Key Dates

ASU 2020-06, Debt — Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (issued August 5, 2020)

Entities that issue convertible instruments and/or contracts in an entity’s own equity.

Effective 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, 2021, including interim periods within those fiscal years.

Effective for all other entities for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years.

Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. An entity should adopt the guidance as of the beginning of its annual fiscal year.

ASU 2020-05, Effective Dates for Certain Entities (issued June 3, 2020)

All entities that have not yet issued their financial statements (or made their financial statements available for issuance) as of June 3, 2020.

Effective upon issuance.

ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (issued March 12, 2020)

All entities.

The amendments in this ASU are effective for all entities as of March 12, 2020, through December 31, 2022.

ASU 2020-03, Codification Improvements to Financial Instruments (issued March 9, 2020)

All entities.

Conforming Amendments (Issues 1, 2, 3, 4, and 5)

The amendments related to Issue 1, Issue 2, Issue 4, and Issue 5 are conforming amendments. For public business entities, the amendments are effective upon issuance of this final ASU. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years beginning after December 15, 2020. Early application is permitted.

The amendment related to Issue 3 is a conforming amendment that affects the guidance in the amendments in ASU 2019-04. That guidance relates to the amendments in ASU 2016-01 The effective date of ASU 2019-04 for the amendments to ASU 2016-01 is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.

Amendments to ASU 2016-13 (Issues 6 and 7)

The amendments related to Issue 6 and Issue 7 affect the guidance in the amendments in ASU 2016-13. The effective date of ASU 2016-13 varies depending on the type of entity. Public business entities that meet the definition of an SEC filer, excluding eligible smaller reporting companies (SRCs) as defined by the SEC, should adopt the amendments in ASU 2016-13 during 2020. All other entities should adopt the amendments in ASU 2016-13 during 2023. Early adoption will continue to be permitted.

For entities that have not yet adopted the guidance in ASU 2016-13, the effective dates and the transition requirements for these amendments are the same as the effective date and transition requirements in ASU 2016-13.

For entities that have adopted the guidance in ASU 2016-13, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For those entities, the amendments should be applied on a modified-retrospective basis by means of a cumulative-effect adjustment to opening retained earnings in the statement of financial position as of the date that an entity adopted the amendments in ASU 2016-13.

ASU 2020-02, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842) (issued February 6, 2020)

Public entities.

ASU 2020-01, Investments — Equity Securities (Topic 321), Investments — Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815 — a consensus of the FASB Emerging Issues Task Force (issued January 16, 2020)

All entities.

The amendments in this ASU should be applied prospectively. Under a prospective transition, an entity should apply the amendments at the beginning of the interim period that includes the adoption date.

For public business entities, the amendments in this ASU 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 issued and (2) for all other entities for periods for which financial statements have not yet been made available for issuance.

ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (issued December 18, 2019)

All entities.

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, 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, including adoption in any interim period for (1) public business entities for periods for which financial statements have not yet been issued and (2) all other entities for periods for which financial statements have not yet been made available for issuance. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. In addition, an entity that elects early adoption must adopt all the amendments in the same period.

ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments — Credit Losses (issued November 27, 2019)

All entities.

For entities that have not yet adopted the amendments in ASU 2016-13 as of the issuance date of ASU 2019-11, the effective dates and transition requirements for the amendments are the same as the effective dates and transition requirements in ASU 2016-13.

For entities that have adopted the amendments in ASU 2016-13, the amendments in ASU 2019-11 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 ASU 2019-11 as long as an entity has adopted the amendments in ASU 2016-13.

For entities that have adopted the amendments in ASU 2016-13, the amendments in ASU 2019-11 should be applied on a modified retrospective basis by means of a cumulative-effect adjustment to the opening retained earnings balance in the statement of financial position as of the date that an entity adopted the amendments in ASU 2016-13.

ASU 2019-10, Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates (issued November 15, 2019)

All entities.

This ASU amends the effective dates of ASUs 2016-02, 2016-13, 2017-04, and 2017-12. See effective date information for these ASUs below.

ASU 2019-09, Financial Services — Insurance (Topic 944): Effective Date (issued November 15, 2019)

All entities.

This ASU amends the effective date of ASU 2018-12. See effective date information for ASU 2018-12 below.

