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Unformatted text preview: you must consult the
System’s nonauthoritative content to find answers to your questions. This lesson will help
you learn to: Recognize the kinds of nonauthoritative content that are available through the
System Identify which nonauthoritative content to consult in various situations Access nonauthoritative content in the System. ABOUT NONAUTHORITATIVE CONTENT
The Codification is the complete source of authoritative U.S. GAAP for nongovernmental
entities. The System provides access to all of the Codification’s authoritative content. The
System also provides access to some nonauthoritative sources of information, including: Lesson 10: Working with Nonauthoritative Content 93 Notice to Constituents: This document is updated periodically and published by the FASB.
It provides detailed background information on the Codification’s structure, content, style, and
Accounting Standards Updates (ASUs): The FASB issues an ASU to formally
announce and describe each major change to the authoritative Codification content. An ASU
is issued when the FASB approves and implements a change to the FASB guidance in the
Codification. ASUs are also issued when the FASB implements changes promulgated by the
SEC to the SEC guidance that is included in the Codification. ASUs are typically issued for
major changes to the authoritative Codification content. Each ASU is assigned a numeric
identifier consisting of the four-digit calendar year of issue, followed by a hyphen, followed
by a two-digit sequential number reflecting the order of issuance in the calendar year. For
example, the fifteenth ASU issued in 2010 is ASU No. 2010-15, the fifth ASU to be issued in
2012 will be ASU No. 2012-05, and so forth. Lesson 13 addresses ASUs in more detail.
Proposed Accounting Standards Updates: For each major change that the FASB
proposes to make to the authoritative FASB guidance in the Codification, the FASB issues an
Exposure Draft of a proposed ASU to describe the change, explain the FASB’s rationale for
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This note was uploaded on 03/27/2014 for the course ECON 12586 taught by Professor Yorambarzel during the Fall '09 term at University of Washington.
- Fall '09