Standards Tracker - Accounting and Financial Reporting

Type: FASB ASU

Number: 2019-11

Codification Improvements to Topic 326, Financial Instruments—Credit Losses

Issue: Nov-19

Effective Date: For entities that have not yet adopted the amendments in ASU No. 2016-13 as of the issuance date of this ASU, the effective dates and transition requirements for the amendments are the same as the effective dates and transition requirements in ASU No. 2016-13. For entities that have adopted the amendments in ASU No. 2016-13, the amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted in any interim period after issuance of this Update as long as an entity has adopted the amendments in ASU No. 2016-13. See the full text of the Update for further information. 

Summary: The amendments in this Update clarify or address stakeholders’ specific issues about certain aspects of the amendments in ASU No. 2016-13.

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2019-10

Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates

Issue: Nov-19

Effective Date: The amendments are effective upon issuance of this ASU. 

Summary: The amendments in this ASU make changes to effective dates to the following ASUs:

• Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (Credit Losses) 
• Accounting Standards Update No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities(Hedging)
• Accounting Standards Update No. 2016-02, Leases (Topic 842)(Leases)

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2019-09

Financial Services—Insurance (Topic 944): Effective Date

Issue: Nov-19

Effective Date: The amendments are effective upon issuance of this ASU. 

Summary: The amendments in this Update defer the effective date of the amendments in ASU No. 2018-12 for all entities.

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2019-08

Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer

Issue: Nov-19

Effective Date: See the full text of the Update for further information. 

Summary: The amendments in this ASU require that an entity measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718. The amount recorded as a reduction of the transaction price is required to be measured on the basis of the grant-date fair value of the share-based payment award in accordance with Topic 718. The grant date is the date at which a grantor (supplier) and a grantee (customer) reach a mutual understanding of the key terms and conditions of a share-based payment award. The classification and subsequent measurement of the award are subject to the guidance in Topic 718 unless the share-based payment award is subsequently modified and the grantee is no longer a customer.

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2019-07

Codification Updates to SEC Sections— Codification Updates to SEC Sections—Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates (SEC Update)

Issue: Nov-19

Effective Date: The amendments are effective upon issuance of this ASU. 

Summary: The amendments in this ASU make changes to certain SEC paragraphs in the Codification pursuant to SEC Final Rule Releases No. 33-10532 and Nos. 33-10231 and 33-10442. 

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2019-06

Codification Updates to SEC Sections—Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates (SEC Update)

Issue: Jul-19

Effective Date: The amendments are effective upon issuance of this ASU. 

Summary: The amendments in this ASU make changes to certain SEC paragraphs in the Codification pursuant to SEC Final Rule Releases No. 33-10532, No. 33-10231 and No. 33-10422. 

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2019-06

Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Entities (Topic 958): Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities

Issue: May-19

Effective Date: The amendments are effective upon issuance of this ASU. Consistent with the existing private company alternatives for goodwill and certain intangible assets, not-for-profit entities electing to adopt these alternatives do not have to demonstrate preferability and should follow the transition guidance the first time they elect to adopt the alternatives. Not-for-profit entities have the same open-ended effective date and unconditional one-time election that private companies have. Review the full text of the Update for additional effective date information.

Summary: The amendments in this ASU extend the private company alternatives from Topic 350 (ASU No. 2014-02) and Topic 805 (ASU No. 2014-18) to not-for-profit entities. 

Under the amendments to the accounting alternative in Topic 350, a not-for-profit entity should amortize goodwill on a straight-line basis over 10 years, or less than 10 years if the not-for-profit entity demonstrates that a shorter useful life is more appropriate. A not-for-profit entity that elects this accounting alternative is required to make an accounting policy election to test goodwill for impairment at either the entity level or the reporting unit level. A not-for-profit entity is required to test goodwill for impairment when a triggering event occurs that indicates that the fair value of the entity (or a reporting unit) may be below its carrying amount. Under the amendments to the accounting alternative in Topic 805, for transactions occurring after adoption of the alternative, a not-for-profit entity should subsume into goodwill and amortize customer-related intangible assets that are not capable of being sold or licensed independently from the other assets of a business and all noncompetition agreements acquired. 

A not-for-profit entity that elects the accounting alternative in Topic 805 is required to adopt the alternative in Topic 350 to amortize goodwill. However, a not-for-profit entity that elects the accounting alternative in Topic 350 is not required to adopt the accounting alternative in Topic 805.

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2019-05

Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief

Issue: May-19

Effective Date: For entities that have not yet adopted the amendments in ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, the effective date and transition methodology for the amendments in this Update are the same as in ASU No. 2016-13. For entities that have adopted the amendments in ASU No. 2016-13, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted in any interim period after the issuance of this Update as long as an entity has adopted the amendments in ASU No. 2016-13. Review the full text of the Update for additional effective date information.

Summary: The amendments in this Update provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments—Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. An entity that elects the fair value option should subsequently apply the guidance in Subtopics 820-10, Fair Value Measurement—Overall, and 825-10.

