an entity should not accrue a casino jackpot liability (or portions thereof) before the jackpot is won if the entity can avoid paying that jackpot. Jackpots should be accrued and charged to revenue when an entity has the obligation to pay the jackpot. The guidance under Topic 924 applies to both base and progressive jackpots.

Issued: April 26, 2010

This Update provides guidance on defining a milestone under Topic 605 and determining when it may be appropriate to apply the milestone method of revenue recognition for research or development transactions. Consideration that is contingent on achievement of a milestone in its entirety may be recognized as revenue in the period in which the milestone is achieved only if the milestone is judged to meet certain criteria to be considered substantive. Milestones should be considered substantive in their entirety and may not be bifurcated. An arrangement may contain both substantive and nonsubstantive milestones that should be evaluated individually.

Issued: April 28, 2010

This Update clarifies that modifications of loans that are accounted for within a pool under Subtopic 310-30, which provides guidance on accounting for acquired loans that have evidence of credit deterioration upon acquisition, do not result in the removal of those loans from the pool even if the modification would otherwise be considered a troubled debt restructuring. An entity will continue to be required to consider whether the pool of assets in which the loan is included is impaired if expected cash flows for the pool change. The amendments do not affect the accounting for loans under the scope of Subtopic 310-30 that are not accounted for within pools. Loans accounted for individually under Subtopic 310-30 continue to be subject to the troubled debt restructuring accounting provisions within Subtopic 310-40.

Issued: April 29, 2010

The purpose of this Update is to codify the SEC Staff Announcement made at the March 18, 2010 meeting of the FASB Emerging Issues Task Force (EITF) by the SEC Observer to the EITF. The Staff Announcement provides the SEC staff's view on certain foreign currency issues related to investments in Venezuela.

Issued: May 11, 2010

This Update amends Topic 310 to improve the disclosures that an entity provides about the credit quality of its financing receivables and the related allowance for credit losses. As a result of these amendments, an entity is required to disaggregate by portfolio segment or class certain existing disclosures and provide certain new disclosures about its financing receivables and related allowance for credit losses.

Issued: July 21, 2010

This Accounting Standards Update amends various SEC paragraphs pursuant to the issuance of Release No. 33-9026: Technical Amendments to Rules, Forms, Schedules and Codification of Financial Reporting Policies.

Issued: August 2, 2010

This Accounting Standards Update amends various SEC paragraphs based on external comments received and the issuance of SAB 112, which amends or rescinds portions of certain SAB topics.

Issued: August 19, 2010

This Update addresses the diversity in the accounting for charity care disclosures, which some entities determine on the basis of a cost measurement, while others use a revenue measurement. The amendments to Topic 954 require that the measurement of charity care for disclosure purposes be based on the direct and indirect costs of providing the charity care.

Issued: August 26, 2010

This Update addresses the diversity in the accounting for medical malpractice and similar liabilities and their related anticipated insurance recoveries by health care entities that mostly have netted insurance recoveries against the accrued liability, although some have presented the anticipated insurance recovery and the liability on a gross basis. The amendments to Topic 954 clarify that a health care entity should not net insurance recoveries against a related claim liability; the amount of the claim liability should be determined without consideration of insurance recoveries.

Issued: August 27, 2010

The amendments in this Update require that participant loans be classified as notes receivable from participants, which are segregated from plan investments and measured at their unpaid principal balance plus any accrued but unpaid interest.

Issued: September 28, 2010

The amendments in this Update specify that certain costs incurred in the successful acquisition of new and renewal contracts should be capitalized. Those costs include incremental direct costs of contract acquisition that result directly from and are essential to the contract transaction(s) and would not have been incurred by the insurance entity had the contract transaction(s) not occurred. Additionally, advertising costs are only to be capitalized as deferred acquisition costs if the capitalization criteria for direct-response advertising in Subtopic 340-20 are met.

All other acquisition-related costs—including costs incurred by the insurer for soliciting potential customers, market research, training, administration, unsuccessful acquisition or renewal efforts, and product development—should be charged to expense as incurred. Administrative costs, rent, depreciation, occupancy, equipment, and all other general overhead costs are considered indirect costs and should also be charged to expense as incurred.

Issued: October 13, 2010

The objective of this Update is to address questions concerning how pharmaceutical manufacturers should recognize and classify in their income statements fees mandated by the Patient Protection and Affordable Care Act as amended by the Health Care and Education Reconciliation Act (the Acts). The Acts impose an annual fee on the pharmaceutical manufacturing industry for each calendar year beginning on or after January 1, 2011. For reporting entities that are subject to the pharmaceutical fee mandated by the Acts, the amendments in this Update specify that the liability for the fee should be estimated and recorded in full upon the first qualifying sale with a corresponding deferred cost that is amortized to expense using a straight-line method of allocation unless another method better allocates the fee over the calendar year that it is payable.