ASU 2019-08, Codification Improvements — Share-Based Consideration Payable to a Customer (issued November 11, 2019)

Entities that enter into share-based payment transactions for acquiring goods and services from nonemployees.

For entities that have not yet adopted the amendments in ASU 2018-07, the amendments in ASU 2019-08 are effective for (1) public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, and (2) other than public business entities for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020.

For entities that have adopted the amendments in ASU 2018-07, the amendments in ASU 2019-08 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.

An entity may early adopt the amendments in ASU 2019-08, but not before it adopts the amendments in ASU 2018-07.

ASU 2019-07, Codification Updates to SEC Sections (issued July 26, 2019)

Public entities.

Effective upon issuance.

ASU 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 (issued May 30, 2019)

All not-for-profit entities.

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.

The transition methods for the guidance on each accounting alternative are the same for not-for-profit entities as the previous transition methods for private companies. A not-for-profit entity should apply the accounting alternative in ASC 350, if elected, prospectively for all existing goodwill and for all new goodwill generated in acquisitions by not-for-profit entities. A not-for-profit entity should apply the accounting alternative in ASC 805, if elected, prospectively upon the occurrence of the first transaction within the scope of the alternative.

ASU 2019-05, Financial Instruments — Credit Losses (Topic 326) — Targeted Transition Relief (issued May 15, 2019)

All entities.

For entities that have not yet adopted ASU 2016-13, the amendments in ASU 2019-05 are effective at the same time as ASU 2016-13. For entities that have adopted ASU 2016-13, the amendments 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 ASU 2019-05 as long as an entity has adopted the amendments in ASU 2016-13.

The amendments in ASU 2019-05 should be applied on a modified-retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings balance in the statement of financial position as of the date that an entity adopted the amendments in ASU 2016-13.

ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments (issued April 25, 2019; effective date amended by ASU 2019-10)

All entities.

The amendments to ASU 2016-01 are effective for fiscal years and interim periods beginning after December 15, 2019.

For entities that have not yet adopted ASU 2016-13, the amendments are effective at the same time as ASU 2016-13. For entities that have adopted ASU 2016-13, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.

The amendments to ASU 2017-12 are effective (1) at the same time as ASU 2017-12 for entities that have not yet adopted the ASU, and (2) as of the beginning of the first annual reporting period beginning after April 25, 2019, for entities that have adopted ASU 2017-12.

Early adoption is permitted in any interim period after issuance of this ASU as long as the entity has adopted the amendments in ASU 2016-13.

ASU 2019-03, Not-for-Profit Entities (Topic 958) — Updating the Definition of Collections (issued March 21, 2019)

All entities.

The amendments in ASU 2019-03 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 ASU should be applied on a prospective basis.

ASU 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 (issued March 6, 2019)

All entities.

For public business entities, the amendments in ASU 2019-02 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 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 issued and (2) for all other entities for periods for which financial statements have not yet been made available for issuance.

The amendments in this ASU should be applied prospectively. Under a prospective transition, an entity should apply the amendments at the beginning of the period that includes the adoption date.

ASU 2019-01, Leases (Topic 842) — Codification Improvements (issued March 5, 2019)

All entities.

The transition and effective date provisions for ASU 2019-01 apply to Issue 1 and Issue 2. They do not apply to Issue 3 because the amendments for that Issue are to the original transition requirements in ASC 842.

The amendments in this ASU amend ASC 842, which has different effective dates for public business entities and entities other than public business entities. The effective date of those amendments is for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years for any of the following: (1) a public business entity; (2) 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 (3) an employee benefit plan that files financial statements with the SEC.

For all other entities, the effective date is for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application is permitted. An entity should apply the amendments as of the date that it first applied ASC 842, using the same transition methodology in accordance with ASC 842-10-65-1(c).

ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors (issued December 10, 2018)

All entities.

For entities that have not adopted ASC 842, the effective date is the same as the effective date in ASU 2016-02.

An entity that has adopted ASC 842 can apply the amendments as of the original effective date of ASC 842 for the entity. Alternatively, the entity has the option of applying the amendments in either the first reporting period ending after the issuance of this ASU (e.g., December 31, 2018) or in the first reporting period beginning after the issuance of this ASU (e.g., January 1, 2019). An entity may apply the amendments either retrospectively or prospectively.

ASU 2018-19, Codification Improvements to Topic 326: Financial Instruments — Credit Losses (issued November 15, 2018)

All entities.