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2019-04

Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments

Issue: Apr-19

Effective Date: The amendments in this Update have various effective dates which take into consideration the early implementation status of other recent, related ASUs. Review the full text of the Update for additional effective date information.

Summary: FASB has an ongoing project on its agenda for improving the Codification or correcting its unintended application. The items addressed in that project generally are not expected to have a significant effect on current accounting practice or to create a significant administrative cost for most entities. The amendments in this Update are similar to those items. However, FASB decided to issue a separate Update for improvements to Updates 2016-01, 2016-13, and 2017-12 to increase stakeholders’ awareness of the amendments and to expedite improvements to the Codification.

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2019-03

Not-for-Profit Entities (Topic 958): Updating the Definition of Collections

Issue: Mar-19

Effective Date: The amendments in this Update are effective for annual financial statements issued for fiscal years beginning after December 15, 2019, and for interim periods within fiscal years beginning after December 15, 2020. Early application of the amendments is permitted. The amendments in this Update should be applied on a prospective basis.

Summary: The amendments in this Update modify the definition of the term collections and require that a collection-holding entity disclose its policy for the use of proceeds from when collection items are deaccessioned (that is, removed from a collection). If a collection-holding entity has a policy that allows proceeds from deaccessioned collection items to be used for direct care, it should disclose its definition of direct care.

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2019-02

Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (Subtopic 920-350): Improvements to Accounting for Costs of Films and License Agreements for Program Materials (a consensus of the Emerging Issues Task Force)

Issue: Mar-19

Effective Date: For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal year. See full text for further information.

Summary: The amendments in this Update apply to broadcasters and entities that produce and distribute films and episodic television series and update various specific accounting considerations.

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2019-01

Leases (Topic 842): Codification Improvements

Issue: Mar-19

Effective Date: Varies. See full text for further information.

Summary: On February 25, 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions.
The amendments in this Update include the following items brought to the Board’s attention through those interactions with stakeholders:
1. Determining the fair value of the underlying asset by lessors that are not manufacturers or dealers (Issue 1)
2. Presentation on the statement of cash flows—sales-type and direct financing leases (Issue 2)
3. Transition disclosures related to Topic 250, Accounting Changes and Error Corrections (Issue 3))

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2018-20

Leases (Topic 842): Narrow-Scope Improvements for Lessors

Issue: Dec-18

Effective Date: Varies dependent on early adoption status of FASB ASU 2016-02. See full text for further information.

Summary:On February 25, 2016, the FASB ASU No. 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. The FASB has been assisting stakeholders with implementation questions and issues as organizations prepare to adopt the new lease requirements. Since the issuance of FASB ASU No. 2016-02, lessor takeholders have informed the Board about certain issues that they are experiencing on the following when applying.

Topic 842:

1. Sales taxes and other similar taxes collected from lessees
2. Certain lessor costs
3. Recognition of variable payments for contracts with lease and nonlease components.

This Update addresses these concerns. Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2018-19

Codification Improvements to Topic 326, Financial Instruments—Credit Losses

Issue: Nov-18

Effective Date: The effective date and transition requirements for the amendments in this Update are the same as the effective dates and transition requirements in FASB ASU No. 2016-13, as amended by this Update

Summary: On June 16, 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced an expected credit loss methodology for the impairment of financial assets measured at amortized cost basis. That methodology replaces the probable, incurred loss model for those assets. Through FASB ASU No. 2016-13, the Board added Topic 326 and made several consequential amendments to the FASB Accounting Standards Codification®.

The Board has an ongoing project on its agenda for improving the Codification or correcting its unintended application. The items addressed in that project generally are not expected to have a significant effect on current accounting practice or to create a significant administrative cost for most entities. The amendments in this Update are similar to those items. However, the Board decided to issue a separate Update for improvements related to Update 2016-13 to increase stakeholders’ awareness of the amendments to scope and transition and effective date requirements and to expedite the improvements.

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2018-18

Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606

Issue: Nov-18

Effective Date: For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. Early adoption is permitted, including adoption in any interim period, (1) for public business entities for periods for which financial statements have not yet been issued and (2) for all other entities for periods for which financial statements have not yet been made available for issuance. An entity may not adopt the amendments earlier than its adoption date of Topic 606.

Review the full text of the Update for additional information.

Summary: The FASB is issuing this Update to clarify the interaction between Topic 808, Collaborative Arrangements, and Topic 606, Revenue from Contracts with Customers. A collaborative arrangement, as defined by the guidance in Topic 808, is a contractual arrangement under which two or more parties actively participate in a joint operating activity and are exposed to significant risks and rewards that depend on the activity’s commercial success. Topic 808 does not provide comprehensive recognition or measurement guidance for collaborative arrangements, and the accounting for those arrangements is often based on an analogy to other accounting literature or an accounting policy election. Some entities apply revenue guidance directly or by analogy to all or part of their arrangements, and others apply a different accounting method as an accounting policy. Those accounting differences result in diversity in practice on how entities account for transactions on the basis of their view of the economics of the collaborative arrangement.