Issued: December 16, 2010

The amendments in this Update affect all entities that have recognized goodwill and have one or more reporting units whose carrying amount for purposes of performing Step 1 of the goodwill impairment test is zero or negative. The amendments in this Update modify Step 1 so that for those reporting units, an entity is required to perform Step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists. In determining whether it is more likely than not that a goodwill impairment exists, an entity should consider whether there are any adverse qualitative factors indicating that an impairment may exist. The qualitative factors are consistent with existing guidance, which requires that goodwill of a reporting unit be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

Issued: December 17, 2010

The objective of this Update is to address diversity in practice about the interpretation of the pro forma revenue and earnings disclosure requirements for business combinations.

The amendments in this Update specify that if a public entity presents comparative financial statements, the entity should disclose revenue and earnings of the combined entity as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only. The amendments also expand the supplemental pro forma disclosures to include a description of the nature and amount of material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings.

The amendments affect any public entity as defined by Topic 805 that enters into business combinations that are material on an individual or aggregate basis.

Issued: December 21, 2010

This Accounting Standards Update amends the FASB Accounting Standards Codification for the issuance of FASB Statement No. 168, The FASB Accounting Standards Codification^® and the Hierarchy of Generally Accepted Accounting Principles. This Accounting Standards Update includes Statement 168 in its entirety, including the accounting standards update instructions contained in Appendix B of the Statement.

Issued: June 30, 2009

This Accounting Standards Update represents technical corrections to various Topics addressing feedback received.

Issued: June 30, 2009

This Codification Update represents technical corrections to various Topics containing SEC Staff Accounting Bulletins to update cross-references to Codification text.

Issued: August 24, 2009

This Accounting Standards Update represents an update to Section 480-10-S99, "Distinguishing Liabilities from Equity," per EITF Topic D-98, "Classification and Measurement of Redeemable Securities."

Issued: August 26, 2009

This Accounting Standards Update amends Subtopic 820-10, Fair Value Measurements and Disclosures > Overall, to provide guidance on the fair value measurement of liabilities.

Issued: August 26, 2009

The Board is issuing this Update to provide additional implementation guidance on accounting for uncertainty in income taxes and to eliminate the disclosures required by paragraph 740-10-50-15(a) through (b) for nonpublic entities.

Issued: September 2, 2009

This Codification Update represents technical corrections to various Topics containing SEC guidance based on external comments received.

Issued: September 15, 2009

This Codification Update represents technical corrections to Topic 260-10-S99, Earnings per Share, based on EITF Topic D-53, "Computation of Earnings Per Share for a Period that Includes a Redemption or an Induced Conversion of a Portion of a Class of Preferred Stock" and EITF Topic D-42, "The Effect of the Calculation of Earnings per Share for the Redemption or Induced Conversion of Preferred Stock."

Issued: September 16, 2009

This Accounting Standards Update represents a correction to Section 323-10-S99-4, Accounting by an Investor for Stock-Based Compensation Granted to Employees of an Equity Method Investee. Section 323-10-S99-4 was originally entered into the Codification incorrectly.

Issued: September 17, 2009

This Accounting Standards Update codifies the Observer comment in paragraph 17 of EITF 02-3, "Issues Involved in Accounting for Derivative Contracts Held for Trading Purposes and Contracts Involved in Energy Trading and Risk Management."

Issued: September 18, 2009

This Accounting Standards Update represents a technical correction to the SEC Observer comment in EITF 90-22, "Accounting for Gas-Balancing Arrangements."

Issued: September 18, 2009

This Accounting Standards Update amends Subtopic 820-10, Fair Value Measurements and Disclosures > Overall, to provide guidance on the fair value measurement of investments in certain entities that calculate net asset value per share (or its equivalent).

Issued: September 30, 2009

The objective of this Update is to address the accounting for multiple-deliverable arrangements to enable vendors to account for products or services (deliverables) separately rather than as a combined unit.

Issued: October 7, 2009

The objective of this Update is to address concerns raised by constituents relating to the accounting for revenue arrangements that contain tangible products and software.

Issued: October 7, 2009

The purpose of this Update is to address the accounting for own-share lending arrangements entered into in contemplation of a convertible debt issuance or other financing.

Issued: October 13, 2009

This Accounting Standards Update amends the FASB Accounting Standards Codification for the issuance of FASB Statement No. 166, Accounting for Transfers of Financial Assets—an amendment of FASB Statement No. 140.

The amendments in this Accounting Standards Update improve financial reporting by eliminating the exceptions for qualifying special-purpose entities from the consolidation guidance and the exception that permitted sale accounting for certain mortgage securitizations when a transferor has not surrendered control over the transferred financial assets. In addition, the amendments require enhanced disclosures about the risks that a transferor continues to be exposed to because of its continuing involvement in transferred financial assets. Comparability and consistency in accounting for transferred financial assets will also be improved through clarifications of the requirements for isolation and limitations on portions of financial assets that are eligible for sale accounting.

Issued: December 23, 2009

This Accounting Standards Update amends the FASB Accounting Standards Codification for the issuance of FASB Statement No. 167, Amendments to FASB Interpretation No. 46(R).