The effective date and transition requirements for the amendments in this ASU are the same as the effective dates and transition requirements in ASU 2016-13, as amended by ASU 2018-19.

ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606 (issued November 5, 2018)

All entities.

For public business entities, the amendments in this ASU 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.

ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities (issued October 31, 2018)

All entities.

For public business entities with fiscal years beginning after December 15, 2019, and interim periods within those fiscal years.

For private entities with 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 ASU retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted.

ASU 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 (issued October 25, 2018)

All entities that elect to apply hedge accounting to benchmark interest rate hedges under ASC 815.

For entities that have not yet adopted ASU 2017-12, the amendments in ASU 2018-16 are required to be adopted concurrently with the amendments in ASU 2017-12.

For public business entities that have adopted the amendments in ASU 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 have adopted the amendments in ASU 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 ASU 2018-16 if an entity already has adopted ASU 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.

ASU 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 (issued August 29, 2018)

Entities that are customers in a hosting arrangement that is a service contract.

For public business entities, the amendments in this ASU 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 annual reporting periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021. Early adoption is permitted, including adoption in any interim period.

ASU 2018-14, Compensation — Retirement Benefits — Defined Benefit Plans — General (Subtopic 715-20): Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans (issued August 28, 2018)

Employers that sponsor defined benefit pension or other postretirement plans.

For public business entities, the amendments in this ASU are effective for fiscal years ending after December 15, 2020. For all other entities, the amendments are effective for fiscal years ending after December 15, 2021. Early adoption is permitted.

ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (issued August 28, 2018)

All entities.

The amendments in this ASU 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.

ASU 2018-12, Financial Services — Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (issued August 15, 2018; effective date amended by ASU 2019-09)

All entities.

For public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, the amendments in this ASU are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early application of the amendments is permitted.

ASU 2018-11, Leases (Topic 842): Targeted Improvements (issued July 30, 2018)

All entities.

The amendments in this ASU related to separating components of a contract affect the amendments in ASU 2016-02, which are not yet effective but can be early adopted.

For entities that have not adopted ASC 842 before the issuance of this ASU, the effective date and transition requirements for the amendments in the ASU related to separating components of a contract are the same as the effective date and transition requirements in ASU 2016-02. For entities that have adopted ASC 842 before the issuance of this ASU, the transition and effective date of the amendments related to separating components of a contract in this ASU are as follows:

1. The practical expedient may be elected either in the first reporting period following the issuance of this ASU or as of the original effective date of ASC 842 for that entity.
2. The practical expedient may be applied either retrospectively or prospectively.

All entities, including early adopters, that elect the practical expedient related to separating components of a contract in this ASU must apply the expedient, by class of underlying asset, to all existing lease transactions that qualify for the expedient as of the date elected.

ASU 2018-10, Codification Improvements to Topic 842, Leases (issued July 18, 2018)

All entities.

The amendments in this ASU affect the amendments in ASU 2016-02, which are not yet effective, but for which early adoption upon issuance is permitted. For entities that early adopted ASC 842, the amendments are effective upon issuance of ASU 2018-10, and the transition requirements are the same as those in ASC 842. For entities that have not adopted ASC 842, the effective date and transition requirements will be the same as the effective date and transition requirements in ASC 842.

ASU 2018-09, Codification Improvements (issued July 16, 2018)

All entities.

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

ASU 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made (issued June 21, 2018)

All entities.

For transactions in which an entity is either a public business entity or 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 serves as a resource recipient, the entity should apply the amendments in the ASU on contributions received to annual periods beginning after June 15, 2018, including interim periods within those annual periods. All other entities should apply the amendments for transactions in which the entity serves as the resource recipient to annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019.

For transactions in which an entity is either a public business entity or 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 serves as a resource provider, the entity should apply the amendments in the ASU on contributions made to annual periods beginning after December 15, 2018, including interim periods within those annual periods. All other entities should apply the amendments for transactions in which the entity serves as the resource provider to annual periods beginning after December 15, 2019, and interim periods within annual periods beginning after December 15, 2020. Early adoption of the amendments is permitted.

ASU 2018-07, Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (issued June 20, 2018)

Entities that enter into share-based payment transactions for acquiring goods and services from nonemployees.

The amendments in the ASU are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. 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, but no earlier than an entity’s adoption date of ASC 606.

