Key Dates
Effective Dates
Content recently added or revised appears in bold.
FASB/EITF
FASB/EITF | Affects | Effective Date |
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ASU 2021-01, Reference Rate Reform (Topic
848): Scope (issued January 7, 2021)
|
All entities that have derivative instruments that use an interest rate for
margining, discounting, or contract price alignment that is modified as a
result of reference rate reform.
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Effective upon issuance.
|
ASU
2020-11, Financial Services — Insurance (Topic 944): Effective Date and
Early Application (issued November 5, 2020)
|
All entities.
|
The amendments in this ASU defer the effective date of
LDTI for all entities by one year as follows:
|
ASU
2020-10, Codification Improvements (issued October 29,
2020)
|
All entities.
|
The amendments in this ASU do not change GAAP and,
therefore, are not expected to result in a significant change in practice.
However, the Board is aware that some entities may have applied the guidance
being amended in an inconsistent manner. The inconsistent application of the
guidance may result in some entities changing their current accounting
practices and financial statement reporting. Therefore, the Board is
providing transition guidance for all the amendments in this ASU.
The amendments in Sections B and C of this ASU are
effective for annual periods beginning after December 15, 2020, for public
business entities. For all other entities, the amendments are effective for
annual periods beginning after December 15, 2021, and interim periods within
annual periods beginning after December 15, 2022.
Early application of the amendments in this ASU is
permitted for public business entities for any annual or interim period for
which financial statements have not been issued. For all other entities,
early application of the amendments is permitted for any annual or interim
period for which financial statements are available to be issued.
The amendments in this ASU should be applied
retrospectively. An entity should apply the amendments at the beginning of
the period that includes the adoption date.
|
ASU
2020-09, Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC
Release No. 33-10762 (issued October 23, 2020)
|
SEC registrants.
|
January 4, 2021. Early application is permitted.
|
All entities.
|
The amendments affect the guidance in ASU 2017-08. The
effective date of ASU 2017-08 varies depending on the type of entity. For
public business entities, the amendments in ASU 2017-08 are effective for
fiscal years, and interim periods within those fiscal years, beginning after
December 15, 2018, and for all other entities for fiscal years beginning
after December 15, 2019, and interim periods within fiscal years beginning
after December 15, 2020. Early adoption was permitted, including adoption in
an interim period. If an entity early adopted the amendments in ASU 2017-08
in an interim period, any adjustments should have been reflected as of the
beginning of the fiscal year that includes that interim period.
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. Early application is not
permitted.
For all other entities, the amendments in this ASU 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.
All entities should apply the amendments in this ASU on a
prospective basis as of the beginning of the period of adoption for existing
or newly purchased callable debt securities.
| |
Not-for-profits that receive contributed nonfinancial
assets.
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The amendments in this ASU 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.
| |
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.
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All entities that have not yet issued their financial
statements (or made their financial statements available for issuance) as of
June 3, 2020.
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Effective upon issuance.
| |
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)
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All entities.
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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.
|
Public entities.
| Effective upon issuance. | |
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.
|
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.
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This ASU amends the effective
date of ASU 2018-12. See effective date
information for ASU 2018-12 below.
|
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.
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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. |
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.
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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).
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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. |
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. | |
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.
| |
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.
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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. | |
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. | |
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.
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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 and ASU 2020-11) | 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, 2022, and
interim periods within those fiscal years. For all other entities, the
amendments are effective for fiscal years beginning after December 15, 2024,
and interim periods within fiscal years beginning after December 15, 2025.
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. 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:
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. 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. |
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. | |
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. | |
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.
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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. |
Public entities. | Effective upon issuance. | |
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.
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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. | |
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:
Early adoption is permitted.