The amendments in this Accounting Standards Update replace the quantitative-based risks and rewards calculation for determining which reporting entity, if any, has a controlling financial interest in a variable interest entity with an approach focused on identifying which reporting entity has the power to direct the activities of a variable interest entity that most significantly impact the entity's economic performance and (1) the obligation to absorb losses of the entity or (2) the right to receive benefits from the entity. An approach that is expected to be primarily qualitative will be more effective for identifying which reporting entity has a controlling financial interest in a variable interest entity. The amendments in this Update also require additional disclosures about an reporting entity's involvement in variable interest entities, which will enhance the information provided to users of financial statements.

Issued: December 23, 2009

The amendments in this proposed Update specify the discount rate required to be used to measure the benefit obligation for certain market-return cash balance plans.

For more information, see the following:

Issued: June 10, 2026

Comments Due: August 10, 2026

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of the guidance.

• 715-20-25-1
• 715-30-35-1
• 715-30-65-1
• 960-20-35-1

The amendments in this proposed Update would broaden the application of hedge accounting by removing exceptions or limitations in the general hedge accounting model that related to three discrete hedge accounting issues.

For more information, see the following:

Issued: June 17, 2026

Comments Due: August 17, 2026

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of the guidance.

• 815-20-25-1
• 815-35-35-1
• 815-20-65-1

For all entities that have certain digital assets, the amendments in this proposed Update would illustrate how the definition of cash equivalents applies to those assets.

For all entities that present assets as cash equivalents, the amendments in this proposed Update would require disclosure of the significant components and related amounts of cash equivalents, regardless of whether those assets include digital assets.

For more information, see the following:

Proposed Accounting Standards Update 2026-ED400—Statement of Cash Flows (Topic 230): Cash Equivalents—Disclosure Enhancement and Evaluation of Certain Digital Assets (PDF)

Issued: August 18, 2026

Comments Due: November 19, 2026

The Exposure Draft indicates the Codification sections that may be changed upon issuance of the guidance.

• 230-10-45-1
• 230-10-50-1
• 230-10-55-1
• 230-10-65-1

The amendments in this proposed Update would address suggestions received from stakeholders on the Accounting Standards Codification and make other incremental improvements to generally accepted accounting principles (GAAP). The proposed amendments would make Codification updates for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements.

For more information, see the following:

Issued: September 2, 2026

Comments Due: November 19, 2026

The Exposure Draft indicates the Codification sections that may be changed upon issuance of the guidance.

• 205-10-45-1
• 220-10-50-1
• 270-10-45-1
• 310-20-55-1
• 326-20-30-1
• 360-10-15-1
• 410-20-45-1
• 450-20-15-1
• 505-30-50-1
• 710-10-45-1
• 718-10-35-1
• 718-10-55-1
• 718-10-35-1
• 718-20-35-1
• 718-20-55-1
• 740-10-55-1
• 740-20-55-1
• 908-360-15-1
• 815-10-15-1
• 815-10-55-1
• 815-20-35-1
• 815-35-35-1
• 820-10-55-1
• 815-10-35-1
• 815-10-65-1
• 815-20-25-1
• 815-40-35-1
• 815-40-50-1
• 954-815-50-1
• 105-10-65-1

The amendments in this proposed Update improve the financial accounting by specifying that an exchange of debt instruments that meets certain requirements should be accounted for by the debtor as the issuance of a new debt obligation and an extinguishment of the existing debt obligation.

For more information, see the following:

Issued: April 30, 2025

Comments Due: May 30, 2025

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of the guidance.

• 470-50-40-1
• 470-50-55-1
• 405-20-15-1

The amendments in this proposed Update would:

1. 1
   Require lessors to classify and account for a lease with lease payments that are predominantly variable and do not depend on a reference index or a rate as an operating lease. When a lease is classified as operating, the lessor would not recognize a lease receivable, would not derecognize the underlying asset, and, therefore, would not recognize a selling profit or loss.
2. 2
   Provide lessees with the option to make an entity-wide accounting policy election to remeasure lease liabilities for changes in a reference index or a rate affecting future lease payments at the date that those changes take effect.
3. 3
   Exempt entities from applying modification accounting to the remaining lease components within a lease contract for transactions in which one or more lease components are terminated before the end of the lease term and that early termination does not economically affect the remaining lease components.

For more information, see the following:

Issued: October 20, 2020

Comments Due: December 4, 2020

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of this guidance.

• 842-10-15-1
• 842-10-25-1
• 842-10-35-1
• 842-10-55-1
• 842-10-65-1
• 842-20-35-1
• 842-20-50-1
• 842-30-35-1

The amendments in this proposed Update would provide specific guidance for a business combination on how to apply the recognition principle in Topic 805 to revenue contracts with customers after the acquirer has adopted Topic 606, Revenue from Contracts with Customers. The proposed amendments would require that an acquirer recognize a liability assumed in a business combination from a contract with a customer if that liability represents an unsatisfied performance obligation under Topic 606 for which the acquiree has received consideration (or the amount is due) from the customer.

