US GAAP Disclosure List 2017

↑Content

Accounting Changes and Error Corrections


ItemTypePeriodBalanceDescription
Accounting Changes and Error Corrections text
Accounting Changes and Error Corrections textThe entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.
Disclosure Text Block Supplement text
Change in Accounting Estimate text
New Accounting Pronouncements and Changes in Accounting Principles text
Prospective Adoption of New Accounting Pronouncements text
Prior Period Adjustment text
Quantifying Prior Year Misstatements Corrected in Current Year Financial Statements text
Change in Reporting EntitytextDescribes a change that results in financial statements that, in effect, are those of a different reporting entity. A change in the reporting entity is limited mainly to (1) presenting consolidated or combined financial statements in place of financial statements of individual entities, (2) changing specific subsidiaries that make up the group of entities for which consolidated financial statements are presented, and (3) changing the entities included in combined financial statements. Describes the nature and the reason for a change in the reporting entity.
Immaterial Error CorrectiontextDescribes nature and related effect on financial statements related to corrections of prior year errors in the current year financial statements when the effect of the prior year error was immaterial to the prior year financial statements and the current year correction is immaterial to the current year financial statements.
Accounting Changes textThe entire disclosure for reporting accounting changes, excludes error corrections information.
Schedule of Change in Accounting Estimate textTabular disclosure of the change in an accounting estimate, including a change that occurs in an interim period. If a change in accounting estimate affects several future periods (for example, a change in the service life of a depreciable asset) disclose the effect on income from continuing operations, net income (or other appropriate captions of changes in the applicable net assets or performance indicator), and any related per-share amounts of the current period. Disclosure of the effects of a change in an accounting estimate that occurs in the ordinary course of business (such as uncollectible accounts or inventory obsolescence) is not required, unless the effect is material.
New Accounting Pronouncements and Changes in Accounting Principles textThe entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.
Schedule of Prospective Adoption of New Accounting Pronouncements textTabular disclosure of the comparison between amounts disclosed under previous guidance and new guidance.
Error Corrections and Prior Period Adjustments, DescriptiontextDescription of a prior period adjustment to previously issued financial statements, including an adjustment that is a correction of an error. At a minimum, the description may include the nature and reasons for the adjustment and the periods affected by the adjustment, as well as (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustment (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.
Schedule of Error Corrections and Prior Period Adjustments textTabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.
Schedule of Quantifying Prior Year Misstatements Corrected in Current Year Financial Statements textTabular disclosure of the nature and amount of prior period errors that had previously been considered immaterial and which are being corrected in the current fiscal year. This disclosure would also generally include when and how each error being corrected arose and assert that the errors were immaterial to the prior amounts reported.
Schedule of Change in Accounting Estimate textA summarization of the nature of changes in accounting estimates, including changes that occur in interim periods. Changes in accounting estimate have the effect of adjusting the carrying amounts of existing assets or liabilities or altering the subsequent accounting for existing or future assets or liabilities. Changes in accounting estimates are a necessary consequence of assessments, in conjunction with the periodic presentation of financial statements, of the present status and expected future benefits and obligations associated with assets and liabilities. Changes in accounting estimates result from new or better information. Examples of items for which estimates are necessary are uncollectible receivables, inventory obsolescence, service lives and salvage values of depreciable assets, warranty obligations, and regulatory reviews.
Schedule of New Accounting Pronouncements and Changes in Accounting Principles textTabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.
Description of New Accounting Pronouncements Not yet Adopted textThe entire disclosure for a new accounting pronouncement that has been issued but not yet adopted.
New Accounting Pronouncement, Early Adoption textTabular disclosure of financial statement line items and the effect of the guidance on the financial statement line items if the entity elects early adoption of accounting guidance.
Prospective Adoption of New Accounting Pronouncements textTable of comparison between amounts disclosed under previous guidance and new guidance.
Schedule of Error Corrections and Prior Period Adjustment Restatement textSchedule of prior period adjustments to correct an error in previously issued financial statements. The disclosure may include, but is not limited to: (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustment (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. This table can be used to disclose the amounts as previously reported and the effect of the correction or other adjustment on per line item or per share amount basis. This table uses as its line items financial statement line items that are affected by prior period adjustments.
Schedule of Quantifying Prior Year Misstatement Corrected in Current Year Financial Statements textDisclose the nature of each individual error being corrected in the correcting adjustment. This disclosure would also generally include when and how each error being corrected arose and assert that the errors were immaterial to the prior amounts reported.

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