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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. | |
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 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 2016-13, 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.
|
All entities. | See effective date column for ASU 2014-09 below. | |
All entities. |
Effective at the same time as ASU 2014-09 and ASU 2014-16. | |
All entities. | See effective date column for ASU 2014-09 below. | |
All entities. | See effective date column for ASU 2014-09 below. | |
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:
|
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. |
AICPA/FinREC
AICPA/FinREC | Affects | Effective Date |
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SAS
143, Auditing Accounting Estimates and Related Disclosures
(issued July 2020)
|
Auditors.
|
Effective for audits of financial statements for periods
ending on or after December 15, 2023.
|
SAS
142, Audit Evidence (issued July 2020)
|
Auditors.
|
Effective for audits of financial statements for periods
ending on or after December 15, 2022.
|
SAS 141, Amendment to the Effective Dates
of SAS Nos. 134–140 (issued May 2020)
|
Auditors.
|
Effective upon issuance.
|
Auditors.
|
Effective for audits of financial statements for periods ending on or after
December 15, 2020. Early adoption is not permitted.
| |
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.
|
Auditors.
|
Effective for audits of
financial statements for periods ending on or
after December 15, 2020. Early adoption is not
permitted.
| |
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. |
Auditors. | Effective for audits of financial statements for periods ending on or after December 15, 2020. Early implementation is not permitted. |
SEC
SEC | Affects |
Effective Date |
---|---|---|
Final Rules | ||
Delegation of Authority to Director of the Division of Enforcement
(33-10900; 34-90623) (issued December 10, 2020
|
SEC registrants.
|
December 29, 2020.
|
Good Faith Determinations of Fair Value
(IC-34128) (issued December 3, 2020)
|
SEC registrants.
|
March 8, 2021.
|
SEC registrants.
|
February 10, 2021.
| |
Amendments to the Commission’s Rules of
Practice (34-90442) (issued November 17, 2020)
|
SEC registrants.
|
The final rules are effective January 29, 2021, except for
Instruction 8 which is effective July 12, 2021.
Compliance Date: Compliance with the amended rules is required on
April 12, 2021 and is discussed further in Section III below.
|
Electronic Signatures in Regulation S-T
Rule 302 (33-10889) (issued November 17, 2020)
|
SEC registrants.
|
December 4, 2020.
|
SEC registrants.
|
March 15, 2021.
| |
Use of Derivatives by Registered Investment
Companies and Business Development Companies (IC-34084)
(issued November 2, 2020)
|
SEC registrants.
|
February 9, 2021.
|
Customer Margin Rules Relating to Security
Futures (34-90244) (issued October 22, 2020)
|
SEC registrants.
|
December 24, 2020.
|
Qualifications of Accountants
(33-10876) (issued October 16, 2020)
|
SEC registrants.
|
June 9, 2021.
|
Fund of Funds Arrangements
(33-10871) (issued October 7, 2020)
|
SEC registrants.
|
January 19, 2021.
|
Procedural Requirements and Resubmission
Thresholds Under Exchange Act Rule 14a-8 (34-89964)
(issued September 23, 2020)
|
SEC registrants.
|
January 4, 2021.
|
Whistleblower Program Rules
(34-89963) (issued September 23, 2020)
|
SEC registrants.
|
December 7, 2020.
|
Adoption of Updated EDGAR Filer Manual
(33-10845) (issued September 18, 2020)
|
SEC registrants.
|
November 3, 2020.
|
Publication or Submission of Quotations
Without Specified Information (33-10842) (issued September
16, 2020)
|
SEC registrants.
|
December 28, 2020.
|
Update of Statistical Disclosures for Bank
and Savings and Loan Registrants (33-10835) (issued
September 11, 2020)
|
SEC registrants.
|
November 16, 2020.
|
Modernization of Regulation S-K Items 101,
103, and 105 (33-10825) (issued August 26, 2020)
|
SEC registrants.
|
November 9, 2020.
|
Amending the “Accredited Investor” Definition (33-10824)
(issued August 26, 2020)
|
SEC registrants.
|
December 8, 2020.
|
SEC registrants.
|
November 16, 2020.
| |
SEC registrants.
