Effective July 1, 2009, changes to the FASB Accounting Standards Codification will be communicated through Accounting Standards Updates (ASUs). The updates will be published for all authoritative U.S. generally accepted accounting principles promulgated by the Financial Accounting Standards Board, 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.). ASUs also will be issued for amendments to the SEC content in the FASB Codification as well as for editorial changes.
An ASU is a document that summarizes the key provisions of the project that led to the ASU, details the specific amendments to the FASB Codification, and explains the basis for the FASB’s decisions. Although ASUs will update the FASB Codification, the FASB does not consider ASUs as authoritative in their own right. Prior to the release of the FASB Codification, the FASB amended pre-Codification standards and issued them in an “as amended” form. The FASB will not amend ASUs; it will only amend the FASB Codification.
To date, the FASB has issued the following ASUs:
- ASU No. 2009-01, Topic 105 – Generally Accepted Accounting Principles - amendments based on Statement of Financial Accounting Standards No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. This ASU reflected the issuance of FASB Statement No. 168.
- ASU No. 2009-02, Omnibus Update—Amendments to Various Topics for Technical Corrections. This omnibus ASU detailed amendments to various topics for technical corrections.
- ASU No. 2009-03, SEC Update – Amendments to Various Topics Containing SEC Staff Accounting Bulletins. This ASU updated cross-references to Codification text.
- ASU No. 2009-04, Accounting for Redeemable Equity Instruments – Amendment to Section 480-10-S99. This ASU represents an update to Section 480-10-S99, Distinguishing Liabilities from Equity, per Emerging Issues Task Force Topic D-98, "Classification and Measurement of Redeemable Securities."
- ASU No. 2009-05, Fair Value Measurements and Disclosures (Topic 820) - Measuring Liabilities at Fair Value. This ASU is discussed in the following article.
The above ASUs are available in full at http://www.fasb.org/cs/ContentServer?c=Page&pagename=FASB%2FPage%2FSectionPage&cid=1176156316498.
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