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Guidance effective for calendar year-end public companies
Publication date: 23 Jan 2023
us FASB standards effective dates
The FASB’s recently released standards are grouped below by effective date - those that are effective in 2022 for calendar year-end public companies, and those that are effective in subsequent fiscal years. 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 2022 for calendar year-end public companies
(a) Effective in 2022 for SEC filers other than SRCs; effective in 2024 for all other companies, including SRCs.
(b) Effective through December 31, 2024, as amended by ASU 2022-06
Guidance effective after 2022 for calendar year-end public companies
(a) Effective in 2023 for SRCs
(b) Effective in 2023 for SEC filers other than SRCs; effective in 2025 for all other companies, including SRCs.
(c) Effective in 2024 for SRCs
Guidance effective in 2022 for calendar year-end public companies
ASU No. | Standard name | Effective date | Early adoptable | PwC resources |
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. | 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 | ||
Reference Rate Reform (Topic 848): Scope | Upon issuance (January 7, 2021) through December 31, 2024, as amended by ASU 2022-06 | Not applicable | ||
Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 | Upon issuance (December 21, 2022) through December 31, 2024 | Not applicable | ||
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 | ||
Leases (Topic 842) Lessors—Certain Leases with Variable Lease Payments | The amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. | Yes | ||
Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance | Effective for financial statements issued for annual periods beginning after December 15, 2021 | Yes |
Guidance effective after 2022 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 | 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 | ||
Codification Improvements to Financial Instruments | Issues 6 and 7: SRCs: The same effective date as ASU 2016-13 | 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 | 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. | ||
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 | ||
Financial Services—Insurance (Topic 944): Transition for Sold Contracts | 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 | ||
Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers | Fiscal years beginning after December 15, 2022, and interim periods within those fiscal years | Yes | ||
Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method | Fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. | Early adoption is permitted if ASU 2017-12 has already been adopted for the corresponding period. | ||
Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures | For entities that have adopted ASU 2016-13: Fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For entities that have not yet adopted the amendments related to ASU 2016-13, the same as ASU 2016-13 | Early adoption is permitted if ASU 2016-13 has already been adopted | ||
Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions | Fiscal years beginning after December 15, 2023, and interim periods within those fiscal years | Yes | ||
Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations | Fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. | Yes |
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