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2018-19

Codification Improvements to Topic 326, Financial Instruments—Credit Losses

Issue: Nov-18

Effective Date: The effective date and transition requirements for the amendments in this Update are the same as the effective dates and transition requirements in FASB ASU No. 2016-13, as amended by this Update

Summary: On June 16, 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced an expected credit loss methodology for the impairment of financial assets measured at amortized cost basis. That methodology replaces the probable, incurred loss model for those assets. Through that Update, the Board added Topic 326 and made several consequential amendments to the FASB Accounting Standards Codification®.

The Board has an ongoing project on its agenda for improving the Codification or correcting its unintended application. The items addressed in that project generally are not expected to have a significant effect on current accounting practice or to create a significant administrative cost for most entities. The amendments in this Update are similar to those items. However, the Board decided to issue a separate Update for improvements related to Update 2016-13 to increase stakeholders’ awareness of the amendments to scope and transition and effective date requirements and to expedite the improvements.

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2018-18

Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606

Issue: Nov-18

Effective Date: For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. Early adoption is permitted, including adoption in any interim period, (1) for public business entities for periods for which financial statements have not yet been issued and (2) for all other entities for periods for which financial statements have not yet been made available for issuance. An entity may not adopt the amendments earlier than its adoption date of Topic 606.

Review the full text of the Update for additional information.

Summary: The FASB is issuing this Update to clarify the interaction between Topic 808, Collaborative Arrangements, and Topic 606, Revenue from Contracts with Customers. A collaborative arrangement, as defined by the guidance in Topic 808, is a contractual arrangement under which two or more parties actively participate in a joint operating activity and are exposed to significant risks and rewards that depend on the activity’s commercial success. Topic 808 does not provide comprehensive recognition or measurement guidance for collaborative arrangements, and the accounting for those arrangements is often based on an analogy to other accounting literature or an accounting policy election. Some entities apply revenue guidance directly or by analogy to all or part of their arrangements, and others apply a different accounting method as an accounting policy. Those accounting differences result in diversity in practice on how entities account for transactions on the basis of their view of the economics of the collaborative arrangement.

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2018-17

Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities

Issue: Oct-18

Effective Date: For entities other than private companies, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The amendments in this Update are effective for a private company for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. All entities are required to apply the amendments in this Update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented.

Early adoption is permitted.

Summary: The Board is issuing this Update in response to stakeholders’ observations that Topic 810, Consolidation, could be improved in the following areas:

1. Applying the variable interest entity (VIE) guidance to private companies under common control
2. Considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests.

The amendments in this Update improve the accounting for those areas, thereby improving general purpose financial reporting.

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2018-16

Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes

Issue: Oct-18

Effective Date: For entities that have not already adopted Update 2017-12, the amendments in this Update are required to be adopted concurrently with the amendments in Update 2017-12.

For public business entities that already have adopted the amendments in Update 2017-12, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For all other entities that already have adopted the amendments in Update 2017-12, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted in any interim period upon issuance of this Update if an entity already has adopted Update 2017-12.

The amendments should be adopted on a prospective basis for qualifying new or redesignated hedging relationships entered into on or after the date of adoption.

Summary: Topic 815, Derivatives and Hedging, provides guidance on the risks associated with financial assets or liabilities that are permitted to be hedged. Among those risks is the risk of changes in fair values or cash flows of existing or forecasted issuances or purchases of fixed-rate financial assets or liabilities attributable to the designated benchmark interest rate (referred to as interest rate risk).

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2018-15

Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)

Issue: Aug-18

Effective Date: The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for annual reporting periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, for all entities. The amendments in this Update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption.

Summary: In April 2015, the FASB issued Accounting Standards Update No. 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license.

If a cloud computing arrangement includes a license to internal-use software, then the software license is accounted for by the customer in accordance with Subtopic 350-40. This generally means that an intangible asset is recognized for the software license and, to the extent that the payments attributable to the software license are made over time, a liability also is recognized. If a cloud computing arrangement does not include a software license, the entity should account for the arrangement as a service contract. This generally means that the fees associated with the hosting element (service) of the arrangement are expensed as incurred.

During the comment period and after the issuance of Update 2015-05, several stakeholders requested that the Board provide additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. Because the guidance in the FASB Accounting Standards Codification® is not explicit in that area, the Board decided to issue this Update to address the resulting diversity in practice.

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2018-14

Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans

Issue: Aug-18

Effective Date: The amendments in this Update are effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15, 2021, for all other entities. Early adoption is permitted for all entities. An entity should apply the amendments in this Update on a retrospective basis to all periods presented.

Summary: FASB issued the amendments in this Update as part of the disclosure framework project. The disclosure framework project’s objective and primary focus are to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by generally accepted accounting principles (GAAP) that is most important to users of each entity’s financial statements.

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2018-13

Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement

Issue: Aug-18

Effective Date: The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date.

Review the full text of the Update for additional information.

Summary: FASB issued the amendments in this Update as part of the disclosure framework project. The disclosure framework project’s objective and primary focus are to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by generally accepted accounting principles (GAAP) that is most important to users of each entity’s financial statements.

