Key Dates

ASU 2024-02, Codification Improvements — Amendments to Remove References to the Concepts Statements (issued March 29, 2024)

ASU 2023-05, Business Combinations — Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (issued August 23, 2023)

All entities that meet the definition of a joint venture or a corporate joint venture, as defined in the Master Glossary of the Codification.

The amendments are effective on or after January 1, 2025.

ASU 2023-04, Liabilities (Topic 405):Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 121 (issued August 3, 2023)

SEC registrants.

Effective upon issuance.

ASU 2023-03, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280 — General Revision of Regulation S-X: Income or Loss Applicable to Common Stock (issued July 14, 2023)

SEC registrants.

Effective upon issuance.

ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method — a consensus of the FASB Emerging Issues Task Force (issued March 29, 2023)

All reporting entities that hold (1) tax equity investments that meet the conditions for and elect to account for them using the proportional amortization method or (2) an investment in a LIHTC structure through a limited liability entity that is not accounted for using the proportional amortization method and to which certain LIHTC-specific guidance removed from ASC 323-740 has been applied. In addition, the disclosure requirements apply to investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the proportional amortization method (including investments within that elected program that do not meet the conditions to apply the proportional amortization method).

For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted for all entities in any interim period. If an entity adopts the amendments in an interim period, it shall adopt them as of the beginning of the fiscal year that includes that interim period. The amendments in this ASU must be applied on either a modified retrospective or a retrospective basis (except for LIHTC investments not accounted for using the proportional amortization method).

A reporting entity that has LIHTC investments that are no longer permitted to use (1) the cost method guidance in ASC 323-740-25-2A, (2) the equity method example in ASC 323-740-55-8 through 55-9, or (3) the delayed equity contribution guidance in ASC 323-740-25-3 must either use its general transition method (that is, modified retrospective or retrospective) or apply a prospective approach.

ASU 2023-01, Leases (Topic 842): Common Control Arrangements (issued March 27, 2023)

All entities.

Effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been made available for issuance. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period.

ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (issued December 21, 2022)

All entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform.

Effective for all entities on December 21, 2022.

ASU 2022-05, Financial Services — Insurance (Topic 944): Transition for Sold Contracts (issued December 15, 2022)

Entities that have derecognized contracts before the LDTI effective date.

ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations (issued September 30, 2022)

All entities that use supplier finance programs in connection with the purchase of goods and services.

Effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted.

ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (issued June 30, 2022)

All entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction.

For public business entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2023, 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 those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance.

For all entities except investment companies as defined under ASC 946, Financial Services — Investment Companies, the amendments in this ASU should be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption.

An entity that qualifies as an investment company under ASC 946 should apply the amendments in this ASU to an investment in an equity security subject to a contractual sale restriction that is executed or modified on or after the date of adoption. An investment company with an equity security subject to a contractual sale restriction that was executed before the date of adoption should continue to account for the equity security until the contractual restrictions expire or are modified using the accounting policy applied before the adoption of the amendments (that is, if an investment company was incorporating the effects of the restriction in the measurement of fair value, it would continue to do so).

ASU 2022-02, Financial Instruments — Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (issued March 31, 2022)

The amendments related to troubled debt restructurings (TDRs) affect all entities after they have adopted ASU 2016-13. The amendments related to vintage disclosures affect public business entities with investments in financing receivables that have adopted ASU 2016-13.

For entities that have adopted the amendments in ASU 2016-13, the amendments in ASU 2022-02 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For entities that have not yet adopted the amendments in ASU 2016-13, the effective dates for the amendments in ASU 2022-02 are the same as the effective dates in ASU 2016-13. The amendments in ASU 2022-02 should be applied prospectively, except as provided in the next sentence. For the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption.

Early adoption of the amendments in ASU 2022-02 is permitted if an entity has adopted the amendments in ASU 2016-13, including adoption in an interim period. If an entity elects to early adopt the amendments in ASU 2022-02 in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. An entity may elect to early adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures.

ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging — Portfolio Layer Method (issued March 28, 2022)

All entities that elect to apply the portfolio layer method of hedge accounting in accordance with ASC 815.

For public business entities, fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. For all other entities, fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The guidance may be early adopted if an entity has adopted ASU 2017-12 for the corresponding period.

ASU 2021-09, Leases (Topic 842): Discount Rate for Lessees That Are Not Public Business Entities (issued November 11, 2021)

Lessees that are not public business entities, including all not-for-profit entities (whether or not they are conduit bond obligors) and employee benefit plans (whether or not they file or furnish financial statements with or to the U.S. Securities and Exchange Commission).

Entities that have not yet adopted ASC 842 as of November 11, 2021, are required to adopt the amendments in this ASU at the same time that they adopt ASC 842.