ASU 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 (issued March 9, 2018)

Public entities.

Effective upon issuance.

ASU 2018-03, Technical Corrections and Improvements to Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (issued February 28, 2018)

All entities.

The ASU is 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 ASU 2016-01.

For all other entities, the effective date is the same as the effective date in ASU 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 ASU 2016-01.

ASU 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 (issued January 25, 2018)

Entities with land easements that exist or expired before an entity’s adoption of ASC 842, provided that the entity does not account for those land easements as leases under ASC 840.

The amendments in the ASU affect the amendments in ASU 2016-02, which are not yet effective but may be early adopted.

ASU 2017-14, Income Statement — Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue From Contracts With Customers (Topic 606): Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 116 and SEC Release No. 33-10403 (issued November 22, 2017)

Public entities.

Effective upon issuance.

ASU 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 (issued September 29, 2017)

All entities.

Effective upon adoption of ASC 606, Revenue From Contracts With Customers, and ASC 842, Leases.

ASU 2017–12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (issued August 28, 2017; effective date amended by ASU 2019-10)

Public and private entities that elect to apply hedge accounting in accordance with current GAAP.

For public business entities, the amendments in the ASU 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, 2020, and interim periods within fiscal years beginning after December 15, 2021.

Early adoption is permitted.

ASU 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 (issued July 13, 2017)

All entities that issue financial instruments that include down round features.

For public business entities, the amendments in Part I 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 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. The amendments in Part II do not require any transition guidance because those amendments do not have an accounting effect.

ASU 2017-10, Service Concession Arrangements (Topic 853): Determining the Customer of the Operation Services — a consensus of the FASB Emerging Issues Task Force (issued May 16, 2017)

Operating entities that enter into service concession arrangements.

For entities that have not adopted ASU 2014-09, the amendments are effective at the same time ASU 2014-09 is effective.

For entities that have adopted ASU 2014-09, the amendments are effective as follows:

• 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 are effective for fiscal years beginning after December 15, 2017, including 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.

ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (issued March 30, 2017)

Entities that hold investments in callable debt securities that have an amortized cost basis in excess of the amount that is repayable by the issuer as of the earliest call date.

For public business entities, the amendments 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.

ASU 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (issued March 10, 2017)

Entities that offer to their employees defined benefit pension plans, other postretirement benefit plans, or other types of benefits accounted for under ASC 715.

For public business entities, the amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. For all other entities, the amendments 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.

ASU 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 (issued February 22, 2017)

All entities.

See effective date column for ASU 2014-09 below.

ASU 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (issued January 26, 2017; effective date amended by ASU 2019-10)

All entities.

For public business entities that are SEC filers, excluding entities eligible to be smaller reporting companies as defined by the SEC, the amendments in the ASU are effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019.

For all other entities, the ASU’s amendments are effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2022.

Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017.

ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (issued January 5, 2017)

All entities.

For public business entities, the amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. For all other entities, the amendments are effective for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019.

ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue From Contracts With Customers (issued December 21, 2016)

All entities.

See effective date column for ASU 2014-09 below.

ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash — a consensus of the FASB Emerging Issues Task Force (issued November 17, 2016)

All entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under ASC 230.

For public business entities, the amendments are effective 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.

ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (issued October 24, 2016)

All entities.

For public business entities, the amendments 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.

ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments — a consensus of the FASB Emerging Issues Task Force (issued August 26, 2016)

All entities.

For public business entities, the guidance in the ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For all other entities, it is effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted for all entities. Entities must apply the guidance retrospectively to all periods presented but may apply it prospectively from the earliest date practicable if retrospective application would be impracticable.

ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (issued June 16, 2016; effective date amended by ASU 2018-19 and ASU 2018-10)

Entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash.

For public business entities that are SEC filers, excluding entities eligible to be smaller reporting companies, the amendments in the ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.

For all other entities, the amendments in the ASU are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.

ASU 2016-12, Revenue From Contracts With Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (issued May 9, 2016)

All entities.

See effective date column for ASU 2014-09 below.

ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards s 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (issued May 2, 2016)

All entities.

Effective at the same time as ASU 2014-09 and ASU 2014-16.

ASU 2016-10, Revenue From Contracts With Customers (Topic 606): Identifying Performance Obligations and Licensing (issued April 14, 2016)

All entities.

See effective date column for ASU 2014-09 below.

