FASB Codification Guide-2

Lesson summary pending codification content has been

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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” Transition Dates A transition date preceded by the letter “P” or “N” in parentheses applies to public or nonpublic entities, respectively. Look Now Go to paragraph 924-605-65-1. Review the transition guidance applicable to the pending content of paragraph 924-605-25-2. TIP FOR SUCCESS: Always Review Pending Content and Its Transition Guidance 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.

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