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On June 10, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-10 Development Stage Entities (Topic 915). The ASU eliminates the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification resulting in no differentiation under US Generally Accepted Accounting Principles (GAAP) between such entities and all other reporting entities. Consequently, Topic 915 has been removed, in its entirety, from the FASB Accounting Standards Codification thereby removing all incremental financial reporting requirements from US GAAP for development stage entities. Specifically, a development stage entity is no longer required to:
Further amendments under ASU No. 2014-10 include:
All amendments, with the exception of the clarification to Topic 275 which should be applied prospectively, should be applied retrospectively. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. For other entities, the amendments are effective for annual reporting periods beginning after December 15, 2014, and interim reporting periods beginning after December 15, 2015.
With respect to the Topic 810 amendments, both public and non-public entities have more time to adopt them. For public business entities, they should be applied retrospectively for annual reporting periods beginning after December 15, 2015, and interim periods therein. For all other entities, they should be applied retrospectively for annual reporting periods beginning after December 15, 2016, and interim reporting periods beginning after December 15, 2017.
Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued (public business entities) or made available for issuance (other entities).
To access the full script of ASU No. 2014-10, click here.
For more information on the financial reporting library, contact a local MNP Assurance Professional, or Jody MacKenzie, Director, Assurance Professional Standards.
This communication contains a general overview of the topic and is current as of June 10, 2014. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made with in consultation with a qualified professional, who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2014. All rights reserved.
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