For entities that have adopted ASC 842 as of November 11, 2021, 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.

ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities From Contracts With Customers (issued October 28, 2021)

All entities that enter into a business combination within the scope of ASC 805-10, Business Combinations — Overall.

For public business entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The amendments in this ASU should be applied prospectively to business combinations occurring on or after the effective date of the amendments.

Early adoption of the amendments is permitted, including adoption in an interim period. An entity that early adopts in an interim period should apply the amendments (1) retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application and (2) prospectively to all business combinations that occur on or after the date of initial application.

ASU 2021-07, Compensation — Stock Compensation (Topic 718): Determining the Current Price of an Underlying Share for Equity-Classified Share-Based Awards — a consensus of the Private Company Council (issued October 25, 2021)

All nonpublic entities that issue equity-classified share-based awards and elect the practical expedient in this ASU.

Effective prospectively for all qualifying awards granted or modified during fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application, including application in an interim period, is permitted for financial statements that have not yet been issued or made available for issuance as of October 25, 2021.

ASU 2021-05, Leases (Topic 842): Lessors — Certain Leases With Variable Lease Payments (issued July 19, 2021)

Lessors with lease contracts that (1) have variable lease payments that do not depend on a reference index or a rate and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing.

For public business entities, the amendments 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 interim periods within fiscal years beginning after December 15, 2022. Earlier application is permitted.

Entities that have not adopted Topic 842 on or before the issuance date of this ASU should follow the transition requirements in 842-10-65-1. This transition is either (1) retrospective to each prior period presented in the financial statements with the cumulative effect of transition recognized at the beginning of the earliest period presented or (2) retrospective to the beginning of the period of adoption with a cumulative effect of transition recognized at the beginning of the period of adoption.

Entities that have adopted Topic 842 before the issuance date of this ASU have the option to apply the amendments in this ASU either (1) retrospectively to leases that commenced or were modified on or after the adoption of ASU 2016-02 or (2) prospectively to leases that commence or are modified on or after the date that an entity first applies the amendments.

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.

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:

1. For public business entities that meet the definition of an SEC filer and are not SRCs, LDTI is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years.
2. For all other entities, LDTI is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025.

ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables — Nonrefundable Fees and Other Costs (issued October 15, 2020)

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.

ASU 2020–07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets (issued September 17, 2020)

Not-for-profits that receive contributed nonfinancial assets.

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.

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, Revenue From Contracts With Customers (Topic 606) and Leases (Topic 842): 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, Reference Rate Reform (Topic 848): 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 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 2019-05, 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 2019-01, 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 2018-12, 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:

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. 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 2018-01, 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 2017-13, 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 2017-04, 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 2016-13, 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 2016-02, 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.

SAS 149, Special Considerations — Audits of Group Financial Statements (Including the Work of Component Auditors and Audits of Referred-to Auditors) (issued March 6, 2023)

Auditors.

Effective for audits of group financial statements for periods ending on or after December 15, 2026.

SAS 148, Amendment to AU-C Section 935 (issued August 8, 2022)

Auditors.

Effective for audits of financial statements for periods beginning on or after December 12, 2022. All other amendments are effective for compliance audits for fiscal periods ending on or after December 15, 2023.

SAS 147, Inquiries of the Predecessor Auditor Regarding Fraud and Noncompliance With Laws and Regulations (issued June 8, 2022)

Auditors.

Effective for audits of financial statements for periods beginning on or after June 30, 2023.

SAS 146, Quality Management for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards (issued June 6, 2022)

Auditors.

Effective for engagements conducted in accordance with GAAS for periods beginning on or after December 15, 2025.

SAS 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement (issued October 12, 2021)

Auditors.

Effective for audits of financial statements for periods ending on or after December 15, 2023.

Effective for audits of financial statements for periods ending on or after December 15, 2023.

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.

This SAS amends the effective dates of SASs 134–140 by one year to provide more time for firms to implement these SASs in light of the effects of the coronavirus pandemic.

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 periods ending on or after December 15, 2021.

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 periods ending on or after December 15, 2021.

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

Auditors.

Effective for audits of financial statements for periods ending on or after December 15, 2021.

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, 2021. 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, 2021. Early adoption is 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, 2021. Early implementation is 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, 2021. Early implementation is permitted.

Prohibition Against Conflicts of Interests in Certain Securitizations (33-11254) (issued November 27, 2023)

SEC registrants.

Effective date: February 5, 2024.

Compliance date: See Section II.I.

Clearing Agency Governance and Conflicts of Interest (34-98959) (issued November 16, 2023)

SEC registrants.

Effective date: February 5, 2024.

Compliance date: See Part III.

Security-Based Swap Execution and Registration and Regulation of Security-Based Swap Execution Facilities (34-98845) (issued November 2, 2023)

SEC registrants.