The proposed Update was issued concurrently with the FASB Invitation to Comment, Measurement and Other Considerations Related to Revenue Contracts with Customers under Topic 805, which addresses the measurement of contract liabilities from revenue contracts with customers acquired in a business combination and other topics related to the accounting for revenue contracts acquired in a business combination.

For more information, see the following:

Issued: February 14, 2019

Comments Due: April 30, 2019

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of this guidance.

• 805-20-25-1
• 805-20-65-1

The amendments in this proposed Update would modify the current disclosure requirements for income taxes. The proposed amendments would (1) remove disclosures that no longer are considered cost beneficial or relevant and (2) add disclosure requirements identified as relevant to financial statement users. The Board is issuing the amendments in this proposed Update as part of the disclosure framework project to improve the effectiveness of disclosures in the notes to financial statements by applying concepts in the FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements.

For more information, see the following:

Issued: March 25, 2019

Comments Due: May 31, 2019

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of this guidance.

• 230-10-50-2
• 740-10-50-1
• 740-10-55-1
• 740-10-65-1
• 740-30-50-1

Stakeholders have told the Board that the guidance on determining whether debt should be classified as current or noncurrent in a classified balance sheet is overly complex. Topic 470, Debt, includes guidance on various narrow-scope, fact-specific debt transactions. The amendments in this proposed Update would replace the current, fact-specific guidance with an overarching, cohesive principle. The Board expects that the proposed amendments would reduce the cost and complexity for preparers and auditors when determining whether debt should be classified as current or noncurrent in the balance sheet, while providing more consistent and transparent information to financial statement users.

For more information, see the following:

Issued: September 12, 2019

Comments Due: October 28, 2019

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of this guidance.

• 470-10-05-1
• 470-10-15-1
• 470-10-35-1
• 470-10-45-1
• 470-10-50-1
• 470-10-55-1
• 210-10-45-1
• 470-20-45-1
• 480-10-45-1
• 842-20-45-1
• 852-10-45-1
• 855-10-15-1

The amendments in this proposed Update would clarify certain amendments in Accounting Standards Update 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The proposed amendments would better align the amendments in Update 2017-12 with the objective articulated in that Update and eliminate the unintended application of certain amendments. Specifically, the amendments in the proposed Update address stakeholders' questions received since the issuance of Update 2017-12 on (a) a change in hedged risk in a cash flow hedge, (b) contractually specified components in cash flow hedges of nonfinancial forecasted transactions, (c) a foreign-currency-denominated debt instrument as a hedging instrument and hedged item, and (d) using the term prepayable under the shortcut method.

For more information, see the following:

Issued: November 12, 2019

Comments Due: January 13, 2020

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of this guidance.

• 815-20-25-1
• 815-20-55-1
• 815-30-35-1
• 815-30-55-1

This proposed Update is intended to improve financial reporting by simplifying guidance used to determine whether debt should be classified as current or noncurrent in a classified balance sheet. It would replace the existing, fact-specific guidance with an overarching, cohesive principle for debt classification that focuses on a borrower's contractual rights and obligations that exist as of the reporting date.

For more information, see the following:

Issued: January 10, 2017

Comments Due: May 5, 2017

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of this guidance.

• 470-10-05-1
• 470-10-15-1
• 470-10-35-1
• 470-10-45-1
• 470-10-50-1
• 470-10-55-1
• 210-10-45-1
• 470-20-45-1
• 470-20-45-3
• 480-10-45-1
• 852-10-45-1
• 855-10-15-1

The amendments in this proposed Update would add disclosure requirements for inventory, including changes in inventory that are not related to the ordinary course of manufacturing, purchasing, or selling inventory and disaggregating inventory by major components and measurement bases, among others. Entities that report some or all of their inventory using the retail inventory method (RIM) also would be required to provide qualitative and quantitative information about the critical assumptions used in the calculation of inventory under the RIM. In addition, entities that are subject to disclosing segment information in Topic 280, Segment Reporting, would be required to disclose, in both annual and interim periods, inventory by reportable segment and by component for each reportable segment to the extent that information is regularly provided to the chief operating decision maker.

For more information, see the following:

Issued: January 10, 2017

Comments Due: March 13, 2017

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of this guidance.

• 330-10-30-1
• 330-10-50-1
• 330-10-55-1
• 330-10-65-1
• 270-10-50-1
• 280-10-50-1
• 280-10-55-1

The amendments in this proposed Update would modify current disclosure requirements and add additional requirements for income taxes on the basis of the proposed Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements. One disclosure requirement would be eliminated from Topic 740 because it is inconsistent with the guidance in the proposed Concepts Statement.

For more information, see the following:

Issued: July 26, 2016

Comments Due: September 30, 2016

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of this guidance.

• 740-10-50-1
• 740-10-55-1
• 740-10-65-1
• 740-30-50-1

The proposed Update would clarify the minimum requirements for the reconciliation that an NFP is required to disclose if it has endowment funds, by removing the words “that contain no purpose restrictions.”

For more information, see the following:

Issued: October 27, 2016

Comments Due: November 11, 2016

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of this guidance.

