Why this is mistaken
A proposal is not issued GAAP. An issued amendment may not yet be mandatory. An entity may or may not be eligible to adopt early. Put every date and entity class on the standards clock before changing accounting.
Where to watch
When this mistake may appear
- A new ASU or proposal appears near year-end.
Check your work
Your work may contain this mistake if:
- Applies a proposal or future amendment to the current ledger without an effective-date and election analysis.