Standards Tracker - Accounting and Financial Reporting
Financial reporting standards are ever-changing making it challenging to keep up. The table below provides a quick reference to recently issued accounting standards, complete with effective dates, summaries, and links to the standards themselves.
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FASB ASU No. 2021-02, Franchisors—Revenue from Contracts with Customers (Subtopic 952-606): Practical Expedient
Issue Date: Jan-21
Effective Date: If an entity has not yet adopted FASB ASC 606, the existing transition provisions and effective date in paragraph 1 of FASB ASC 606-10-65 are required. If an entity has already adopted FASB ASC 606, the amendments in this Update are effective in interim and annual periods beginning after December 15, 2020. Early application is permitted. For those entities, this guidance should be applied retrospectively to the date FASB ASC 606 was adopted.
Summary: The amendments in this Update introduce a new practical expedient that simplifies the application of the guidance about identifying performance obligations. The practical expedient permits franchisors that are not public business entities to account for pre-opening services provided to a franchisee as distinct from the franchise license if the services are consistent with those included in a predefined list within the guidance.
Review the full text of the Update for additional information.
FASB ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope
Issue Date: Jan-21
Effective Date: Upon issuance.
Summary: The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition.
Review the full text of the Update for additional information.
FASB ASU No. 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application
Issue Date: Nov-20
Effective Date: Upon issuance.
Summary: The amendments in this Update defer the effective date of Long-Duration Contracts (LDTI)for all entities by one year as follows:
- For public business entities that meet the definition of an SEC filer and are not SRCs, LDTI is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years.
- For all other entities, LDTI is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025.
FASB ASU No. 2020-10, Codification Improvements
Issue Date: Oct-20
Effective Date: Varies. Review the full text of the Update for additional information.
Summary: The amendments in this Update affect a wide variety of topics in the codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance.
Review the full text of the Update for additional information.
FASB ASU No. 2020-09, Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762
Issue Date: Oct-20
Effective Date: Upon issuance.
Summary: Review the full text of the Update for additional information.
FASB ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs
Issue Date: Oct-20
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. Early application is not permitted. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application is permitted for all other entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020.
Summary: The amendments in this Update clarify that an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period.
Review the full text of the Update for additional information.
FASB ASU No. 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets
Issue Date: Sep-20
Effective Date: The amendments in this Update should be applied on a retrospective basis and are effective for annual periods beginning after June 15, 2021, and interim periods within annual periods beginning after June 15, 2022. Early adoption is permitted.
Summary: FASB is issuing this Update to improve GAAP by increasing the transparency of contributed nonfinancial assets for not-for-profit entities through enhancements to presentation and disclosure. The amendments in this Update address certain stakeholders’ concerns about the lack of transparency about the measurement of contributed nonfinancial assets recognized by NFPs, as well as the amount of those contributions used in an NFP’s programs and other activities.
Review the full text of the Update for additional information.
Issue Date: Aug-20
Effective Date: Varies. Review the full text of the Update for additional information.
Summary: FASB is issuing this Update to address issues identified as a result of the complexity associated with applying generally accepted accounting principles (GAAP) for certain financial instruments with characteristics of liabilities and equity.
Review the full text of the Update for additional information.
FASB ASU No. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities
Issue Date: Jun-20
Effective Date: Upon issuance.
Summary: FASB is issuing this Update as a limited deferral of the effective dates of the following Updates (including amendments Issue Dated after the issuance of the original Update) to provide immediate, near-term relief for certain entities for whom these Updates are either currently effective or imminently effective:
1. Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (Revenue)
2. Accounting Standards Update No. 2016-02, Leases (Topic 842) (Leases)
The amendments in this Update defer, for one year, the required effective date of revenue for certain entities that have not yet Issue Dated their financial statements (or made financial statements available for issuance) reflecting the adoption of revenue.
The amendments in this Update defer the effective date for one year for entities in the “all other” category and public NFP entities that have not yet Issue Dated their financial statements (or made financial statements available for issuance) reflecting the adoption of Leases.
Review the full text of the Update for additional information.
Type: FASB ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting
Issue Date: Mar-20
Effective Date: The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. See ASU for additional considerations regarding effective date details.
Summary: In response to concerns about structural risks of interbank offered rates (IBORs), and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The amendments in this Update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting.
Review the full text of the Update for additional information.
FASB ASU No. 2020-03, Codification Improvements to Financial Instruments
Issue Date: Mar-20
Effective Date: Varies by topic amended. See ASU for details.
Summary: The amendments in this Update affect varying topics in the ASC. FASB identified 7 Issue Dates to address. The amendments in this Update represent changes to clarify or improve the Codification. The amendments make the Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications.
Review the full text of the Update for additional information.
Issue Date: Feb-20
Effective Date: See ASU for details.
Summary: This Update adds an SEC paragraph pursuant to the issuance of SEC Staff Accounting Bulletin No. 119, which updated portions of the interpretive guidance included in the Staff Accounting Bulletin Series in order to align the staff’s guidance with Financial Accounting Standards Board Accounting Standards Codification Topic 326, Financial Instruments – Credit Losses.
Review the full text of the Update for additional information.
Issue Date: Jan-20
Effective Date: For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted, including early adoption in an interim period, (1) for public business entities for periods for which financial statements have not yet been Issue Date and (2) for all other entities for periods for which financial statements have not yet been made available for issuance. See the full text of the Update for further information.
Summary: The amendments in this Update clarify the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815.
Review the full text of the Update for additional information.
FASB ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
Issue Date: Dec-19
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 adoption of the amendments is permitted. See the full text of the Update for further information.
Summary: The amendments in this Update affect entities within the scope of Topic 740, Income Taxes.
Review the full text of the Update for additional information.
Issue Date: 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 Issue Date about certain aspects of the amendments in ASU No. 2016-13.
Review the full text of the Update for additional information.
Issue date: 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.
Issue Date: 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.
Issue Date: 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.
Issue Date: 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.
