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Figure LI 13-1 summarizes the effective dates for ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities and ASU 2018-03, Technical Corrections and Improvements to Financial Instruments – Overall (825-10), Recognition and Measurement of Financial Assets and Liabilities (recognition and measurement) and ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) —Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. Figure LI 13-2 summarizes the effective dates for ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and ASU 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief (impairment). Targeted improvements were made to both recognition and measurement and impairment in ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.
Early adoption of these standards is allowed in limited circumstances. See LI 13.1.1 and LI 13.1.2 for information on early adoption of each standard.
Figure LI 13-1
Summary of effective dates – ASU 2016-01
Type of reporting entity
ASU 2016-01: Recognition and measurement
Public business entities (PBEs)
ASU 2016-01, ASU 2018-03, and ASU 2019-04 are currently effective.
ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years.
Other entities (including not-for-profit organizations and certain employee benefit plans)
ASU 2016-01, ASU 2018-03, and ASU 2019-04 are currently effective.
ASU 2020-01 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years.
On November 15, 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, which deferred the effective date of ASU 2016-13 for certain public business entities (PBEs) and non-PBEs.
Figure LI 13-2
Summary of effective dates – ASU 2016-13
Type of reporting entity
ASU 2016-13: Impairment
PBEs that meet the definition of an SEC filer, excluding smaller reporting companies (SRCs
ASU 2016-13, ASU 2019-04, and ASU 2019-05 are currently effective.
All other entities including all other PBEs (including SEC filers that are SRCs), private companies, not-for-profit organizations and certain employee benefit plans
Fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.
For entities that have not yet adopted ASU 2016-13, the effective dates for ASU 2019-04 and ASU 2019-05 are the same as the effective date for ASU 2016-13.
For entities that have early adopted ASU 2016-13, ASU 2019-04 and ASU 2019-05 are currently effective.
ASC 326-10-20 defines an SEC filer.

ASC 326-10-20

Securities and Exchange Commission (SEC) filer
An entity that is required to file or furnish its financial statements with either of the following:
a. The Securities and Exchange Commission (SEC)
b. With respect to an entity subject to Section 12(i) of the Securities Exchange Act of 1934, as amended, the appropriate agency under that Section.
Financial statements for other entities that are not otherwise SEC filers whose financial statements are included in a submission by another SEC filer are not included within this definition.


The one-time determination of whether an entity is eligible to be a smaller reporting company shall be based on an entity’s most recent determination as of November 15, 2019, in accordance with SEC regulations.
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