Browser print preview not available. Please use the printer friendly version.

Browse

Codification

Go to a specific Topic, Subtopic, Section, or paragraph.

Other Sources

Pending Content

Many changes to the content of the FASB Accounting Standards Codification® do not take effect immediately upon issuance of an update. After a content update is approved both the current paragraph and the updated paragraph will reside in the Codification until such time that the new guidance is completely effective for all entities. During that period, the System will emphasize the newly amended paragraph as pending content to provide users with information about how a paragraph will change when new guidance becomes authoritative. An example of pending content is shown below:

 

/images/pending-content.gif

Pending Content

The Pending Content box includes the following:

  1. A very high-level idea of the earliest transition date
  2. A link to the related transition guidance
  3. The content that will be effective based on the related transition guidance. This content will replace the current content as described below.


Removal of Pending Content

Because different entities have different reporting period dates, the Pending Content box must stay in place for a period of time sufficient for all entities. As a result, it may appear in the Codification after some entities have already adopted it. For example, assume that a change has an effective date for financial statements with periods beginning after December 15, 20X1. That change would begin to be applied on December 16, 20X1 for an entity with a reporting period beginning December 16. However, an entity with a reporting period beginning on December 15 would not need to begin applying the change until December 15, 20X2. So in this case, a difference of one day can result in an effective date that differs by one year.

In order to ensure that the Pending Content box is available to users throughout all entire reporting periods, the Pending Content box will remain in place for six months beyond the last reporting period end date that can adopt the change. So, continuing with the above example, the entity with the reporting period beginning on December 15, 20X2 would end on December 14, 20X3. Including an additional six months would result in the Pending Content box appearing in the Codification until June 15, 20X4, at which point its contents would replace the current contents of the paragraph and the Pending Content box would be removed.

The contents of the pending content box will replace the current content. At the same time, the transition paragraph in Section 65 will be removed. All previous versions are accessible with the Archive feature.