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