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Unformatted text preview: on methods focus on whether the adoption of a
change in the Codification content requires retrospective adjustments to prior-period
financial information that is included in current-period financial statements for comparative
purposes. Transition methods may also address adjustments to cumulative balances or other
financial statement items that are reported as of the beginning of the current period (for
example, beginning retained earnings).
Other provisions that routinely appear in transition guidance include special
disclosures to be made by reporting entities upon adoption of the pending content. Lesson 7: Working with Pending Content 73 “P” and “N”
A transition date
preceded by the
letter “P” or “N” in
applies to public
respectively. Look Now
Go to paragraph
applicable to the
924-605-25-2. TIP FOR SUCCESS: Always Review Pending Content and Its Transition
If you find relevant content in the Codification and see that there is pending content in addition to current
content, always review both the current content and pending content, along with the associated transition
guidance. The pending content may already be required for certain reporting entities, or early adoption may be
permitted and beneficial. LESSON SUMMARY Pending Codification content has been approved by the standard setter but is not
yet fully effective. In most Sections, pending content is displayed at the paragraph level in a
distinctive ―Pending Content‖ box. Transition guidance accompanies pending content to specify when and how
reporting entities must implement the pending content. To access the transition guidance for specific pending content, click the link to
the transition guidance that appears in the ―Pending Content‖ box. Lesson 7: Working with Pending Content 74 REINFORCE YOUR LEARNING
**Note: Because of the transitory nature of pending content , the paragrap...
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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