• 958-205-50-1
• 958-10-65-1

The amendments in this proposed Update would require that an entity disclose (in both interim and annual reporting periods) the carrying amount, measurement attribute, and line item within the balance sheet and the income statement in which each bifurcated embedded derivative and its related host contract are presented.

For more information, see the following:

Issued: February 24, 2015

Comments Due: April 30, 2015

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of this guidance.

• 815-10-50-1
• 815-10-55-1
• 815-10-65-1

The proposed Update would clarify guidance related to performance obligations and licensing contained in the new revenue recognition standard.

The proposed Update includes targeted improvements based on input the Board received from the Transition Resource Group for Revenue Recognition and other stakeholders. The Update seeks to proactively address areas in which diversity in practice potentially could arise, as well as to reduce the cost and complexity of applying certain aspects of the guidance both at implementation and on an ongoing basis.

For more information, see the following:

Issued: May 12, 2015

Comments Due: June 30, 2015

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of this guidance.

• 606-10-25-1
• 606-10-55-1
• 606-10-65-1

To simplify the accounting for equity method investments, the Board proposes to eliminate the requirement for an equity method investor to account for the basis difference, which is the difference between the cost of an investment and the investor's proportionate share of the net assets of the investee. Topic 323 currently requires an entity to determine the acquisition date fair value of the identifiable assets and liabilities assumed in the same manner as a business combination. The equity method investor's proportionate share of the difference between the fair value of the investee's identifiable assets and liabilities assumed and the book value of recorded assets and liabilities assumed generally must be accounted for in net income in subsequent periods. The proposed Update would eliminate the requirement for an entity to calculate the total basis difference and attribute the basis difference to its various components as well as remove the need for an entity to track the components of the basis difference (for example, intangible assets, goodwill, and deferred tax liabilities) in what is commonly referred to as memo accounts and account for any resulting amortization.

To simplify the accounting for equity method investments, the Board proposes to eliminate the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership.

For more information, see the following:

Issued: June 5, 2015

Comments Due: August 4, 2015

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of this guidance.

• 323-10-35-1
• 323-10-50-1
• 323-10-65-1

The amendments in this Update would promote the appropriate use of discretion by reporting entities when assessing disclosure requirements.

For more information, see the following:

Issued: September 24, 2015

Comments Due: December 8, 2015

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of this guidance.

• 235-10-50-1

To improve existing disclosure requirements, the amendments in this proposed Update would require all feeder funds in a master-feeder arrangement to provide the master fund's financial statements along with its financial statements. The proposed amendments also would expand the scope of the current requirement to disclose certain information about investments held by investee funds that exceed 5 percent of the reporting entity's net assets to include reporting investment companies that are regulated under the Investment Company Act of 1940.

For more information, see the following:

Issued: December 4, 2014

Comments Due: February 17, 2015

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of this guidance.

• 946-205-45-1

The main objectives of the guidance in this proposed Update is to increase the decision usefulness of the information about an entity's insurance liabilities, including the nature, amount, timing, and uncertainty of cash flows related to those liabilities, and the related effect on the statement of comprehensive income, and to provide comparability, regardless of the type of entity issuing the contract. The guidance in this proposed Update would require an entity to measure its insurance contracts under one of two measurement models, referred to as the building block approach and the premium allocation approach. The proposed Update would improve convergence of U.S. GAAP and IFRSs by moving towards a more globally comparable standard.

For more information, see the following:

Issued: June 27, 2013

Comments Due: October 25, 2013

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of this guidance.

