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Guidance effective for calendar year-end public companies
ASU No. | Standard name | Effective date | Early adoptable | PwC resources |
Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments | SEC filers, excluding SRCs: As amended by ASU 2019-10, fiscal years beginning after December 15, 2019, including interim periods within those fiscal years SRCs: As amended by ASU 2019-10, fiscal years beginning after December 15, 2022, including interim periods within those fiscal years | 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, 2020 | Yes | ||
Codification Improvements to Topic 326, Financial Instruments—Credit Losses | The same as the effective date for ASU 2016-13 | Not applicable | ||
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 For entities that have adopted ASU 2016-13, fiscal years beginning after December 15, 2019, including interim periods within those fiscal years | 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 For entities that have adopted ASU 2016-13, fiscal years beginning after December 15, 2019, including interim periods within those fiscal years | Early adoption is permitted if ASU 2016-13 has already been adopted | ||
Intangibles—Goodwill and Other (Topic 350) | SEC filers, excluding SRCs: As amended by ASU 2019-10, annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019 SRCs: 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 | ||
Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement | Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 | 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, and interim periods within those fiscal years, beginning after December 15, 2019 | Yes | ||
Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities | Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years | Yes | ||
Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 | Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years | 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, 2019, and interim periods within those fiscal years | Yes | ||
Not-for-Profit Entities (Topic 958): Updating the Definition of Collections | Fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020 | Yes | ||
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):
Topic 3 (Amendments to Topic 815):
Topic 4 (Amendments to Topic 825):
| Topics 1, 2 and 5: Yes if ASU 2016-13 has been adopted Topic 3: Yes if ASU 2017-12 has been adopted Topic 4: Yes if ASU 2016-01 has been adopted | ||
Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer | Effective in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years | Yes, but only after adoption of ASU 2018-07 | ||
Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates | Credit losses & goodwill impairment: SEC filers, excluding SRCs: fiscal years beginning after December 15, 2019, including interim periods within those fiscal years SRCs: fiscal years beginning after December 15, 2022, including interim periods within those fiscal years | Not applicable | ||
Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842) | Upon issuance | Not applicable | ||
Codification Improvements to Financial Instruments | Issues 1,2,4 and 5:
Issue 3:
Issues 6 and 7:
| Not applicable | ||
Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting | Upon issuance (March 12, 2020) through December 31, 2022 | Not applicable | ||
ASU 2020-05 | 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, 2019 for public not-for-profit entities that have not yet issued financial statements (or made available for issuance) as of June 3, 2020 | Not applicable |
ASU No. | Standard name | Effective date | Early adoptable | PwC resources |
Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts | SEC filers, excluding SRCs: As amended by ASU 2020-11, fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022 SRCs: 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 | SEC filers, excluding SRCs: As amended by ASU 2020-11, fiscal years beginning after December 15, 2022, and interim periods within those fiscal years SRCs: As amended by ASU 2020-11, fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025 | Not applicable | ||
ASU 2020-11 | Financial Services—Insurance (Topic 944): Effective Date and Early Application | SEC filers, excluding SRCs: Fiscal years beginning after December 15, 2022, and interim periods within those fiscal years SRCs: Fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025 | Yes - early transition relief available | |
Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes | Fiscal years beginning after December 15, 2020, and interim periods within those fiscal years | 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, 2020, and interim periods within those fiscal years | Yes | ||
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 | SEC filers, excluding SRCs: Fiscal years beginning after December 15, 2021, and interim periods within those fiscal years.
SRCs: 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 | ||
ASU 2020-08 | Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs | Fiscal years beginning after December 15, 2020, and interim periods within those fiscal years | No | |
ASU 2020-09 | Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762 | Effective on January 4, 2021, pursuant to SEC Release No. 33-10762 | Yes | |
ASU 2020-10 | Codification Improvements | Fiscal years beginning after December 15, 2020, and interim periods within those fiscal years | Yes |
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