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ASU 2020-06 requires reporting entities to include the following transition disclosures in the period of adoption for both interim (if applicable) and annual reporting:
  • The nature of the change in accounting principle, including an explanation of the newly adopted accounting principle
  • The method of applying the change
  • The cumulative effect of the change on retained earnings or other components of equity in the balance sheet as of the beginning of the first period for which the ASU is initially applied
  • For reporting entities that present earnings per share, the effect of the change on affected per-share amounts for the period of adoption
If reporting entities elect the full retrospective method for transition, the following disclosure is also required:
  • The effect of the change on income from continuing operations, net income, any other affected financial statement line item and any affected per-share amounts for the current period and any prior periods retrospectively adjusted.
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