• 220-10-45-1
• 270-10-50-1
• 275-10-50-1
• 350-30-15-1
• 405-30-15-1
• 405-30-30-1
• 405-30-55-1
• 410-30-15-1
• 450-10-60-1
• 450-20-05-1
• 450-20-15-1
• 450-20-60-1
• 460-10-15-1
• 605-20-15-1
• 605-20-25-1
• 715-30-35-1
• 715-30-55-1
• 715-60-35-1
• 720-15-15-1
• 720-20-05-3
• 720-20-15-3
• 720-20-15-7
• 720-20-25-1
• 720-20-25-3
• 720-20-25-6
• 720-20-25-15
• 720-20-35-13
• 720-50-25-1
• 740-10-05-1
• 740-10-25-1
• 740-10-50-1
• 805-20-25-1
• 805-20-35-1
• 810-10-15-13
• 810-10-25-1
• 815-10-05-1
• 815-10-15-1
• 815-10-55-1
• 815-15-25-1
• 815-15-55-1
• 815-20-25-1
• 815-45-15-1
• 825-10-15-3
• 825-10-25-1
• 825-10-50-1
• 830-10-45-1
• 942-605-25-1
• 944-10-00-1
• 944-10-05-1
• 944-10-15-1
• 944-10-65-1
• 944-20-00-1
• 944-20-05-1
• 944-20-05-12
• 944-20-05-14
• 944-20-05-38
• 944-20-05-44
• 944-20-10-1
• 944-20-10-4
• 944-20-15-1
• 944-20-15-5
• 944-20-15-8
• 944-20-15-32
• 944-20-15-66
• 944-20-25-1
• 944-20-25-4
• 944-20-30-1
• 944-20-35-1
• 944-20-35-3
• 944-20-40-1
• 944-20-45-1
• 944-20-50-1
• 944-20-50-3
• 944-20-50-7
• 944-20-55-1
• 944-20-55-3
• 944-20-55-27
• 944-20-65-1
• 944-30-00-1
• 944-30-05-1
• 944-30-05-2
• 944-30-05-3
• 944-30-05-4
• 944-30-05-6
• 944-30-15-1
• 944-30-15-3
• 944-30-15-5
• 944-30-15-7
• 944-30-15-10
• 944-30-25-1
• 944-30-25-3
• 944-30-25-11
• 944-30-25-13
• 944-30-30-1
• 944-30-30-2
• 944-30-35-1
• 944-30-35-1A
• 944-30-35-3
• 944-30-35-24
• 944-30-35-64
• 944-30-40-1
• 944-30-45-1
• 944-30-45-2
• 944-30-50-1
• 944-30-50-2
• 944-30-50-4
• 944-30-55-1
• 944-30-55-2
• 944-30-55-11
• 944-40-00-1
• 944-40-05-1
• 944-40-05-3
• 944-40-05-4
• 944-40-05-5
• 944-40-05-6
• 944-40-15-1
• 944-40-15-3
• 944-40-15-5
• 944-40-15-7
• 944-40-15-9
• 944-40-25-1
• 944-40-25-7
• 944-40-25-33
• 944-40-25-42
• 944-40-30-1
• 944-40-30-6
• 944-40-30-31
• 944-40-35-1
• 944-40-35-5
• 944-40-35-26
• 944-40-45-1
• 944-40-50-1
• 944-40-50-5
• 944-40-50-6
• 944-40-50-9
• 944-40-55-1
• 944-40-55-10
• 944-40-55-30
• 944-50-00-1
• 944-50-05-1
• 944-50-05-2
• 944-50-15-1
• 944-50-15-2
• 944-50-25-1
• 944-50-25-4
• 944-50-30-1
• 944-50-30-4
• 944-50-45-1
• 944-50-50-1
• 944-60-00-1
• 944-60-05-1
• 944-60-05-2
• 944-60-05-3
• 944-60-15-1
• 944-60-15-2
• 944-60-15-4
• 944-60-25-1
• 944-60-25-4
• 944-60-25-7
• 944-60-30-1
• 944-60-35-1
• 944-60-35-2
• 944-60-35-5
• 944-60-50-1
• 944-80-00-1
• 944-80-05-1
• 944-80-15-1
• 944-80-25-1
• 944-80-30-1
• 944-80-35-1
• 944-80-40-1
• 944-80-45-1
• 944-80-50-1
• 944-80-55-1
• 944-80-65-1
• 944-210-05-1
• 944-210-15-1
• 944-210-55-1
• 944-310-00-1
• 944-310-05-1
• 944-310-05-2
• 944-310-05-3
• 944-310-15-1
• 944-310-15-2
• 944-310-15-4
• 944-310-25-1
• 944-310-25-2
• 944-310-25-3
• 944-310-30-1
• 944-310-30-2
• 944-310-35-1
• 944-310-35-4
• 944-310-35-5
• 944-310-40-1
• 944-310-45-1
• 944-310-45-5
• 944-310-50-1
• 944-310-50-2
• 944-310-50-3
• 944-310-55-1
• 944-320-00-1
• 944-320-05-1
• 944-320-15-1
• 944-320-25-1
• 944-320-50-1
• 944-325-05-1
• 944-325-15-1
• 944-325-30-1
• 944-325-35-1
• 944-325-40-1
• 944-325-45-1
• 944-325-50-1
• 944-340-05-1
• 944-340-05-2
• 944-340-15-1
• 944-340-15-2
• 944-340-25-1
• 944-360-05-1
• 944-360-15-1
• 944-360-25-1
• 944-360-30-1
• 944-360-35-1
• 944-360-40-1
• 944-360-45-1
• 944-360-50-1
• 944-405-05-1
• 944-405-05-3
• 944-405-15-1
• 944-405-15-2
• 944-405-25-1
• 944-470-05-1
• 944-470-15-1
• 944-470-25-1
• 944-470-35-1
• 944-470-45-1
• 944-470-50-1
• 944-505-05-1
• 944-505-15-1
• 944-505-50-1
• 944-505-55-1
• 944-605-00-1
• 944-605-05-1
• 944-605-05-2
• 944-605-05-3
• 944-605-05-4
• 944-605-05-9
• 944-605-15-1
• 944-605-15-3
• 944-605-15-5
• 944-605-15-7
• 944-605-15-9
• 944-605-25-1
• 944-605-25-3
• 944-605-25-16
• 944-605-25-25
• 944-605-30-1
• 944-605-30-4
• 944-605-30-5
• 944-605-35-1
• 944-605-35-4
• 944-605-35-16
• 944-605-45-1
• 944-605-50-1
• 944-605-50-4
• 944-605-55-1
• 944-605-55-16
• 944-720-00-1
• 944-720-05-1
• 944-720-15-1
• 944-720-25-1
• 944-720-55-1
• 944-720-60-1
• 944-740-05-1
• 944-740-15-1
• 944-740-25-1
• 944-740-50-1
• 944-805-00-1
• 944-805-05-1
• 944-805-05-3
• 944-805-15-1
• 944-805-15-2
• 944-805-25-1
• 944-805-25-6
• 944-805-30-1
• 944-805-30-3
• 944-805-35-1
• 944-805-35-4
• 944-805-45-1
• 944-805-50-1
• 944-805-50-2
• 944-805-55-1
• 944-815-00-1
• 944-815-05-1
• 944-815-05-2
• 944-815-15-1
• 944-815-15-2
• 944-815-25-1
• 944-815-55-1
• 944-815-60-1
• 944-815-60-3
• 944-815-60-9
• 944-825-00-1
• 944-825-05-1
• 944-825-05-2
• 944-825-15-1
• 944-825-15-4
• 944-825-25-1
• 944-825-45-1
• 944-825-50-1
• 944-825-55-1
• 954-450-25-1
• 954-720-25-1
• 958-325-60-1
• 962-325-35-1
• 965-325-35-1

