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The FASB’s recently released standards are grouped below by effective date — those that are effective now and those that are effective in subsequent fiscal years -- for calendar year-end nonpublic companies (that is, companies that are neither public, nor meet the definition of a public business entity). Since the issuance of ASU 2013-12, Definition of a Public Business Entity—An Addition to the Master Glossary, the term public business entity (PBE) has been used to establish effective dates and to scale disclosure requirements for new ASUs. Therefore, all companies need to consider whether or not they meet the definition of a PBE when adopting new standards. While the guidance generally refers to PBEs, and sometimes the effective date for PBEs excludes smaller reporting companies (as defined by the SEC), we have used the “short hand” of “public” and “nonpublic” to refer to the earlier and later effective date buckets.
Guidance effective in 2021 for calendar year-end nonpublic companies
Guidance effective after 2021 for calendar year-end nonpublic companies
a) Effective in 2022 for nonpublic entities that have not yet issued financial statements or made financial statements available for issuance reflecting the adoption of ASC 842.
Guidance effective in 2021 for calendar year-end nonpublic companies
ASU No.
Standard name
Effective date
Early adoptable
PwC resources
Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities
As amended by ASU 2019-10, fiscal years beginning after December 15, 2020, and interim periods beginning after December 15, 2021 
Yes
Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract
Fiscal years beginning after December 15, 2020, and all interim periods beginning after December 15, 2021
Yes
Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20) Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans
Fiscal years ending after December 15, 2021
Yes
Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes
For entities that have not already adopted ASU 2017-12, concurrent with ASU 2017-12
Yes for entities that have already adopted ASU 2017-12
Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities
Fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021
Yes
Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606
Fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021
Yes, but no earlier than the adoption date of Topic 606
Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (Subtopic 920-350)
Fiscal years beginning after December 15, 2020, and interim periods within those fiscal years
Yes
Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments
Topic 3 (Amendments to Topic 815):
Topic 3: Yes if ASU 2017-12 has been adopted
Financial Instruments: Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates
Hedging & leases: Fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021
Not applicable
Codification Improvements to Financial Instruments
Issues 6 and 7:

For entities that have not yet adopted the amendments related to ASU 2016-13, the same as ASU 2016-13
Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities
Upon issuance (June 3, 2020).Defers the effective date of Topic 606 to fiscal years beginning after December 15, 2019 and interim periods within fiscal years beginning after December 15, 2020 for all entities that have not yet issued financial statements (or made available for issuance) as of June 3, 2020
Not applicable
Reference Rate Reform (Topic 848): Scope
Upon issuance (January 7, 2021) through December 31, 2022
Not applicable
Franchisors—Revenue from Contracts with Customers (Subtopic 952-606): Practical Expedient
For entities that already have adopted ASC 952-606, fiscal years beginning after December 15, 2020, and interim periods within those fiscal years
Yes
Intangibles—Goodwill and Other (Topic 350): Accounting Alternative for Evaluating Triggering Events
On a prospective basis for fiscal years beginning after December 15, 2019
Yes


Guidance effective after 2021 for calendar year-end nonpublic companies
ASU No.
Standard name
Effective date
Early adoptable
PwC resources
Leases (Topic 842)
As amended by ASU 2020-05, fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022
Yes
Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842
Upon issuance for entities that early adopted Topic 842. For entities that have not adopted Topic 842, the same as the effective date in Topic 842
Not applicable
Codification Improvements to Topic 842, Leases
Upon issuance for entities that early adopted Topic 842. For entities that have not adopted Topic 842, the same as the effective date in Topic 842
Not applicable
Leases (Topic 842): Targeted Improvements
For entities that have not adopted Topic 842, the effective date for the new lessor practical expedient is the same as the effective date for Topic 842 Entities that have already adopted Topic 842 may apply the new lessor practical expedient (1) to the first reporting period following the issuance of the practical expedient or (2) at the original effective date of Topic 842
Not applicable
Leases (Topic 842): Narrow-Scope Improvements for Lessors
For entities that have not adopted Topic 842, the effective date is the same as the effective date for Topic 842 Entities that have already adopted Topic 842 may apply the amendments (1) at the original effective date of Topic 842 for the entity, (2) in the first reporting period ending after the issuance of this Update or (3) in the first reporting period beginning after the issuance of this Update
Not applicable
Leases (Topic 842): Codification Improvements
Issues 1 & 2: As amended by ASU 2020-05, fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022

Issue 3: The effective date is the same as the effective date in ASU 2016-02
Not applicable
Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
As amended by ASU 2019-10, fiscal years beginning after December 15, 2022, including interim periods within those fiscal years
Yes
Codification Improvements to Topic 326, Financial Instruments—Credit Losses
The effective date is the same as the effective date in ASU 2016-13
Not applicable
Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments
Topics 1, 2 and 5 (Amendments to Topic 326):

Topics 1, 2 and 5: Yes if ASU 2016-13 has been adopted
Financial Instruments—Credit Losses (Topic 326) Targeted Transition Relief
For entities that have not yet adopted ASU 2016-13, the same as ASU 2016-13
Early adoption is permitted if ASU 2016-13 has already been adopted
Codification Improvements to Topic 326, Financial Instruments—Credit Losses
For entities that have not yet adopted ASU 2016-13, the same as ASU 2016-13
Early adoption is permitted if ASU 2016-13 has already been adopted
Intangibles—Goodwill and Other (Topic 350)
As amended by ASU 2019-10, annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2022
Yes, for any goodwill impairment tests performed after January 1, 2017
Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts
As amended by ASU 2020-11, fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025
Yes
Financial Services—Insurance (Topic 944): Effective Date
As amended by ASU 2020-11, effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025
Not applicable
Financial Services—Insurance (Topic 944): Effective Date and Early Application
Effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025
Yes - early transition relief available
Financial Instruments—Leases (Topic 842): Effective Dates
Credit losses & goodwill impairment: Fiscal years beginning after December 15, 2022, including interim periods within those fiscal years
Not applicable
Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
Fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022

Yes
Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)
Fiscal years beginning after December 15, 2021, and interim periods within those fiscal years
Yes
Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities
Upon issuance (June 3, 2020).

Defers the effective date of Topic 842 to fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022 for all entities that have not yet issued financial statements (or made available for issuance) as of June 3, 2020
Not applicable
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
Fiscal years beginning after December 15, 2023, and interim periods within those fiscal years
Yes, but only as of the beginning of a fiscal year beginning after December 15, 2020.
Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets
Fiscal years beginning after June 15, 2021, and interim periods within annual periods beginning after June 15, 2022
Yes
Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs
Fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022
Yes, but only for fiscal years beginning after December 15, 2020
Codification Improvements
Fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022
Yes
Franchisors—Revenue from Contracts with Customers (Subtopic 952-606): Practical Expedient
For entities that have not already adopted ASC 952-606, concurrent with ASC 952-606.
Yes
Earnings Per Share (Topic 260), Debt— Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40)
Fiscal years beginning after December 15, 2021, and interim periods within those fiscal years
Yes
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