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2018-12

Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts

Issue: Aug-18

Effective Date: For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application of the amendments is permitted.

Summary: FASB undertook this project with the objective of making targeted improvements to the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. Stakeholders including investors and other users provided feedback that the existing accounting model does not provide sufficient decision-useful information in a timely or transparent manner.

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2018-11

Leases (Topic 842): Targeted Improvements

Phase: Final Standard

Issue: Jul-18

Effective Date: The amendments in this Update related to separating components of a contract affect the amendments in Update 2016-02, which are not yet effective but can be early adopted. For entities that have not adopted Topic 842 before the issuance of this Update, the effective date and transition requirements for the amendments in this Update related to separating components of a contract are the same as the effective date and transition requirements in Update 2016-02.

Review the full text of the Update for additional information.

Topic/Industry: Topic 842 - Leases

Summary: On February 25, 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. The FASB has been assisting stakeholders with implementation questions and issues as organizations prepare to adopt the new leases standard.

Many stakeholders inquired about the following two requirements in the new leases standard:
1. Comparative reporting requirements for initial adoption (transition—comparative reporting at adoption)
2. For lessors only, separating lease and nonlease components in a contract and allocating the consideration in the contract to the separate components (separating components of a contract).

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2018-10

Codification Improvements to Topic 842, Leases

Phase: Final Standard

Issue: Jul-18

Effective Date: The amendments in this Update affect the amendments in Update 2016-02, which are not yet effective, but for which early adoption upon issuance is permitted. For entities that early adopted Topic 842, the amendments are effective upon issuance of this Update, and the transit ion requirements are the same as those in Topic 842. For entities that have not adopted Topic 842, the effective date and transition requirements will be the same as the effective date and transition requirements in Topic 842

Topic/Industry: Topic 842 - Leases

Summary: On February 25, 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. The Board has an ongoing project on its agenda about improvements to clarify the Codification or to correct unintended application of guidance. Those items generally are not expected to have a significant effect on current accounting practice or create a significant administrative cost for most entities. The amendments in this Update are of a similar nature to the items typically addressed in the Codification improvements project. However, the Board decided to issue a separate Update for the improvements related to Update 2016-02 to increase stakeholders’ awareness of the amendments and to expedite the improvement

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2018-09

Codification Improvements

Phase: Final Standard

Issue: Jul-18

Effective Date: The transition and effective date guidance is based on the facts and circumstances of each amendment. Some of the amendments in this Update do not require transition guidance and will be effective upon issuance of this Update. However, many of the amendments in this Update do have transition guidance with effective dates for annual periods beginning after December 15, 2018, for public business entities.

Review the full text of the Update for additional information.

Topic/Industry: All, as applicable.

Summary: Codification users should review the entire document to assess any effects that the amendments in this Update may have on entities that are within the Update’s scope.

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2018-08

Not-For-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made

Phase: Final Standard

Issue: Jun-18

Effective Date: The amendments in this Update should be applied on a modified prospective basis. Retrospective application is permitted. Under a modified prospective basis, in the first set of financial statements following the effective date the amendments should be applied to agreements that are either:

1. Not completed as of the effective date
2. Entered into after the effective date.

A completed agreement is an agreement for which all the revenue (of a recipient) or expense (of a resource provider) has been recognized before the effective date in accordance with current guidance (for example, Topic 605, Topic 958, or other Topics).

Review the full text of the Update for additional information.

Topic/Industry: Topic 958 – Not-For-Profit Entities

Summary: The amendments in this Update clarify and improve current guidance about whether a transfer of assets (or the reduction, settlement, or cancellation of liabilities) is a contribution or an exchange transaction.

Review the full text of the Update for additional information.

Type: FASB ASU

Number: 2018-07

Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting

Phase: Final Standard

Issue: Jun-18

Effective Date: The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. For all ther 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, but no earlier than an entity’s adoption date of Topic 606.

Review the full text of the Update for additional information.

Topic/Industry: Topic 718 – Stock Compensation

Summary: Subtopic 505-50, Equity—Equity-Based Payments to Non-Employees, addresses aspects of the accounting for nonemployee share-based payment transactions. The accounting requirements addressed by Subtopic 505-50 are significantly different from the requirements for employee share-based payment transactions within the scope of Topic 718.

Expanding the scope of Topic 718 through the amendments in this Update improves several areas of nonemployee share-based payment accounting.

Type: FASB ASU

Number: 2018-06

Codification Improvements to Topic 942, Financial Services—Depository and Lending

Phase: Final Standard

Issue: May-18

Effective Date: Effective upon issuance.

Topic/Industry: Topic 941 – Financial Services—Depository and Lending

Summary: The amendments in this Update supersede the guidance in Subtopic 942-740, Financial Services—Depository and Lending—Income Taxes, that is related to Circular 202 because that guidance has been rescinded by the Office of the Comptroller of the Currency (OCC) and no longer is relevant.

Type: FASB ASU

Number: 2018-05

Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (SEC Update)

Phase: Final Standard

Issue: Mar-18

Effective Date: Effective upon issuance.