The objective of this proposed Update is to improve financial reporting about certain risks inherent in financial instruments and how they contribute to broader risks to which the reporting organization is exposed. The proposed Update addresses many stakeholders' concerns about how organizations disclose their exposures to liquidity risk and interest rate risk, two risks that were prominent during the recent financial crisis and that continue to be relevant to reporting organizations on an ongoing basis, and proposes to require expanded and standardized disclosures about these risks.

For more information, see the following:

Issued: June 27, 2012

Comments Due: September 25, 2012

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of this guidance.

• 825-10-50-1
• 825-10-55-1
• 825-10-65-1

The amendments in this proposed Update would provide accounting guidance for an entity that meets the criteria to be an investment property entity.

For more information, see the following:

Issued: October 21, 2011

Comments Due: January 5, 2012

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of this guidance.

• 323-10-15-1
• 805-20-30-1
• 810-10-15-1
• 820-10-15-1
• 820-10-35-1
• 970-10-05-1
• 972-10-05-1
• 974-10-05-1
• 976-10-05-1
• 978-10-05-1

The objective of this proposed Update is to resolve the diversity in practice about whether Subtopic 810-10, Consolidation—Overall, or Subtopic 830-30, Foreign Currency Matters—Translation of Financial Statements, applies to the release of the cumulative translation adjustment into earnings when a parent no longer holds a controlling financial interest in a group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a consolidated foreign entity.

For more information, see the following:

Issued: December 8, 2011

Comments Due: February 6, 2012

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of this guidance.

• 220-10-45-1
• 810-10-40-1
• 830-30-40-1
• 830-30-45-1
• 810-10-65-1

The FASB is issuing this proposed Statement as part of a joint project with the International Accounting Standards Board (IASB). The FASB and the IASB undertook that project to eliminate differences between FASB Statement No. 128, Earnings per Share, and IAS 33, Earnings per Share, in ways that also would clarify and simplify the earnings per share (EPS) computation. This proposed Statement proposes amendments to Statement 128. The IASB also issued an Exposure Draft proposing amendments to IAS 33. Those proposed amendments, taken together, would improve the comparability of EPS because the denominator used to compute EPS under Statement 128 would be the same as the denominator used to compute EPS under IAS 33, with limited exceptions. Those limited exceptions relate to certain instruments for which the underlying accounting under U.S. generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS) is different.

For more information, see the following:

Issued: August 7, 2008

Comment Deadline: December 5, 2008

The Exposure Draft identifies the Codification Subsections that may be added upon issuance of this guidance.

• 260-10-10-1
• 260-10-45-1
• 260-10-60-1
• 260-10-55-1
• 505-30-55-1
• 710-10-25-1
• 710-10-35-1
• 710-10-45-1
• 718-40-45-1
• 810-10-15-1
• 940-20-50-1
• 940-320-30-1
• 940-320-35-1
• 940-320-45-1

This proposed Statement would provide guidance on the preparation of financial statements as a going concern and on management's responsibility to evaluate a reporting entity's ability to continue as a going concern. It also would require certain disclosures when either financial statements are not prepared on a going concern basis or when there is substantial doubt as to an entity's ability to continue as a going concern. Currently, AU Section 341, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern, of the AICPA Codification of Statements on Auditing Standards contains the guidance about the going concern assessment. The Public Company Accounting Oversight Board (PCAOB) adopted AU Section 341 on an initial, transitional basis and has subsequently amended that interim standard.

For more information, see the following:

Proposed Statement of Financial Accounting Standards—Going Concern (PDF).

Issued: October 9, 2008

Comment Deadline: December 8, 2008

The Exposure Draft identifies the Codification Subsections that may be added upon issuance of this guidance.

• Not Applicable—New Content

Note: On June 3, 2009, the Board decided to broaden the scope of the project. A proposed ASU will be published after Board deliberations.

