ACC 4100: FASB Accounting Standards Codification and IFRS - Prof. Chu

Explanation of FASB Accounting Standards Updates

FASB Accounting Standards Updates (ASUs)

The FASB updates the Accounting Standards Codification (ASC) with Accounting Standards Updates.

The FASB website offers this information about the updates:

"Updates will be published for all authoritative U.S. GAAP promulgated by the FASB, regardless of the form in which such guidance may have been issued prior to release of the FASB Codification (e.g., FASB Statements, EITF Abstracts, FASB Staff Positions, etc.). Updates also will be issued for amendments to the SEC content in the FASB Codification as well as for editorial changes.

An Update is a transient document that (1) summarizes the key provisions of the project that led to the Update, (2) details the specific amendments to the FASB Codification, and (3) explains the basis for the Board’s decisions. Although ASUs will update the FASB Codification, the FASB does not consider Updates as authoritative in their own right."

More Information about Accounting Standards Updates (ASUs)

The FASB Notice to Constituents has more information on the Accounting Standards Updates under "Ongoing Standard-Setting Process."

Accessing the Accounting Standards Updates (ASUs)

Where to find the updates:

  • FASB Accounting Standards Codification-Professional View-Academic version: Under Other Sources (left column), click link to Accounting Standards Updates
  • CCH Accounting Research Manager, drill down FASB Standards, click link to Accounting Standards Updates