Topic/Industry: Topic 740 – Income Taxes

Summary: This Update adds SEC paragraphs pursuant to the SEC Staff Accounting Bulletin No. 118, which expresses the view of the staff regarding application of FASB ASC 740, Income Taxes, in the reporting period that includes December 22, 2017 - the date on which the Tax Cuts and Jobs Act (H.R.1, An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018) was signed into law.

Type: FASB ASU

Number: 2018-04

Investments—Debt Securities (Topic 320) and Regulated Operations (Topic 980): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273 (SEC Update)

Phase: Final Standard

Issue: Mar-18

Effective Date: The amendments in this ASU are effective upon issuance with the exception of amendments to FASB ASC 320-10 which should follow the transition guidance as outlined in ASU No. 2016-01.

Topic/Industry: Topic 320 – Debt Securities and Topic 980 - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273

Summary: This Update supersedes SEC paragraphs pursuant to the SEC Staff Accounting Bulletin No. 117, which brings existing guidance into conformity with FASB ASC 321, Investments-Equity Securities, and SEC Release No. 33-9273, which removed Regulation S-X Rule 3A-05, Special Requirements as to Public Utility Holding Companies.

Type: FASB ASU

Number: 2018-03

Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

Phase: Final Standard

Issue: Feb-18

Effective Date: To provide a period of time to allow entities to continue their current adoption plans for Update 2016-01, the Board concluded that for public business entities the amendments in this Update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. Public business entities with fiscal years beginning between December 15, 2017, and June 15, 2018, are not required to adopt these amendments until the interim period beginning after June 15, 2018, and public business entities with fiscal years beginning between June 15, 2018, and December 15, 2018, are not required to adopt these amendments before adopting the amendments in Update 2016-01. For all other entities, the effective date is the same as the effective date in Update 2016-01. All entities may early adopt these amendments for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, as long as they have adopted Update 2016-01.

The amendments in this ASU clarify certain aspects of the guidance issued in ASU No. 2016-01.

Topic/Industry: Topic 850-10 - Financial Instruments—Overall

Summary: On January 5, 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which retained the current framework for accounting for financial instruments in generally accepted accounting principles (GAAP) but made targeted improvements to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. In addition to amending Topic 825, Financial Instruments, the Board added Topic 321, Investments—Equity Securities, and made a number of consequential amendments to the Codification

The amendments in this Update include items brought to the Board’s attention by stakeholders.

Type: FASB ASU

Number: 2018-02

Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

Phase: Final Standard

Issue: Feb-18

Effective Date: The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued and (2) for all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this Update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized

Topic/Industry: Topic 220 - Income Statement—Reporting Comprehensive Income

Summary: On December 22, 2017, the U.S. federal government enacted a tax bill, H.R.1, An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (Tax Cuts and Jobs Act). Stakeholders in the banking and insurance industries submitted unsolicited comment letters to the FASB about a narrow-scope financial reporting issue that arose as a consequence of the Tax Cuts and Jobs Act. Specifically, stakeholders expressed concern about the guidance in current generally accepted accounting principles (GAAP) that requires deferred tax liabilities and assets to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. That guidance is applicable even in situations in which the related income tax effects of items in accumulated other comprehensive income were originally recognized in other comprehensive income (rather than in income from continuing operations).

Type: FASB ASU

Number: 2018-01

Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842

Phase: Final Standard

Issue: Jan-18

Effective Date: The amendments in this Update affect the amendments in Update 2016-02, which are not yet effective but may be early adopted, and Example 10 of Subtopic 350-30. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements in Update 2016-02. An entity that early adopted Topic 842 should apply the amendments in this Update upon issuance.

Topic/Industry: Topic 842 - Leases

Summary: The amendments in this Update permit an entity to elect an optional transition practical expedient to not evaluate under Topic 842 land easements that exist or expired before the entity’s adoption of Topic 842 and that were not previously accounted for as leases under Topic 840.

Type: FASB ASU

Number: 2017-15

Codification Improvements to Topic 995, U.S. Steamship Entities: Elimination of Topic 995

Phase: Final Standard

Issue: Dec-17

Effective Date: The amendments in this Update are effective for fiscal years and first interim periods beginning after December 15, 2018. Early adoption is permitted for all entities, including adoption in an interim period.

An entity should apply the amendments in this Update on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. Entities also should disclose the amounts and types of temporary differences for which a deferred tax liability had not previously been recognize. Topic/Industry: Topic 995 - U.S. Steamship Entities

Topic/Industry: Topic 995 - U.S. Steamship Entities

Summary: The FASB is issuing this Update to supersede Topic 995, U.S. Steamship Entities, because its guidance is no longer relevant.

Type: FASB ASU

Number: 2017-14

Income Statement—Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606) (SEC Update)

Phase: Final Standard

Issue: Nov-17

Effective Date: Upon issuance.

Topic/Industry: Topic 220 - Reporting Comprehensive Income, Topic 605 - Revenue Recognition, Topic 606 - Revenue from Contracts with Customers

Summary: This Update adds, amends, and supersedes SEC paragraphs of the ASC pursuant to Staff Accounting Bulletin No. 116 and SEC Release 33-10403.

