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ASU No. | Standard name | Effective date | Early adoptable | PwC resources |
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 | ||
Codification Improvements to Financial Instruments | Not applicable | |||
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 | ||
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 | ||
Codification Improvements | Fiscal years beginning after December 15, 2020, and interim periods within those fiscal years | Yes | ||
Reference Rate Reform (Topic 848): Scope | Upon issuance (January 7, 2021) through December 31, 2022 | Not applicable |
ASU No. | Standard name | Effective date | Early adoptable | PwC resources |
Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments | SRCs: As amended by ASU 2019-10, fiscal years beginning after December 15, 2022, including interim periods within those fiscal years | Yes | ||
Intangibles—Goodwill and Other (Topic 350) | 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 | ||
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 | ||
Codification Improvements to Topic 326, Financial Instruments—Credit Losses | SRCs: The same effective date as 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: Yes if ASU 2016-13 has been adopted | |||
Financial Instruments—Credit Losses (Topic 326) Targeted Transition Relief | SRCs: The same effective date as ASU 2016-13. | Early adoption is permitted if ASU 2016-13 has already been adopted | ||
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 | ||
Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates | SRCs: Fiscal years beginning after December 15, 2022, including interim periods within those fiscal years | Not applicable | ||
Codification Improvements to Topic 326, Financial Instruments—Credit Losses | SRCs: The same effective date as ASU 2016-13. | Early adoption is permitted if ASU 2016-13 has already been adopted | ||
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 | ||
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 |
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