As you know, the FASB Accounting Standards Codification™ has been the source of authoritative U.S. GAAP since July 1, 2009. As a result of this change we now have a new acronym, ASU. An ASU is an Accounting Standards Update. This is how changes to the FASB Codification are now made. Note that ASUs are not authoritative. Instead they are transient documents that summarize the key provisions of the project that led to the ASU, details the specific amendments to the FASB Codification, and explain the basis for the Board’s Decision.
ASUs are numbered using the year (2009) and the order in which they are issued (01, 02, etc.). So far this year the FASB has issued six ASUs.
No. 2009–01—Topic 105—Generally Accepted Accounting Principles—amendments based on—Statement of Financial Accounting Standards No. 168—The FASB Accounting Standards Codification TM and the Hierarchy of Generally Accepted Accounting Principles.
No. 2009–02—Omnibus Update—Amendments to Various Topics for Technical Corrections.
No. 2009–03—SEC Update—Amendments to Various Topics Containing SEC Staff Accounting Bulletins. (SEC material is included in the Codification for the convenience of those who are involved with public companies.).
No. 2009–04—Accounting for Redeemable Equity Instruments—Amendment to Section 480-10-S99 (Another amendment to SEC material)
No. 2009–05—Fair Value Measurements and Disclosures (Topic 820)—Measuring Liabilities at Fair Value.
No. 2009–06—Income Taxes (Topic 740)—Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities.
ASUs are available on the FASB website, http://www.fasb.org/.
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