Type: FASB ASU

Number: 2017-13

Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments (SEC Update)

Phase: Final Standard

Issue: Sep-17

Effective Date: Upon issuance.

Topic/Industry: Topic 605 - Revenue Recognition, Topic 606 - Revenue from Contracts with Customers, Topic 840 - Leases, Topic 842 - Leases

Summary: This Update adds, amends, and supersedes SEC paragraphs of the ASC related to the adoption and transition provisions of ASU No. 2014-09, Revenue From Contracts with Customers and ASU 2016-02, Leases for public business entities.

Type: FASB ASU

Number: 2017-12

Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities

Phase: Final Standard

Issue: Aug-17

Effective Date: For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. 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 application is permitted in any interim period after issuance of the Update. See ASU for full effective date guidance.

Topic/Industry: Topic 815 - Derivatives and Hedging

Summary: This Update improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. In addition to that main objective, the amendments in this Update make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP based on the feedback received from preparers, auditors, users, and other stakeholders.

Type: FASB ASU

Number: 2017-11

Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception

Phase: Final Standard

Issue: Jul-17

Effective Date: 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.

Topic/Industry: Various

Summary: 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.

Number: 2017-10

Service Concession Arrangements (Topic 853): Determining the Customer of the Operation Services

Phase: Final Standard

Issue: May-17

Effective Date: 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/Industry: Topic 853 - Service Concession Arrangements

Summary: 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.

Type: FASB ASU

Number: 2017-09

Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting

Phase:

Issue: May-17

Effective Date: 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/Industry: Topic 718 - Compensation-Stock Compensation

Summary: 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.

Type: FASB ASU

Number: 2017-08

Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities

Phase: Final Standard

Issue: Mar-17

Effective Date: 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.

Topic/Industry: Subtopic 310-20 - Receivables—Nonrefundable Fees and Other

Summary: 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.

Type: FASB ASU

Number: 2017-07

Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

Phase: Final Standard

Issue: Mar-17

Effective Date: 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/Industry: Topic 715 - Compensation—Retirement Benefits

Summary: 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).

Type: FASB ASU

Number: 2017-06

Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting (a consensus of the Emerging Issues Task Force)

Phase: Final Standard

Issue: Feb-17

Effective Date: 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/Industry: Topic 965 - Health and Welfare Benefit Plans

Summary: 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.

Type: FASB ASU

Number: 2017-05

Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets

Phase: Final Standard

Issue: Feb-17

Effective Date: 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.

Topic/Industry: Subtopic 610-20 - Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets

Summary: 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.

Type: FASB ASU

Number: 2017-04

Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment

Phase: Final Standard

Issue: Jan-17

Effective Date: 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/Industry: Topic 330 - Intangibles—Goodwill and Other

Summary: 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.

Type: FASB ASU

Number: 2017-03

Accounting Changes and Error Corrections (Topic 250) and Investments—Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings (SEC Update)

Phase: Final Standard

Issue: Final Standard

Effective Date: Varies. See the ASU for guidance.

Topic/Industry: Topic 323 - Investments—Equity Method and Joint Ventures

Summary: Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings

Type: FASB ASU

Number: 2017-02

Not-for-Profit Entities—Consolidation (Subtopic 958-810): Clarifying When a Not-for-Profit Entity That Is a General Partner or a Limited Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity

Phase: Final Standard

Issue: Jan-17

Effective Date: 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.

Topic/Industry: Subtopic 958-810 - Not-for-Profit Entities—Consolidation

Summary: 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.

Type: FASB ASU

Number: 2017-01

Business Combinations (Topic 805): Clarifying the Definition of a Business

Phase: Final Standard

Issue: Jan-17

Effective Date: Public business entities should apply the amendments in this ASU to annual periods beginning after December 15, 2017, including interim periods within those periods. All other entities should apply the amendments to annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. The amendments in this ASU should be applied prospectively on or after the effective date. No disclosures are required at transition. Early application of the amendments in this ASU is allowed as follows: 1. For transactions for which the acquisition date occurs before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance 2. For transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance.

Topic/Industry: Topic 805 - Business Combinations

Summary: The amendments in this ASU provide a more robust framework to use in determining when a set of assets and activities is a business. Because the current definition of a business is interpreted broadly and can be difficult to apply, stakeholders indicated that analyzing transactions is inefficient and costly and that the definition does not permit the use of reasonable judgment. The amendments provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable.

Type: FASB ASU

Number: 2016-20

Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers

Phase: Final Standard

Issue: Dec-16

Effective Date: The amendments in this FASB ASU affect the guidance in FASB ASU 2014-09, which is not yet effective. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements for FASB ASC 606 (and any other FASB ASC Topic amended by ASU 2014-09). ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of FASB ASU No. 2014-09 by one year.

Topic/Industry: Topic 606 - Revenue from Contracts with Customers

Summary: The amendments in this ASU affect narrow aspects of the guidance issued in FASB ASU No. 2014-09 as described in FASB ASU 2016-20.

