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FASB Codification Guide-2

For example the tenth mu issued in 2010 was mu no

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Unformatted text preview: proposed change, and to invite interested parties to comment on it. See Lesson 13 for more information about proposed ASUs. Other Exposure Documents: Occasionally the FASB formally solicits input from interested parties on matters other than proposed changes to the authoritative FASB guidance in the Codification. In such cases, the FASB issues an exposure document (e.g., a ―discussion paper‖) and invites interested parties to comment on it. Pre-Codification Standards: Before to July 1, 2009, U.S. GAAP was documented in a collection of many different kinds of pronouncements that had been issued by different standard setters. Those pronouncements are the ―pre-Codification standards‖ that are available through the System. Pre-Codification standards are addressed in more detail in Lesson 14. Maintenance Updates: The FASB issues Maintenance Updates (MUs) to announce and describe minor changes (typically link corrections, minor typographical corrections, website code corrections, etc.) to authoritative FASB or SEC guidance in the Codification. MUs are also issued for ―roll offs‖ (i.e., when the ―pending‖ designation is removed from authoritative Codification content after it becomes fully effective and, at the same time, any superseded content is removed). Additionally, MUs may be issued for changes to nonauthoritative content. MUs are not exposed for comment. Each MU 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 with the calendar year. For example, the tenth MU issued in 2010 was MU No. 2010-10, the first MU to be issued in 2012 will be MU No. 2012-01, and so forth. Lesson 10: Working with Nonauthoritative Content 94 Basis for Conclusions ASUs, proposed ASUs, and preCodification standards usually contain a “basis for conclusions,” i.e., the standard setter’s rationale for specific standards. TIP FOR SUCCESS: ASU and MU numbering Even though ASUs and MUs are num...
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