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The FASB issues an Accounting Standards Update (Update or ASU) to communicate changes to the FASB Codification, including changes to non-authoritative SEC content. ASUs are not authoritative standards.
Accounting Standards Updates. The FASB documents listed below are included on this page during the time the amendments are being applied, considering all possible fiscal periods. The full text of the FASB documents can be downloaded by clicking the pdf icon in the action column.
The FASB issues an Accounting Standards Update (Update or ASU) to communicate changes to the FASB Codification, including changes to non-authoritative SEC content. ASUs are not authoritative standards.
This publication summarizes the new accounting standards with mandatory effective dates in the first quarter of 2025 for public entities, as well as new standards that take effect in annual 2024 financial statements for nonpublic entities.
Cross Reference report and archive to locate and access legacy standards; Various Printing options, including printer-friendly utility for viewing source references; Archive feature for accessing any previous version of the content; Glossary term display feature for quickly viewing definitions; What’s New feature for accessing recently issued ...
An Accounting Standards Update is not authoritative; rather, it is a document that communicates how the Accounting Standards Codification is being amended. It also provides other information to help a user of GAAP understand how and why GAAP is changing and when the changes will be effective.
Summary of the new accounting standards with mandatory effective dates in the first quarter of 2023 for public entities, as well as new standards that take effect in annual 2022 financial statements for nonpublic entities.
Why Is the FASB Issuing This Accounting Standards Update (Update)? Since the issuance of Accounting Standards Update No. 2016-02, Leases (Topic 842), the Board has prioritized monitoring and assisting stakeholders with the implementation of Topic 842 through its Post-Implementation Review (PIR) process.
In 2023, an accounting standard update (ASU) was issued to help entities navigate how to treat leases between common control entities. ASU 2023-01 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years.
For helpful, up-to-date guidance on the key aspects of financial reporting, including all of the most recent developments in IFRS ® Accounting Standards, see our publication Insights into IFRS.