Type: FASB ASU

Number: 2016-19

Technical Corrections and Improvements

Phase: Final Standard

Issue: Dec-16

Effective Date: Most of the amendments in this ASU do not require transition guidance and are effective upon issuance of this ASU. Six amendments in this ASU clarify guidance or correct references in the FASB ASC that could potentially result in changes in current practice because of either misapplication or misunderstanding of current guidance. Early adoption is permitted for the amendments that require transition guidance. Those amendments are identified and described in the ASU.

Topic/Industry: Various

Summary: The amendments in this ASU represent changes to clarify, correct errors, or make minor improvements to the FASB ASC. The amendments make the FASB ASC easier to understand and easier to apply by eliminating inconsistencies and providing clarifications.

Type: FASB ASU

Number: 2016-18

Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)

Phase: Final Standard

Issue: Nov-16

Effective Date: The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period.

Topic/Industry: Topic 230 - Statement of Cash Flows

Summary: The amendments in this Update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update do not provide a definition of restricted cash or restricted cash equivalents.

Type: FASB ASU

Number: 2016-17

Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control

Phase: Final Standard

Issue: Oct-16

Effective Date: The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal 3 years beginning after December 15, 2017. 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.

Topic/Industry: Topic 810 - Consolidation

Summary: In February 2015, the Board issued Accounting Standards Update No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. Upon the effective date of Update 2015-02, a single decision maker of a variable interest entity (VIE) is required to consider indirect economic interests in the entity held through related parties on a proportionate basis when determining whether it is the primary beneficiary of that VIE unless the single decision maker and its related parties are under common control. The Board is issuing this Update to amend the consolidation guidance on how a reporting entity that is the single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE.

Type: FASB ASU

Number: 2016-16

Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory

Phase: Final Standard

Issue: Oct-16

Effective Date: For public business entities, the amendments in this Update are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. For all other entities, the amendments are effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual periods beginning after December 15, 2019. Early adoption is permitted for all entities as of the beginning of an annual reporting period for which financial statements (interim or annual) have not been issued or made available for issuance. That is, earlier adoption should be in the first interim period if an entity issues interim financial statements.

Topic/Industry: Topic 740 - Income Taxes

Summary: The Board is issuing this Update to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Stakeholders submitted the idea for this project as part of the Board’s initiative to reduce complexity in accounting standards (the Simplification Initiative). The objective of the Simplification Initiative is to identify, evaluate, and improve areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements.

Type: FASB ASU

Number: 2016-15

Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)

Phase: Final Standard

Issue: Aug-16

Effective Date: The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. 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. An entity that elects early adoption must adopt all of the amendments in the same period.

Topic/Industry: Topic 230 - Statement of Cash Flows

Summary: Stakeholders indicated that there is diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. This Update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice.

Type: FASB ASU

Number: 2016-14

Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities

Phase: Final Standard

Issue: Aug 16

Effective Date: The amendments in this Update are effective for annual financial statements issued for fiscal years beginning after December 15, 2017, and for interim periods within fiscal years beginning after December 15, 2018. Application to interim financial statements is permitted but not required in the initial year of application. Early application of the amendments in this Update is permitted. The amendments in this Update should be initially adopted only for an annual fiscal period or for the first interim period within the fiscal year of adoption.

Topic/Industry: Topic 958 - Not-for-Profit Entities

Summary: The amendments in this Update make certain improvements that address many, but not all, of the identified issues about the current financial reporting for NFPs. A second phase of the project is expected to address more protracted issues surrounding whether and how to define the term operations and align measures of operations (or financial performance) as presented in a statement of activities with measures of operations in a statement of cash flows.

Type: FASB ASU

Number: 2016-13

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

Phase: Final Standard

Issue: Jun-16

Effective Date: For public business entities that are U.S. Securities and Exchange Commission (SEC) filers, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For all other public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. For all other entities, including not-for-profit entities and employee benefit plans within the scope of Topics 960 through 965 on plan accounting, the amendments in this Update are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021.

Topic/Industry: Topic 326 - Financial Instruments—Credit Losses

Summary: The amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates.

Type: FASB ASU

Number: 2016-12

Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients

Phase: Final Standard

Issue: May-16

Effective Date: The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014 09). Accounting Standards Update No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year

Topic/Industry: Topic 606 - Revenue from Contracts with Customers

Summary: The core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update affect only certain narrow aspects of Topic 606 noted in this Update.

Type: FASB ASU

Number: 2016-11

Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update)

Phase: Final Standard

Issue: May-16

Effective Date: The amendments in this Update rescind the affected SEC guidance upon adoption of Topic 606

Topic/Industry: Topic 606 - Revenue from Contracts with Customers

Summary: This Accounting Standards Update rescinds SEC paragraphs pursuant to two SEC Staff Announcements at the March 3, 2016 Emerging Issues Task Force (EITF) meeting.

Type: FASB ASU

Number: 2016-10

Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing

Phase: Final Standard

Issue: Apr-16

Effective Date: The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year.

