ASC 205 Presentation of Financial Statements
This Topic contains three subtopics (Overall, Discontinued Operations, and Liquidation Basis of Accounting).
ASC 215 Statement of Shareholder Equity
This Topic has been moved to Topic 505, Equity, as part of the FASB’s project on Codification improvements.
ASC 220 Income Statement — Reporting Comprehensive Income
* Note that because of technical difficulties, ASC 220 has not been updated for ASU 2023-03.
ASC 225 Income Statement
This Topic has been superseded by Maintenance Update 2017-19 and Accounting Standards Update 2015-01.
ASC 230 Statement of Cash Flows
This Topic provides guidance on reporting cash flows in general purpose financial statements and provides information about where to find guidance related to industry-specific issues.
ASC 235 Notes to Financial Statements
This Topic discusses guidance on the “content and usefulness of disclosure by an entity of the accounting policies judged by management to be most appropriate to fairly present the entity’s financial statements.”
ASC 250 Accounting Changes and Error Corrections
This Topic provides guidance on the accounting for and reporting of accounting changes and error corrections.
ASC 255 Changing Prices
This Topic “provides guidance on reporting the effects of changing prices, or inflation, on financial statements of business entities. The reporting addresses both general inflation and price changes of certain assets.”
ASC 260 Earnings per Share
This Topic provides guidance on the “computation, presentation, and disclosure requirements for earnings per share (EPS) for entities with publicly held common stock or potential common stock.”
ASC 270 Interim Reporting
This Topic “clarifies the application of accounting principles and reporting practices to interim financial information, including interim financial statements and summarized interim financial data of publicly traded companies issued for external reporting purposes.”
ASC 272 Limited Liability Entities
This Topic addresses the reporting guidance applicable to limited liability entities organized in the U.S. that prepare financial statements in accordance with U.S. GAAP.
ASC 274 Personal Financial Statements
This Topic “provides guidance on how the estimated current values of assets and the estimated current amounts of liabilities are determined and applied in the preparation and presentation of personal financial statements.”
ASC 275 Risks and Uncertainties
This Topic notes that “specified criteria serve to screen the host of risks and uncertainties that affect every entity so that required disclosures are limited to matters significant to a particular entity.”
ASC 305 Cash and Cash Equivalents
This Topic has been moved to Topic 210, Balance Sheet, as part of the FASB’s project on Codification improvements.
ASC 310 Receivables
This Topic provides general guidance for receivables and notes that receivables arise from credit sales, loans, or other transactions.
ASC 320 Investments — Debt Securities
This Topic provides detailed guidance on the accounting and reporting of “investments in equity securities that have readily determinable fair values” and “all investments in debt securities.”
ASC 321 Investments — Equity Securities
This Topic provides detailed guidance for “investments in equity securities and other ownership interests in an entity, including investments in partnerships, unincorporated joint ventures, and limited liability companies as if those other ownership interests are equity securities.”
ASC 323 Investments — Equity Method and Joint Ventures
This Topic comprises three Subtopics (Overall; Partnerships, Joint Ventures, and Limited Liability Entities; and Income Taxes).
ASC 325 Investments — Other
This Topic comprises four Subtopics (Overall, Cost Method Investments, Investments in Insurance Contracts, and Beneficial Interests in Securitized Financial Assets).
ASC 326 Financial Instruments — Credit Losses
This Topic provides guidance on how an entity should measure credit losses on financial instruments and comprises three Subtopics (Overall, Measured at Amortized Cost, and Available-for-Sale Debt Securities).
ASC 330 Inventory
This Topic provides guidance on the accounting and reporting of inventory in the financial statements.
ASC 340 Other Assets and Deferred Costs
This Topic comprises four Subtopics (Overall, Capitalized Advertising Costs, Insurance Contracts that Do Not Transfer Insurance Risk, and Other Assets and Deferred Costs — Contracts With Customers).
ASC 350 Intangibles — Goodwill and Other
This Topic comprises five Subtopics (Overall, Goodwill, General Intangibles Other than Goodwill, Internal-Use Software, and Website Development Costs).
ASC 405 Liabilities
This Topic comprises four Subtopics (Overall, Extinguishments of Liabilities, Insurance-Related Assessments, and Obligations Resulting from Joint and Several Liability Arrangements).
ASC 410 Asset Retirement and Environmental Obligations
This Topic comprises three Subtopics (Overall, Asset Retirement Obligations, and Environmental Obligations).
ASC 420 Exit or Disposal Cost Obligations
This Topic "addresses financial accounting and reporting for costs associated with exit or disposal activities. An exit activity includes but is not limited to a restructuring."
ASC 430 Deferred Revenue
This Topic simply provides a link to the guidance in the Codification on deferred revenue related to vendor sales incentives, which is in ASC 605-50.
ASC 440 Commitments
This Topic provides guidance for general commitments, such as “unused letters of credit; preferred stock dividends in arrears; commitments such as those for plant acquisition; and obligations to reduce debts, maintain working capital, or restrict dividends.”
ASC 450 Contingencies
This Topic outlines the accounting and disclosure requirements for loss and gain contingencies.
ASC 460 Guarantees
This Topic “establishes the accounting and disclosure requirements to be met by a guarantor for certain guarantees issued and outstanding.”
ASC 470 Debt
This Topic comprises six Subtopics (Overall, Debt With Conversion and Other Options, Participating Mortgage Loans, Product Financing Arrangements, Modifications and Extinguishments, and Troubled Debt Restructurings by Debtors).