ASU 2016-08, Revenue From Contracts With Customers (Topic 606): Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net) (issued March 17, 2016)

All entities.

See effective date column for ASU 2014-09 below.

ASU 2016-04, Liabilities — Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products — a consensus of the FASB Emerging Issues Task Force (issued March 8, 2016)

Entities that offer certain prepaid stored value products (e.g., prepaid gift cards issued on a specific payment network and redeemable at network-accepting merchant locations, prepaid telecommunication cards, and traveler’s checks).

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. Early application is permitted, including adoption in an interim period.

ASU 2016-02, Leases (Topic 842) (issued February 25, 2016; effective date amended by ASU 2019-10)

All entities.

Effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, for any of the following:

• Public business entities.
• Not-for-profit entities that have issued or are conduit bond obligors for securities that are traded, listed, or quoted on an exchange or an over-the-counter market.
• Employee benefit plans that file financial statements with the SEC.

For all other entities, the amendments in the ASU are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. Early application of the amendments in the ASU is permitted for all entities.

ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (issued January 5, 2016)

Entities that hold financial assets or owe financial liabilities.

For public business entities, the amendments in the ASU 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 ASC 960 through ASC 965 on plan accounting, the amendments in the ASU are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Entities that are not public business entities may adopt the amendments in the ASU earlier as of fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.

ASU 2015-14, Revenue From Contracts With Customers (Topic 606): Deferral of the Effective Date (issued August 12, 2015)

All entities.

See effective date column for ASU 2014-09 below.

ASU 2014-09, Revenue From Contracts With Customers (issued May 28, 2014; effective date amended by ASU 2015-14)

All entities.

For public business entities, certain not-for-profit entities, and certain employee benefit plans, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early application is permitted only as of annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016.

For all other entities, the ASU is 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 ASU early as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities also may apply the guidance in the ASU early as of an annual reporting period 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 in the ASU.

Auditors.

SAS 141, Amendment to the Effective Dates of SAS Nos. 134–140 (issued May 2020)

Auditors.

Effective upon issuance.

SAS 140, Amendments to AU-C Sections 725, 730, 930, 935, and 940 to Incorporate Auditor Reporting Changes From SAS Nos. 134 and 137 (issued April 2020)

Auditors.

Effective for audits of financial statements for periods ending on or after December 15, 2020. Early adoption is not permitted.

SAS 139, Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes From SAS No. 134 (issued March 2020)

Auditors.

Effective for audits of financial statements prepared in accordance with a special purpose framework for periods ending on or after December 15, 2020. Early adoption is not permitted.

SAS 138, Amendments to the Description of the Concept of Materiality (issued December 5, 2019)

Auditors.

Effective for periods ending on or after December 15, 2020.

SAS 137, The Auditor’s Responsibilities Relating to Other Information Included in Annual Reports (issued June 10, 2019)

Auditors.

Effective for audits of financial statements for periods ending on or after December 15, 2020. Early adoption is not permitted.

SAS 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (issued July 10, 2019)

Auditors that perform audits of financial statements of employee benefit plans subject to ERISA.

Effective for audits of ERISA plan financial statements for periods ending on or after December 15, 2020. Early adoption is not permitted.

SAS 135, Omnibus Statement on Auditing Standards — 2019 (issued May 8, 2019)

Auditors.

Effective for audits of financial statements for periods ending on or after December 15, 2020. Early implementation is not permitted.

SAS 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements (Issued May 8, 2019)

Auditors.

Effective for audits of financial statements for periods ending on or after December 15, 2020. Early implementation is not permitted.

Amendments to Procedures With Respect to Applications Under the Investment Company Act of 194034-89372 (IC-33921) (issued July 6, 2020)

Amendments to Financial Disclosures About Acquired and Disposed Businesses (33-10786) (issued May 20, 2020)

SEC registrants.

January 1, 2021.

Amendments to the National Market System Plan Governing the Consolidated Audit Trail (34-88890) (issued May 15, 2020)

SEC registrants.

June 22, 2020.

Temporary Amendments to Regulation Crowdfunding (33-10781) (issued May 4, 2020)

The amendments are effective from May 4, 2020, through March 1, 2021.

Definition of “Covered Clearing Agency” (34-88616) (issued April 9, 2020)

SEC registrants.

July 13, 2020.