Effective date: February 13, 2024.

Compliance date: See section XVI (Compliance Schedule).

Short Position and Short Activity Reporting by Institutional Investment Managers (34-98738) (issued October 13, 2023)

SEC registrants.

Effective date: January 2, 2024.

Compliance date: See Part VI.

Reporting of Securities Loans (34-98737) (issued October 13, 2023)

SEC registrants.

Effective date: January 2, 2024.

Compliance date: See Part VIII.

Modernization of Beneficial Ownership Reporting (33-11253; 34-98704) (issued October 10, 2023)

SEC registrants.

Effective date: February 5, 2024.

Compliance date: See section II.G.

The Commission's Privacy Act Regulations (34-98437) (issued September 20, 2023)

SEC registrants.

October 26, 2023.

Investment Company Names (33-11238 and 33-11238A) (issued September 20, 2023)

SEC registrants.

Adoption of Updated EDGAR Filer Manual (33-11235) (issued September 18, 2023)

SEC registrants.

October 3, 2023.

Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews (IA-6383) (issued August 23, 2023)

SEC registrants.

Effective date: November 13, 2023.

Compliance date: See Section IV.

Exemption for Certain Exchange Members (34-98202) (issued August 23, 2023)

SEC registrants.

Effective date: November 6, 2023.

Compliance date: September 6, 2024.

Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure (33-11216) (issued July 26, 2023)

SEC registrants.

Effective date: The amendments are effective September 5, 2023.

Compliance dates: See Section II.I for Compliance Dates.

Money Market Fund Reforms; Form PF Reporting Requirements for Large Liquidity Fund Advisers; Technical Amendments to Form N-CSR and Form N-1A (33-11211) (issued July 12, 2023)

SEC registrants.

Effective dates: The rule amendments and amendments to Forms N-1A and N-CSR are effective 60 days after the date of publication in the Federal Register. The amendments to Forms N-CR, N-MFP, and PF are effective June 11, 2024.

Compliance dates: The applicable compliance dates are discussed in Section II.H.

Adoption of Updated EDGAR Filer Manual (33-11205) (issued June 15, 2023)

SEC registrants.

July 18, 2023.

Removal of References to Credit Ratings From Regulation M (34-97657) (issued June 7, 2023)

SEC registrants.

August 21, 2023.

Prohibition Against Fraud, Manipulation, or Deception in Connection With Security-Based Swaps; Prohibition Against Undue Influence Over Chief Compliance Officers (34-97656) (issued June 7, 2023)

SEC registrants.

August 29, 2023.

Technical Amendments to Commission Rules and Forms (33-11197) (issued May 31, 2023)

SEC registrants.

Technical Amendments to Form BD and Form BDW (34-97478) (issued May 11, 2023)

SEC registrants.

May 23, 2023.

Form PF; Event Reporting for Large Hedge Fund Advisers and Private Equity Fund Advisers; Requirements for Large Private Equity Fund Adviser Reporting (IA-6297) (issued May 3, 2023)

SEC registrants.

Effective date: June 11, 2024.

Share Repurchase Disclosure Modernization (34-97424) (issued May 3, 2023)

SEC registrants.

July 31, 2023.

Adoption of Updated EDGAR Filer Manual (33-11168) (issued March 20, 2023)

SEC registrants.

April 20, 2023.

Extending Form 144 EDGAR Filing Hours (33-11159) (issued February 21, 2023)

SEC registrants.

March 20, 2023.

Shortening the Securities Transaction Settlement Cycle (34-96930) (issued February 15, 2023)

SEC registrants.

May 5, 2023.

Compliance date: The applicable compliance dates are discussed in Part VII.

Adjustments to Civil Monetary Penalty Amounts (33-11143) (issued January 6, 2023)

SEC registrants.

January 15, 2023.

SEC registrants.

January 24, 2023.

Technical Amendments to Commission Rules (33-11139) (issued December 15, 2022)

SEC registrants.

December 21, 2022.

Insider Trading Arrangements and Related Disclosures (33-11138) (issued December 14, 2022)

SEC registrants.

February 27, 2023.

Enhanced Reporting of Proxy Votes by Registered Management Investment Companies; Reporting of Executive Compensation Votes by Institutional Investment Managers (33-11131) (issued November 2, 2022)

SEC registrants.

July 1, 2024.

Listing Standards for Recovery of Erroneously Awarded Compensation (33-11126) (issued October 26, 2022)

SEC registrants.

Effective date: October 2, 2023.

Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements (33-11125) (issued October 26, 2022)

SEC registrants.

Effective date: January 27, 2023.

Compliance date: The applicable compliance dates are discussed in section II.J.

Electronic Recordkeeping Requirements for Broker-Dealers, Security-Based Swap Dealers, and Major Security-Based Swap Participants (34-96034) (issued October 12, 2022)

SEC registrants.

