Search within this section
Select a section below and enter your search term, or to search all click ASU 2019-11
Favorited Content
Amendments to Subtopic 326-10
Publication date: 26 Nov 2019
us FASB ASU 2019-11
15. Add paragraph 326-10-65-4 and its related heading as follows:
Financial Instruments—Credit Losses—Overall Transition and Open Effective Date Information
> Transition Related to Accounting Standards Update No. 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses
326-10-65-4 The following represents the transition and effective date information related to Accounting Standards Update No. 2019-11, Codification Improvements to Topic 326,Financial Instruments—Credit Losses:
- An entity that has not yet adopted the pending content that links to paragraph 326-10-65-1 shall apply the pending content that links to this paragraph when the entity first applies the pending content that links to paragraph 326-10-65-1 and shall apply the same transition requirements for the pending content that links to paragraph 326-10-65-1.
- An entity that has adopted the pending content that links to paragraph 326-10-65-1 shall apply the pending content that links to this paragraph for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.
- Early adoption, including adoption in any interim period, is permitted provided that an entity has adopted the pending content that links to paragraph 326-10-65-1.
- An entity that adopts the pending content that links to this paragraph in accordance with (b) or (c) shall apply the pending content that links to this paragraph by means of a cumulative-effect adjustment to opening retained earnings as of the beginning of the first reporting period in which the pending content that links to paragraph 326-10-65-1 is effective.
- An entity that adopts the pending content that links to this paragraph in accordance with (b) or (c) shall disclose the following in the period that the entity adopts the pending content that links to this paragraph:
- The nature of the change in accounting principle, including an explanation of the newly adopted accounting principle.
- The method of applying the change.
- The effect of the adoption on any line item in the statement of financial position, if material, as of the beginning of the first period for which the pending content that links to this paragraph is applied. Presentation of the effect on financial statement subtotals is not required.
- The cumulative effect of the change on retained earnings or other components of equity in the statement of financial position as of the beginning of the first period for which the pending content that links to this paragraph is applied.
- An entity that issues interim financial statements shall provide the disclosures in (1) through (4) in each interim financial statement of the fiscal year of change and the annual financial statement of the fiscal year of change.
Copyright #year# by Financial Accounting Foundation, Norwalk, Connecticut.
Link copied