ASC 605 Revenue Recognition
This Topic provides guidance for transaction-specific revenue recognition and certain matters related to revenue-generating activities, such as the sale of products, the rendering of services, and the gain or loss on involuntary conversions of nonmonetary assets to monetary assets, that are not addressed specifically in other Topics.
ASC 606 Revenue From Contracts With Customers
This Topic provides guidance on recognizing revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
ASC 705 Cost of Sales and Services
This Topic notes that it “only provides links to guidance on accounting for the cost of sales and services in other applicable Subtopics as the asset liability model used in the Codification generally results in the inclusion of that guidance in other Topics.”
ASC 710 Compensation — General
This Topic specifically covers compensated absences, deferred compensation arrangements, lump-sum payments under union contracts, and rabbi trusts.
ASC 712 Compensation — Nonretirement Postemployment Benefits
This Topic provides guidance on nonretirement postemployment benefits, including termination benefits and other postemployment benefits provided to former and inactive employees.
ASC 715 Compensation — Retirement Benefits
This Topic comprises six Subtopics (Overall, Defined Benefit Plans — General, Defined Benefit Plans — Pension, Defined Benefit Plans — Other Postretirement, Defined Contribution Plans, and Multiemployer Plans).
ASC 718 Compensation — Stock Compensation
* Note that because of technical difficulties, ASC 718 has not been updated for ASU 2023-03.
ASC 720 Other Expenses
This Topic comprises eight Subtopics (Overall, Start-Up Costs, Insurance Costs, Contributions Made, Real and Personal Property Taxes, Advertising Costs, Electronic Equipment Waste Obligations, Business and Technology Reengineering, and Fees Paid to the Federal Government by Pharmaceutical Manufacturers and Health Insurers).
ASC 730 Research and Development
This Topic comprises two Subtopics (Overall and Research and Development Arrangements).
ASC 805 Business Combinations
This Topic comprises six Subtopics (Overall; Identifiable Assets and Liabilities, and Any Noncontrolling Interest; Goodwill or Gain from Bargain Purchase, Including Consideration Transferred; Reverse Acquisitions; Related Issues; Income Taxes).
ASC 808 Collaborative Arrangements
This Topic provides guidance for income statement presentation, classification, and disclosures related to collaborative arrangements.
ASC 810 Consolidation
This Topic comprises three Subtopics (Overall, Control of Partnerships and Similar Entities, and Research and Development Arrangements).
ASC 815 Derivatives and Hedging
This Topic provides comprehensive guidance on derivative and hedging transactions.
ASC 820 Fair Value Measurement
This Topic applies to U.S. GAAP that require or permit fair value measurements or disclosures and provides a single framework for measuring fair value and requires disclosures about fair value measurement.
ASC 825 Financial Instruments
This Topic comprises two Subtopics (Overall and Registration Payment Arrangements).
ASC 830 Foreign Currency Matters
This Topic comprises five Subtopics (Overall, Foreign Currency Transactions, Translation of Financial Statements, Statement of Cash Flows, and Income Taxes).
ASC 835 Interest
This Topic comprises three Subtopics (Overall, Capitalization of Interest, and Imputation of Interest).
ASC 840 Leases
This Topic comprises four Subtopics (Overall, Operating Leases, Capital Leases, and Sale-Leaseback Transactions).
ASC 842 Leases
This Topic provides the requirements of financial accounting and reporting for lessees and lessors and comprises five Subtopics (Overall, Lessee, Lessor, Sale and Leaseback Transactions, and Leveraged Leases Arrangements).
ASC 845 Nonmonetary Transactions
This Topic notes that the “amount of monetary assets or liabilities exchanged generally provides an objective basis for measuring the cost of nonmonetary assets or services received by an entity as well as for measuring gain or loss on nonmonetary assets transferred from an entity.”
ASC 848 Reference Rate Reform
This Topic provides optional expedients for applying the guidance in certain Topics or Industry Subtopics for contract modifications or other situations affected by reference rate reform.
ASC 850 Related Party Disclosures
This Topic provides “disclosure requirements for related party transactions and certain common control relationships.”
ASC 852 Reorganizations
This Topic comprises three Subtopics (Overall, Quasi-Reorganizations, and Income Taxes).
ASC 853 Service Concession Arrangements
This Topic “provides guidance for reporting entities when they enter into a service concession arrangement with a public sector grantor who controls or has the ability to modify or approve the services that the operating entity must provide with the infrastructure, to whom it must provide them, and at what price (which could be set within a specified range).”
ASC 855 Subsequent Events
This Topic “provides guidance on principles and requirements for subsequent events.”
The Codification’s categories are organized by Topic, Subtopic, Section, and paragraph, each with a numerical designation. The Sections in every Subtopic are labeled uniformly, as follows:
Overview and Background
Other Presentation Matters
Scope and Scope Exceptions
Implementation Guidance and Illustrations
Transition and Open Effective Date Information
The Codification is updated via Accounting Standards Updates (ASUs). These are assigned a number that corresponds to the year of the ASU’s issuance and its sequential order (e.g., the first ASU issued in 2010 was 2010-01). ASUs replace accounting changes that historically were issued as FASB Statements, FASB Interpretations, FASB Staff Positions, or other types of FASB standards. ASUs contain a background and basis for conclusions as well as a marked draft of any changes to existing guidance. The new guidance is labeled “Pending Content” in the Codification, and the superseded guidance will not be removed until the guidance in the ASU is effective for all entities. ASUs are available in PDF format on the FASB’s Web site.