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Unformatted text preview: been many major changes to the Topic’s content over time. Mario wants to focus on the most recent changes and proposed changes, so he uses the ―Recently Issued‖ feature of the System to quickly identify the most recent ASUs that are associated with changes to Topic 954 as well as recent exposure drafts of proposed changes to that Topic. He also uses the ―Maintenance Updates‖ feature of the System to identify minor changes recently made to the Topic. Learning Outcomes The content of the Codification is subject to continuous change. Your research may require you to determine what changed, when, and how. You may also need to know what changes are likely to occur in the future. In the scenario above, Mario used the System to identify actual and planned changes to the Codification. This lesson will help you learn to do what Mario did, specifically: Work with the Codification’s Status Sections to understand the effects of ASUs on specific Codification content Use the ―Recently Issued‖ feature of the System to identify recent ASUs and recent Proposed ASUs Access various documents related to changes in the Codification content, including ASUs, MUs, and proposed ASUs. Lesson 13: Keeping Track of Changes to the Codification 128 HOW THE CODIFICATION IS UPDATED Currently, the FASB and the SEC are the only setters of authoritative financial accounting and reporting standards for nongovernmental U.S. entities. The Codification content is routinely updated to reflect the standard-setting decisions of both the FASB and the SEC. Every approved change to the Codification content is documented in one of two kinds of pronouncements issued by the FASB: an ASU or a MU. Those pronouncements, collectively referred to as ―Codification updates,‖ were explained in Lesson 10. SEC Guidance Recall from Lesson 3 that SEC guidance applies only to entities that are SEC registrants. Concurrent with the issuance of an ASU or MU, the FASB’s staff updates the System accordingly so that changes to authoritative or nonauthoritative content are immediately vis...
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