Authority and currency
About this authority
- Publisher
- Financial Accounting Foundation
- Standing
- Primary authority
- Version
- Accounting Standards Update 2025-05
- Relevant parts
- Summary pages 1–3; Subtopic 326-20 amendments; transition paragraph 326-10-65-6
- Currency
- current · checked Aug 7, 2026
For annual periods beginning after December 15, 2025, all entities may elect a defined practical expedient that assumes current conditions do not change over the remaining life of scoped current assets. An entity other than a public business entity that elects that expedient may also elect to consider specified collection activity after the balance-sheet date. Application is prospective; eligibility, election, information date, and disclosure remain explicit.