FASB Codification Guide-2

S gaap for nongovernmental entities on july 1 2009

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Unformatted text preview: ults in a new version of the content. The version superseded as a result of the update is then archived within the System. The archiving process preserves a copy of the Codification content as it was before the update. Lesson 8: Working with Archived Content 77 The archiving process assigns a sequential version number to the newly current version of the content at the Subsection level, while the newly archived version retains the version number that had been assigned to it when it became current as shown in the image from the Archive tab of Section 310-10-50 below: Roll Offs Recall from Lesson 7 that the term roll off is commonly used to refer to a change in the status of content from pending to current and/or to the removal of current content that is no longer effective. Note: In the context of this lesson, “current” does not necessarily mean “effective.” Thus, System users can easily follow the version history of Codification content becau se the current version and all archived versions are distinctly identified and available through the System. Because the archiving process also captures the date on which each version was superseded, System users can easily determine what version of the Codification content was current as of any particular date in the past after the formal adoption of the Codification as the authoritative source of U.S. GAAP for nongovernmental entities on July 1, 2009. Versions of both FASB Sections and SEC Sections are created as described above. However, versions of Subsections of FASB Sections are created separately from versions of Subsections of SEC Sections. This is true even when there are corresponding FASB and SEC Sections within the same Subtopic. For example, Subtopic 310-10 contains a Section 50 and a Section S50, both titled Disclosure. Archive versions of of Section 50’s Subsections are created independently from the archive versions of Section S50’s Subsections. The archiving process works differently for Glossary Sections of the Codification, as explained in Lesson 9. Lesson 8: Working with Archived Content 78 XBRL Elements Sections To date, the a...
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