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Unformatted text preview: itation of the Codification paragraph
containing transition guidance (for example, ―810-10-65-1‖). The numeric citation link is
clearly labeled ―Transition Guidance.‖
Accessing the transition guidance for specific pending content is simply a matter of
clicking the “Transition Guidance” link in the “Pending Content” box. By clicking the link,
you will go to the individual Section page containing the transition guidance paragraph and
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paragraph 924605-65-1. COMPREHENDING TRANSITION GUIDANCE
The transition guidance that is associated with pending Codification content specifies
the transition date(s) and any other special accounting/reporting provisions that apply to the
implementation of the pending content by reporting entities.
A transition date represents the point in time after which reporting entities must
implement the associated pending content. As specified in the transition guidance,
implementation may pertain to transactions or events occurring after the transition date or to
annual or interim reporting periods beginning or ending after the transition date.
In some cases, early adoption (also called ―early application‖) of pending content is
permitted, which allows the content to be implemented before it is required. In such cases,
transition guidance may specify a transition date for early adoption as well as a transition
date by which reporting entities must implement the associated pending content.
Transition guidance often specifies the transition method(s) that must or may be
applied by reporting entities when they adopt the pending content. For example, entities
might be required or allowed to apply a change in accounting prospectively, retrospectively,
or in some other way. In general, transiti...
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- Fall '09