Securities Offering Reform for Closed-End Investment Companies (33-10771) (issued April 8, 2020)

SEC registrants.

Effective August 1, 2020, except that the amendments to rules 23c-3, 24f-2, and Form 24F-2 under the Investment Company Act and the amendments to rules 456 and 457 and Forms S-1, S-3, F-1, and F-3 under the Securities Act will become effective August 1, 2021. The applicable effective and compliance dates are discussed in section II.J.

Amendments to the Accelerated and Large Accelerated Filer Definitions (34-88365) (issued March 12, 2020)

SEC registrants.

Effective April 27, 2020.

Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts (issued March 11, 2020)

SEC registrants.

July 1, 2020, except as defined in the rule.

Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities (33-10762) (issued March 2, 2020)

SEC registrants.

January 4, 2021.

Exemptions From Investment Adviser Registration for Advisers to Certain Rural Business Investment Companies (IA-5454) (issued March 2, 2020)

SEC registrants.

March 10, 2020.

Delegation of Authority to the General Counsel of the Commission (33-10757) (issued February 19, 2020)

SEC registrants.

March 2, 2020.

Adoption of Updated EDGAR Filer Manual (33-10749) (issued January 27, 2020)

SEC registrants.

February 19, 2020.

Risk Mitigation Techniques for Uncleared Security-Based Swaps (34-87782) (issued December 18, 2019)

SEC registrants.

April 6, 2020.

Rule Amendments and Guidance Addressing Cross-Border Application of Certain Security-Based Swap Requirements (34-87780) (issued December 18, 2019)

SEC registrants.

April 6, 2020.

Adoption of Updated EDGAR Filer Manual (33-10709) (issued September 27, 2019)

SEC registrants.

Effective October 24, 2019.

Solicitations of Interest Prior to a Registered Public Offering (33-10699) (issued September 25, 2019)

SEC registrants.

Effective December 3, 2019.

Exchange-Traded Funds (33-10695) (issued September 25, 2019)

SEC registrants.

Effective December 23, 2019.

Recordkeeping and Reporting Requirements for Security-Based Swap Dealers, Major Security-Based Swap Participants, and Broker-Dealers (34-87005) (issued September 19, 2019)

SEC registrants.

Effective February 14, 2020.

Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds (BHCA-7) (issued September 18, 2019)

SEC registrants.

Effective January 1, 2020.

Solicitations of Interest Prior to a Registered Public Offering (33-10699) (issued September 25, 2019)

SEC registrants.

Effective December 3, 2019.

Capital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants and Capital and Segregation Requirements for Broker-Dealers (34-86175) (issued June 21, 2019)

SEC registrants.

Effective date: October 21, 2019.

Compliance date: The compliance date is discussed in section III.B of this release.

Auditor Independence With Respect to Certain Loans or Debtor-Creditor Relationships (33-10648) (issued June 18, 2019)

SEC registrants.

Effective October 3, 2019.

Disclosure of Order Handling Information (34-84528; 34-85714) (issued November 2, 2018; Updated April 24, 2019)

SEC registrants.

Effective Date: April 30, 2019. The amendments to Rules 600, 605, and 606 of Regulation NMS published November 19, 2018 became effective January 18, 2019.

Compliance Date: May 20, 2019 for all other amendments not subject to this extension. For the recently adopted amendments to Rule 606 the compliance date will be extended.

Covered Investment Fund Research Reports (33-10580) (issued November 30, 2018)

SEC registrants.

Effective January 14, 2019, except that amendatory instruction 4 amending §230.139b(a)(1)(i)(A)(1) is effective May 1, 2020.

Optional Internet Availability of Investment Company Shareholder Reports (33-10506) (issued June 5, 2018)

SEC registrants.

Effective January 1, 2019, except Amendatory Instructions 5 and 23 to Section 17 CFR 230.498 and Form N-CSR (referenced in 17 CFR 249.331 and 274.128), which are effective January 1, 2021; and Amendatory Instructions 6, 11, 14, 16, 18, 20, and 22 to Section 17 CFR 230.498, 17 CFR 270.30e-3, Form N-1A (referenced in 17 CFR 239.15A and 274.11A), Form N-2 (referenced in 17 CFR 239.14 and 274.11a-1), Form N-3 (referenced in 17 CFR 239.17a and 274.11b), Form N-4 (referenced in 17 CFR 239.17b and 274.11c), and Form N-6 (referenced in 17 CFR 239.17c and 274.11d), which are effective January 1, 2022.

