Standards Tracker - Accounting and Financial Reporting 

 

Financial reporting standards are ever-changing making it challenging to keep up. The table below provides a quick reference to recently issued accounting standards, complete with effective dates, summaries, and links to the standards themselves. Browse by Type:



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FASB ASU2017-02
Final Standard
January 2017
The amendments in this ASU are effective for NFPs for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an NFP early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. NFPs that have not yet adopted the amendments in FASB ASU No. 2015-02 are required to adopt the amendments in this ASU at the same time they adopt the amendments in FASB ASU No. 2015-02 and should apply the same transition method elected for the application of FASB ASU No. 2015-02. NFPs that already have adopted the amendments in FASB ASU No. 2015-02 are required to apply the amendments in this ASU retrospectively to all relevant prior periods beginning with the fiscal year in which the amendments in FASB ASU No. 2015-02 initially were applied.
Subtopic 958-810 - Not-for-Profit Entities—Consolidation
Current GAAP requires an NFP that is a general partner of a for-profit limited partnership to apply the consolidation guidance in Subtopic 810-20 unless that partnership interest is reported at fair value in conformity with certain other guidance. However, once the amendments in Update 2015-02 are effective, the guidance in Subtopic 810-20 no longer will exist, creating uncertainty about when an NFP that is a general partner should consolidate a for-profit limited partnership. The amendments in this Update retain the consolidation guidance that existed in Subtopic 810-20 by including it within Subtopic 958-810. The amendments are an improvement to GAAP because they clarify the consolidation guidance for NFPs to help avoid diversity in practice.
FASB ASU2017-02Final Standard
January 2017
The amendments in this ASU are effective for NFPs for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an NFP early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. NFPs that have not yet adopted the amendments in FASB ASU No. 2015-02 are required to adopt the amendments in this ASU at the same time they adopt the amendments in FASB ASU No. 2015-02 and should apply the same transition method elected for the application of FASB ASU No. 2015-02. NFPs that already have adopted the amendments in FASB ASU No. 2015-02 are required to apply the amendments in this ASU retrospectively to all relevant prior periods beginning with the fiscal year in which the amendments in FASB ASU No. 2015-02 initially were applied.
Subtopic 958-810 - Not-for-Profit Entities—Consolidation
Current GAAP requires an NFP that is a general partner of a for-profit limited partnership to apply the consolidation guidance in Subtopic 810-20 unless that partnership interest is reported at fair value in conformity with certain other guidance. However, once the amendments in Update 2015-02 are effective, the guidance in Subtopic 810-20 no longer will exist, creating uncertainty about when an NFP that is a general partner should consolidate a for-profit limited partnership. The amendments in this Update retain the consolidation guidance that existed in Subtopic 810-20 by including it within Subtopic 958-810. The amendments are an improvement to GAAP because they clarify the consolidation guidance for NFPs to help avoid diversity in practice.
FASB ASU2017-11Final Standard
July 2017
For public business entities, the amendments in Part I of this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the amendments in Part I of this ASU are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted for all entities, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in Part II of this ASU do not require any transition guidance because those amendments do not have an accounting effect.
Various
The amendments in the ASU change the classification of certain equity-linked financial instruments (or embedded features) with down round features. The amendments also clarify existing disclosure requirements for equity-classified instruments. For freestanding equity-classified financial instruments, the amendments require entities that present earnings per share in accordance with FASB ASC 260, Earnings Per Share, to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common shareholders in basic earnings per share. Convertible instruments with embedded conversion options that have down round features would be subject to the specialized guidance for contingent beneficial conversion features (in FASB ASC 470), including related earnings per share guidance (in FASB ASC 260). The amendments in Part II of this ASU recharacterize the indefinite deferral of certain provisions of FASB ASC 480, Distinguishing Liabilities from Equity, that now are presented as pending content in the Codification, to a scope exception. Those amendments do not have an accounting effect.
FASB ASU2017-10Final Standard
May 2017
Entity Has Not Yet Adopted FASB ASC 606 For an entity that has not adopted FASB ASC 606 before the issuance of this ASU, the effective date and transition requirements for the amendments in this ASU generally are the same as the effective date and transition requirements for FASB ASC 606 (and any other FASB ASC topic amended by ASU No. 2014-09). Specifically, an entity that adopts FASB ASC 606 after the issuance of this ASU (whether the adoption of FASB ASC 606 is at the required effective date or earlier) should adopt the amendments in this ASU at the same time that the entity adopts FASB ASC 606 and should apply the amendments in this ASU using the same transition method elected for the application of FASB ASC 606 (including applying the same practical expedients, to the extent applicable), unless the entity elects to early adopt the amendments in this ASU before adopting FASB ASC 606. Entity Already Has Adopted FASB ASC 606 For an entity that has adopted FASB ASC 606 before the issuance of this ASU, the effective date of the amendments in this ASU is as follows: 1. For a public business entity, a not-for-profit entity that has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an over-the-counter market, and an employee benefit plan that files or furnishes financial statements with or to the SEC, the amendments in this ASU are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. 2. For all other entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Refer to the full text of this ASU for further transition guidance regarding entities that have and have not yet adopted FASB ASC 606.