This proposed FASB Staff Position (FSP) would amend the definition of a discontinued operation. It would thus establish when the income effects of a component of an entity would be reported in the discontinued operations section of the income statement under FASB Statement No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. This proposed FSP also would amend the disclosure requirements of Statement 144 for all components of an entity that either have been disposed of or are classified as held for sale regardless of whether a component of an entity is reported in the income statement as a discontinued operation or within continuing operations.

For more information, see the following:

Issued: September 25, 2008

Comment Deadline: January 23, 2009

Maintenance Updates provide nonsubstantive corrections to the Codification, such as editorial corrections, various types of link-related changes, and changes to source fragment information (used for Cross Reference and the Printer-Friendly with Sources). On occasion, a maintenance update may include nonsubstantive corrections which are reflected in the relevant Status tables.

Maintenance Updates provide nonsubstantive corrections to the Codification, such as editorial corrections, various types of link-related changes, and changes to source fragment information (used for Cross Reference and the Printer-Friendly with Sources). On occasion, a maintenance update may include nonsubstantive corrections which are reflected in the relevant Status tables.

Maintenance Updates provide nonsubstantive corrections to the Codification, such as editorial corrections, various types of link-related changes, and changes to source fragment information (used for Cross Reference and the Printer-Friendly with Sources). On occasion, a maintenance update may include nonsubstantive corrections which are reflected in the relevant Status tables.

Maintenance Updates provide nonsubstantive corrections to the Codification, such as editorial corrections, various types of link-related changes, and changes to source fragment information (used for Cross Reference and the Printer-Friendly with Sources). On occasion, a maintenance update may include nonsubstantive corrections which are reflected in the relevant Status tables.

Maintenance Updates provide nonsubstantive corrections to the Codification, such as editorial corrections, various types of link-related changes, and changes to source fragment information (used for Cross Reference and the Printer-Friendly with Sources). On occasion, a maintenance update may include nonsubstantive corrections which are reflected in the relevant Status tables.

Maintenance Updates provide nonsubstantive corrections to the Codification, such as editorial corrections, various types of link-related changes, and changes to source fragment information (used for Cross Reference and the Printer-Friendly with Sources). On occasion, a maintenance update may include nonsubstantive corrections which are reflected in the relevant Status tables.

Maintenance Updates provide nonsubstantive corrections to the Codification, such as editorial corrections, various types of link-related changes, and changes to source fragment information (used for Cross Reference and the Printer-Friendly with Sources). On occasion, a maintenance update may include nonsubstantive corrections which are reflected in the relevant Status tables.

Maintenance Updates provide nonsubstantive corrections to the Codification, such as editorial corrections, various types of link-related changes, and changes to source fragment information (used for Cross Reference and the Printer-Friendly with Sources). On occasion, a maintenance update may include nonsubstantive corrections which are reflected in the relevant Status tables.

Maintenance Updates provide nonsubstantive corrections to the Codification, such as editorial corrections, various types of link-related changes, and changes to source fragment information (used for Cross Reference and the Printer-Friendly with Sources). On occasion, a maintenance update may include nonsubstantive corrections which are reflected in the relevant Status tables.

Maintenance Updates provide nonsubstantive corrections to the Codification, such as editorial corrections, various types of link-related changes, and changes to source fragment information (used for Cross Reference and the Printer-Friendly with Sources). On occasion, a maintenance update may include nonsubstantive corrections which are reflected in the relevant Status tables.

Maintenance Updates provide nonsubstantive corrections to the Codification, such as editorial corrections, various types of link-related changes, and changes to source fragment information (used for Cross Reference and the Printer-Friendly with Sources). On occasion, a maintenance update may include nonsubstantive corrections which are reflected in the relevant Status tables.

Maintenance Updates provide nonsubstantive corrections to the Codification, such as editorial corrections, various types of link-related changes, and changes to source fragment information (used for Cross Reference and the Printer-Friendly with Sources). On occasion, a maintenance update may include nonsubstantive corrections which are reflected in the relevant Status tables.

Maintenance Updates provide nonsubstantive corrections to the Codification, such as editorial corrections, various types of link-related changes, and changes to source fragment information (used for Cross Reference and the Printer-Friendly with Sources). On occasion, a maintenance update may include nonsubstantive corrections which are reflected in the relevant Status tables.

Maintenance Updates provide nonsubstantive corrections to the Codification, such as editorial corrections, various types of link-related changes, and changes to source fragment information (used for Cross Reference and the Printer-Friendly with Sources).

Maintenance Updates provide nonsubstantive corrections to the Codification, such as editorial corrections, various types of link-related changes, and changes to source fragment information (used for Cross Reference and the Printer-Friendly with Sources).

Maintenance Updates provide nonsubstantive corrections to the Codification, such as editorial corrections, various types of link-related changes, and changes to source fragment information (used for Cross Reference and the Printer-Friendly with Sources).

Maintenance Updates provide nonsubstantive corrections to the Codification, such as editorial corrections, various types of link-related changes, and changes to source fragment information (used for Cross Reference and the Printer-Friendly with Sources).