Investment Company Reporting Modernization (33-10442) (issued December 8, 2017)

SEC registrants.

Effective January 16, 2018, until March 31, 2026. The effective date for the amendments to 17 CFR 232.401, 249.332, 270.8b–33, 270.30a–2, 270.30a–3, 270.30b1–5, and 17 274.130 and in Instructions 54, 57, 59, and 61 in the final rule published at 81 FR 81870 on November 18, 2016, is delayed until May 1, 2020.

Staff Accounting Bulleting No. 119 (issued November 19, 2019)

SEC registrants.

Effective November 25, 2019.

Release 2018-006, Amendments to Auditing Standards for Auditor’s Use of the Work of Specialists (issued December 20, 2018 and approved by the SEC on July 1, 2019)

Auditors of public entities.

Effective for audits of financial statements for fiscal years ending on or after December 15, 2020.

Release 2018-005, Auditing Accounting Estimates, Including Fair Value Measurements — and Amendments to PCAOB Auditing Standards (issued December 20, 2018 and approved by the SEC on July 1, 2019)

Auditors of public entities.

Effective for audits of financial statements for fiscal years ending on or after December 15, 2020.

Release No. 2017-001, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion and Related Amendments to PCAOB Standards (issued June 1, 2017)

Auditors of public entities.

Effective date delayed until after the implementation of FASB ASU No. 2014-09, Revenue From Contracts With Customers (which, for issuers, will apply for fiscal years beginning after December 15, 2017).

Effective for audits of large accelerated filers until fiscal years ending on or after June 30, 2019.

Effective for audits of all other companies until fiscal years ending on or after December 15, 2020.

The requirements of this Statement that (1) exempt primary governments that perform the duties that a governing board typically performs from treating the absence of a governing board the same as the appointment of a voting majority of a governing board in determining whether they are financially accountable for defined contribution pension plans, defined contribution OPEB plans, or other employee benefit plans and (2) limit the applicability of the financial burden criterion in paragraph 7 of Statement 84 to defined benefit pension plans and defined benefit OPEB plans that are administered through trusts that meet the criteria in paragraph 3 of Statement 67 or paragraph 3 of Statement 74, respectively, are effective immediately.

The Board considered the effective dates for the requirements of this Statement in light of the COVID-19 pandemic and in concert with Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance.

Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance (issued May 2020)

Governmental entities.

Effective upon issuance.

Statement 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements (issued April 20, 2020)

Governmental entities.

Effective for fiscal years beginning after June 15, 2022, and all reporting periods thereafter. Earlier application is encouraged.

Statement 93, Replacement of Interbank Offered Rates (issued April 2, 2020)

Governmental entities.

Effective for reporting periods ending after December 31, 2021. All other requirements of this Statement are effective for reporting periods beginning after June 15, 2020. Earlier application is encouraged.

Statement 92, Omnibus 2020 (issued February 5, 2020)

Governmental entities.

The requirements related to the effective date of Statement 87 and Implementation Guide 2019-3, reinsurance recoveries, and terminology used to refer to derivative instruments are effective upon issuance.

The requirements related to intra-entity transfers of assets and those related to the applicability of Statements 73 and 74 are effective for fiscal years beginning after June 15, 2020.

The requirements related to application of Statement 84 to postemployment benefit arrangements and those related to nonrecurring fair value measurements of assets or liabilities are effective for reporting periods beginning after June 15, 2020.

The requirements related to the measurement of liabilities (and assets, if any) associated with AROs in a government acquisition are effective for government acquisitions occurring in reporting periods beginning after June 15, 2020.

Earlier application is encouraged and is permitted by topic.

Statement 91, Conduit Debt Obligations (issued May 28, 2019)

Governmental entities.

Effective for reporting periods beginning after December 15, 2020. Early application is encouraged.

Statement 89, Accounting for Interest Cost Incurred Before the End of a Construction Period (issued June 22, 2018)

Governmental entities.

Effective for reporting periods beginning after December 15, 2019. Early application is encouraged.

Statement 87, Leases (issued June 28, 2017)

Governmental entities.

Effective for reporting periods beginning after December 15, 2019. Early application is encouraged.

February 26, 2021

Comments due