Effective date: January 3, 2023.

Compliance Date: The compliance date for the amendments to 17 CFR 240.17a-4 is six months after publication in the Federal Register. The compliance date for the amendments to 17 CFR 240.18a-6 is twelve months after publication in the Federal Register.

Adoption of Updated EDGAR Filer Manual (33-11101) (issued September 19, 2022)

SEC registrants.

October 13, 2022.

Inflation Adjustments Under Titles I and III of the JOBS Act (33-11098) (issued September 9, 2022)

SEC registrants.

September 20, 2022.

Whistle Blower Program Rules (34-95260) (issued August 26, 2022)

SEC registrants.

October 3, 2022.

Pay Versus Performance (34-95607) (issued August 25, 2022)

SEC registrants.

October 11, 2022.

Adoption of Updated EDGAR Filer Manual (33-11082) (issued July 13, 2022)

SEC registrants.

July 19, 2022.

Proxy Voting Advice (34-95266) (issued July 13, 2022)

SEC registrants.

The amendments and the rescission of the guidance are effective September 19, 2022.

Electronic Submission of Applications for Orders Under the Advisers Act and the Investment Company Act, Confidential Treatment Requests for Filings on Form 13F, and Form ADV-NR; Amendments to Form 13F (34-95148) (issued June 23, 2022)

SEC registrants.

Effective date: This rule is effective August 29, 2022, except for the amendments to Form 13F (referenced in 17 CFR 249.325) which are effective January 3, 2023.

Compliance date: The applicable compliance dates are discussed in section II.D. of this final rule.

Updating EDGAR Filing Requirements and Form 144 Filings (33-11070) (issued June 2, 2022)

SEC registrants.

Effective date: July 11, 2022.

Compliance date: See Section II. F. for further information on transitioning to the final rules.

Technical Amendments to Commission Rules and Forms (33-11047) (issued March 29, 2022)

SEC registrants.

April 15, 2022.

Adoption of Updated EDGAR Filer Manual (33-11043) (issued March 21, 2022)

SEC registrants.

April 19, 2022.

Adoption of Updated EDGAR Filer Manual (33-11016) (issued December 20, 2021)

SEC registrants.

January 5, 2022.

Holding Foreign Companies Accountable Act Disclosure (34-93701) (issued December 2, 2021)

SEC registrants.

The amendments are effective on January 10, 2022, except for the addition of §232.405(c)(1)(iii)(C), which is effective from January 10, 2022, until July 1, 2023.

Universal Proxy (34-93596) (issued November 17, 2021)

SEC registrants.

Effective date: January 31, 2022.

Compliance date: The applicable compliance date is discussed in Section II.K.

Filing Fee Disclosure and Payment Methods Modernization (33-10997) (issued October 13, 2021)

SEC registrants.

Effective date: The final rules are effective on January 31, 2022, except for amendments to 17 CFR 202.3a, 17 CFR 230.111, 17 CFR 240.0-9, and 17 CFR 270.0-8, which are effective on May 31, 2022.

Compliance date: See Section II.A.6 for further information on transitioning to the final rules.

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.

Release No. 2022-002, Planning and Supervision of Audits Involving Other Auditors and Dividing Responsibility for the Audit With Another Accounting Firm (issued June 21, 2022, and approved by the SEC on August 12, 2022)

Auditors of public entities.

The amendments are effective for financial statement audits for fiscal years ending on or after December 15, 2024.

Statement 101, Compensated Absences (issued June 16, 2022)

Government entities.

Effective for fiscal years beginning after December 15, 2023, and all reporting periods thereafter. Earlier application is encouraged.

Statement 100, Accounting Changes and Error Corrections (issued June 13, 2022)

Government entities.

Effective for fiscal years beginning after June 15, 2023, and all reporting periods thereafter. Earlier application is encouraged.

Statement 99, Omnibus 2022 (issued May 9, 2022)

Government entities.

• The requirements related to extension of the use of LIBOR, accounting for SNAP distributions, disclosures of nonmonetary transactions, pledges of future revenues by pledging governments, clarification of certain provisions in Statement 34, as amended, and terminology updates related to Statement 53 and Statement 63 are effective upon issuance.
• The requirements related to leases, PPPs, and SBITAs are effective for fiscal years beginning after June 15, 2022, and all reporting periods thereafter.
• The requirements related to financial guarantees and the classification and reporting of derivative instruments within the scope of Statement 53 are effective for fiscal years beginning after June 15, 2023, and all reporting periods thereafter.

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.

April 24, 2024

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April 25, 2024

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April 30, 2024

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May 21, 2024

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June 7, 2024

PCAOB Release No. 2024-002, Firm and Engagement Metrics

Comments due

June 26, 2024

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