Topic 853 - Service Concession Arrangements
A service concession arrangement is one between a public-sector entity grantor and an operating entity whereby the operating entity will operate and sometimes maintain the grantor's infrastructure (for example, airports, roads, bridges, tunnels, prisons, and hospitals) for a specific period of time. The amendments in this ASU clarify that the grantor, rather than a third-party, is the customer of the operation services in all cases for service concession arrangements within the scope of FASB ASC 853.
FASB ASU2017-09
May 2017
The amendments in this ASU are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for (1) public business entities for reporting periods for which financial statements have not yet been issued and (2) all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this ASU should be applied prospectively to an award modified on or after the adoption date.
Topic 718 - Compensation-Stock Compensation
The amendments in this ASU provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in FASB ASC 718.
FASB ASU2017-08Final Standard
March 2017
For public business entities, the amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. Refer to ASU No. 2017-08 for additional guidance regarding the effective date.
Subtopic 310-20 - Receivables—Nonrefundable Fees and Other
The amendments in this Update shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity.
FASB ASU2017-07Final Standard
March 2017
The amendments in this ASU are effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods. For other entities, the amendments in this ASU are effective for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. That is, early adoption should be within the first interim period if an employer issues interim financial statements. Disclosures of the nature of and reason for the change in accounting principle are required in the first interim and annual periods of adoption. Refer to ASU No. 2017-07 for additional guidance regarding the effective date.
Topic 715 - Compensation—Retirement Benefits
The amendments in this Update require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost as defined in paragraphs 715-30-35-4 and 715-60-35-9 are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are used to present the other components of net benefit cost, that line item or items must be appropriately described. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed. The amendments in this Update also allow only the service cost component to be eligible for capitalization when applicable (for example, as a cost of internally manufactured inventory or a self-constructed asset).
FASB ASU2017-06Final Standard
February 2017
The amendments in this ASU are effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. An entity should apply the amendments in this ASU retrospectively to each period for which financial statements are presented.
Topic 965 - Health and Welfare Benefit Plans
The Board issued this Update to improve the usefulness of the information reported to users of employee benefit plan financial statements and to provide clarity to preparers and auditors. This Update relates primarily to the reporting by an employee benefit plan (a plan) for its interest in a master trust. A master trust is a trust for which a regulated financial institution (bank, trust company, or similar financial institution that is regulated, supervised, and subject to periodic examination by a state or federal agency) serves as a trustee or custodian and in which assets of more than one plan sponsored by a single employer or by a group of employers under common control are held.
FASB ASU2017-05Final Standard
February 2017
The amendments in this ASU are effective at the same time as the amendments in Update 2014-09. Therefore, for public entities, the amendments are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Public entities may apply the guidance earlier but only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. For all other entities, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. All other entities may apply the guidance earlier as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities also may apply the guidance earlier as of annual reporting periods beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which the entity first applies the guidance. An entity is required to apply the amendments in this ASU at the same time that it applies the amendments in FASB ASU No. 2014-09. Refer to ASU No. 2017-05 for additional guidance regarding the effective date.
Subtopic 610-20 - Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets
The FASB issued this ASU to clarify the scope of Subtopic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets, and to add guidance for partial sales of nonfinancial assets. Subtopic 610-20, which was issued in May 2014 as a part of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers.
FASB ASU2017-04Final Standard
January 2017
An entity should apply the amendments in this ASU on a prospective basis. An entity is required to disclose the nature of and reason for the change in accounting principle upon transition. That disclosure should be provided in the first annual period and in the interim period within the first annual period when the entity initially adopts the amendments in this ASU. A public business entity that is a U.S. Securities and Exchange Commission (SEC) filer should adopt the amendments in this ASU for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. A public business entity that is not an SEC filer should adopt the amendments in this ASU for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2020. All other entities, including not-for-profit entities, that are adopting the amendments in this ASU should do so for their annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2021. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017.
Topic 330 - Intangibles—Goodwill and Other
The amendments in this Update modify the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. An entity no longer will determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Because these amendments eliminate Step 2 from the goodwill impairment test, they should reduce the cost and complexity of evaluating goodwill for impairment.


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