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Basis for Conclusions

Introduction and Overview

All FASB Accounting Standards Updates (ASUs) include a Basis for Conclusions. The Basis for Conclusions summarizes the Board’s considerations in developing the amendments contained in each final ASU. This typically helps readers better understand the ASU, as well as the reasons for the authoritative changes. The FASB Accounting Standards Codification features two tools to assist in accessing original standards and ASUs, and their Bases for Conclusion: 1) Cross Reference feature and 2) Printer-Friendly with Sources.

Video Walkthrough

 


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Cross Reference


The Cross Reference feature, available to all ASC users, can be used to identify the original standard(s) or ASU(s) used to populate any given portion of the Codification, which in turn facilitates accessing the Basis for Conclusions for any given Topic, Subtopic, or Section:

  1. Click “Cross Reference” in the header bar at the top of the webpage.
  2. Under the “By Codification” section of the webpage (toward the right side of the webpage), enter a Topic number in the Topic field.
  3. (Optional) Enter a Subtopic and/or Section number in the appropriate field. If you enter a Section number, you can also specify a paragraph number.
  4. Click the “Generate Report” button.
  5. The relevant standard(s) and ASU(s) will be displayed in table format. Make note of these standards for reference below.
  6. Navigate to the relevant standard(s) under the “Other Sources” heading on the lower left side of the screen:
    • For ASU’s, hover your mouse cursor over “Accounting Standards Updates” and navigate by issue year to the ASU(s) you noted above. Click on the PDF link to view the ASU.
    • For older FASB pronouncements (FAS, FIN, FSP, FTB, EITF, QA), hover your mouse cursor over “Pre-Codification Standards” and select “FASB Pronouncements and EITF Abstracts”. On the resultant page, scroll down to access the pronouncement(s) you noted above. Click the PDF link to view the pronouncement.
  7. Perform a search for “Basis for Conclusions” in any of these PDF documents.
 

Printer Friendly with Sources

The Printer Friendly with Sources feature, available to Professional View ASC users, provides the ability to view authoritative guidance and the pre- or post-Codification source citations.

  1. While in the Codification, navigate to the footer bar at the bottom of the webpage and hover the mouse cursor over “Print;” a menu will appear with various options.
  2. Click “Printer Friendly with Sources;” a printer-friendly window will appear.
  3. The source document/standard for any given portion of Codification content will be displayed adjacent to that content within square brackets. e.g. [ASU 2015-02, paragraph 6]
  4. Make note of the source standard(s), for reference below.
  5. Navigate to the relevant standard(s) under the “Other Sources” heading on the lower left side of the screen:
    • For ASU’s, hover your mouse cursor over “Accounting Standards Updates” and navigate by issue year to the ASU(s) you noted above. Click on the PDF link to view the ASU.
    • For older FASB pronouncements (FAS, FIN, FSP, FTB, EITF, QA), hover your mouse cursor over “Pre-Codification Standards” and select “FASB Pronouncements and EITF Abstracts”. On the resultant page, scroll down to access the pronouncement(s) you noted above. Click the PDF link to view the pronouncement.
  6. Perform a search for “Basis for Conclusions” in any of these PDF documents.