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Chapter 9 — Effective Date and Transition

9.1 Effective Dates

9.1 Effective Dates

ASC 326-10
65-1 The following represents the transition and effective date information related to Accounting Standards Updates No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, No. 2018-19, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, No. 2019-04, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, No. 2019-05, Financial Instruments — Credit Losses (Topic 326): Targeted Transition Relief, No. 2019-10, Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, No. 2019-11, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, and No. 2022-02, Financial Instruments — Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures:
  1. The pending content that links to this paragraph shall be effective as follows:
    1. For public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The one-time determination of whether an entity is eligible to be a smaller reporting company shall be based on an entity’s most recent determination as of November 15, 2019, in accordance with SEC regulations.
    2. Subparagraph superseded by Accounting Standards Update No. 2019-10.
    3. For all other entities, for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.
  2. Early application of the pending content that links to this paragraph is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.
    Note: See paragraph 250-10-S99-6 on disclosure of the impact that recently issued accounting standards will have on the financial statements of a registrant. . . .

Footnotes

1
The ASC master glossary defines an SEC filer as follows:
An entity that is required to file or furnish its financial statements with either of the following:
  1. The Securities and Exchange Commission (SEC)
  2. With respect to an entity subject to Section 12(i) of the Securities Exchange Act of 1934, as amended, the appropriate agency under that Section.
Financial statements for other entities that are not otherwise SEC filers whose financial statements are included in a submission by another SEC filer are not included within this definition.
2
SEC Regulation S-K, Item 10(f)(1), defines an SRC, in part, as:
[A]n issuer that is not an investment company, an asset-backed issuer (as defined in § 229.1101), or a majority-owned subsidiary of a parent that is not a smaller reporting company and that:
(i) Had a public float of less than $250 million; or
(ii) Had annual revenues of less than $100 million and either:
(A) No public float; or
(B) A public float of less than $700 million.