|
October 30, 2020.
| |
Exemptions From the Proxy Rules for Proxy Voting Advice
(34-89372) (issued July 22, 2020)
|
SEC registrants.
|
November 2, 2020.
|
SEC registrants.
|
June 14, 2021.
| |
SEC registrants.
|
October 1, 2020.
| |
Amendments to Financial Disclosures About Acquired and Disposed
Businesses (33-10786) (issued May 20, 2020)
|
SEC registrants.
|
January 1, 2021.
|
SEC registrants.
|
June 22, 2020.
| |
Temporary Amendments to Regulation Crowdfunding
(33-10781) (issued May 4, 2020)
| SEC registrants. |
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.
|
April 27, 2020.
|
SEC registrants.
|
July 1, 2020, except as defined in the rule.
| |
SEC registrants.
|
January 4, 2021.
| |
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.
|
SEC registrants.
|
April 6, 2020.
| |
Exchange-Traded
Funds (33-10695) (issued September
25, 2019)
|
SEC registrants.
|
December 23, 2019.
|
SEC registrants.
|
February 14, 2020.
| |
SEC registrants. | January 1, 2020. | |
Solicitations of Interest Prior to a Registered Public Offering (33-10699) (issued September 25, 2019) | SEC registrants. | December 3, 2019. |
Disclosure of Order Handling Information (34-84528; 34-85714) (issued November 2, 2018; Updated April 24, 2019) | SEC registrants. | Effective 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. |
PCAOB
PCAOB | Affects | Effective Date |
---|---|---|
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. |
GASB/GAO
GASB/GAO | Affects | Effective Date |
---|---|---|
Statement No. 97, Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans (issued June 23, 2020) |
Governmental entities.
|
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 requirements of this Statement that are related to the
accounting and financial reporting for Section 457 plans are effective for
fiscal years beginning after June 15, 2021. For purposes of determining
whether a primary government is financially accountable for a potential
component unit, the requirements of this Statement that provide that for all
other arrangements, the absence of a governing board be treated the same as
the appointment of a voting majority of a governing board if the primary
government performs the duties that a governing board typically would
perform, are effective for reporting periods beginning after June 15, 2021.
Earlier application of those requirements is encouraged and permitted by
requirement as specified within this Statement.
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. 96, Subscription-Based Information Technology
Arrangements (issued June 5, 2020)
|
Governmental entities.
|
Effective for fiscal years beginning after June 15, 2020,
and all reporting periods thereafter.
|
Governmental entities.
|
Effective upon issuance.
| |
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. |
FASAB
FASAB | Affects | Effective Date |
---|---|---|
Statement 58, Deferral of the Effective Date of SFFAS 54,
Leases (issued June 29, 2020) | U.S. federal government entities. | Effective upon issuance. |
Statement 57, Omnibus Amendments 2019 (issued September 27,
2019) | U.S. federal government entities. | Paragraphs 9 and 10 of this Statement are effective upon issuance. Paragraph 2
of this Statement is effective for reporting periods beginning after September
30, 2019. Early adoption is not permitted. Paragraphs 3 through 8, 11, and 12
of this Statement are effective for reporting periods beginning after
September 30, 2020. Early adoption is not permitted. |
U.S. federal government entities.
|
Effective for reporting periods beginning after September
30, 2020. Early adoption is not permitted.
|
Webcasts and Comment Deadlines
February
Date
|
Title
|
Type
|
---|---|---|
February 15, 2021
|
Comments due
| |
February 17, 2021
|
Dbriefs webcast
CPE credit: Taxes
| |
February 18, 2021
|
Dbriefs webcast
CPE credit: Information Technology
| |
February 24, 2021
|
Dbriefs webcast
CPE credit: Specialized Knowledge
| |
February 26, 2021
|
Comments due
| |
February 26, 2021
|
Comments due
|
March
Date
|
Title
|
Type
|
---|---|---|
March 15, 2021
|
Comments due
|