Topic/Industry: Topic 606 - Revenue from Contracts with Customers

Summary: The amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas.

Type: FASB ASU

Number: 2016-09

Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting

Phase: Final Standard

Issue: Mar-16

Effective Date: For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the amendments are effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted for any entity in any interim or annual 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. An entity that elects early adoption must adopt all of the amendments in the same period.

Topic/Industry: Topic 718 - Compensation—Stock Compensation

Summary: The Board is issuing this Update as part of its Simplification Initiative. The areas for simplification in this Update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities.

Type: FASB ASU

Number: 2016-08

Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)

Phase: Final Standard

Issue: Mar-16

Effective Date: The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606). The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements of Update 2014-09. Accounting Standards Update No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.

Topic/Industry: Topic 606 - Revenue from Contracts with Customers

Summary: An issue discussed by the TRG relates to when another party, along with the entity, is involved in providing a good or a service to a customer. In those circumstances, Topic 606 requires the entity to determine whether the nature of its promise is to provide that good or service to the customer (that is, the entity is a principal) or to arrange for the good or service to be provided to the customer by the other party (that is, the entity is an agent). This determination is based upon whether the entity controls the good or the service before it is transferred to the customer. To address those issues, the Board decided to add a project to its technical agenda to improve Topic 606 by reducing:

Type: FASB ASU

Number: 2016-07

Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting

Phase: Final Standard

Issue: Mar-16

Effective Date: The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. 

Topic/Industry: Investments—Equity Method and Joint Ventures

Summary: The amendments in this ASU eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments in this ASU also require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method.

Type: FASB ASU

Number: 2016-06

Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments (a consensus of the Emerging Issues Task Force)

Phase: Final Standard

Issue: Mar-16

Effective Date: For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years.   For all other entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018. View the entire standard for more effective date information.

Topic/Industry: Derivatives and Hedging (Topic 815)

Summary: The amendments in this ASU clarify the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. An entity performing the assessment under the amendments in this Update is required to assess the embedded call (put) options solely in accordance with the four-step decision sequence.

Type: FASB ASU

Number: 2016-05

Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (a consensus of the Emerging Issues Task Force)

Phase: Final Standard

Issue: Mar-16

Effective Date: For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years.  For all other entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018 View the entire standard for more effective date information.

Topic/Industry: Derivatives and Hedging (Topic 815)

Summary: The amendments in this ASU clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria(including those in paragraphs 815-20-35-14 through 35-18) continue to be met.

Type: FASB ASU

Number: 2016-04

Liabilities—Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products (a consensus of the Emerging Issues Task Force)

Phase: Final Standard

Issue: Mar-16

Effective Date: The amendments in this Update are effective for public business entities, certain not-for-profit entities, and certain employee benefit plans for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Earlier application is permitted, including adoption in an interim period.

Topic/Industry: Subtopic 405-20 - Liabilities - Extinguishments of Liabilities

Summary: Liabilities related to the sale of prepaid stored-value products within the scope of this Update are financial liabilities. The amendments in the Update provide a narrow scope exception to the guidance in Subtopic 405-20 to require that breakage for those liabilities be accounted for consistent with the breakage guidance in Topic 606.

Type: FASB ASU

Number: 2016-03

Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance (a consensus of the Private Company Council)

Phase: Final Standard

Issue: Mar-16

Effective Date: The amendments in this Update are effective immediately

Topic/Industry: Various

Summary: The amendments in this Update make the guidance in Updates 2014-02, 2014-03, 2014-07, and 2014-18 effective immediately by removing their effective dates. The amendments also include transition provisions that provide that private companies are able to forgo a preferability assessment the first time they elect the accounting alternatives within the scope of this Update.

Type: FASB ASU

Number: 2016-02

Section A—Leases: Amendments to the FASB Accounting Standards Codification®

Section B—Conforming Amendments Related to Leases: Amendments to the FASB Accounting Standards Codification®

Section C—Background Information and Basis for Conclusions Phase: Final Standard

Issue: Feb-16

Effective Date: The amendments in this Update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, 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, an employee benefit plan that files financial statements with the U.S. Securities and Exchange Commission (SEC). For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020.

Topic/Industry: Topic 842 - Leases

Summary: The main difference between previous GAAP and Topic 842 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. Additional implications for operating leases and other leases are contained in the standard.

Type: FASB ASU

Number: 2016-01

Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

Phase: Final Standard

Issue: Jan-16

Effective Date: For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For all other entities including not-for-profit entities and employee benefit plans within the scope of Topics 960 through 965 on plan accounting, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. All entities that are not public business entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption provisions are contained in the standard.

Topic/Industry: Subtopic 825-10 - Financial Instruments - Overall

Summary: The new standard (a) Requires public business entities to sue the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (b) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets (securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements, (c) Requires a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability result in from a change in the instrument-specific credit risk (entities “own credit”) when the organization has elected to use the fair value option to measure its financial instruments, (d) eliminates the requirement to disclose the fair value of financial instruments measured at amortized costs for organizations that or not public business entities, and (e) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet.