Misconception · MIS:tentative-fasb-decision-is-current-gaap

Mistaken idea “A tentative FASB decision is current GAAP”

Mistaken reasoning: This mistake applies a project discussion, exposure draft, or board preference before a final effective amendment exists.

Updated Aug 21, 2026 Review due Sep 30, 2026

Why this is mistaken

Record the project status separately. Current Codification content governs until final amendments are issued, effective, and applicable to the entity and period.

Where to watch

When this mistake may appear

  • A June 2026 project recap describes a supported trigger-based approach.
Check your work

Your work may contain this mistake if:

  • This mistake replaces current Topic 470 with the tentative approach.