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The FASB’s recently released standards are grouped below by effective date - those that are effective in 2021 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 2021 for calendar year-end public companies
Guidance effective after 2021 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 2022 for SEC filers other than SRCs; effective in 2024 for all other companies, including SRCs.
Guidance effective in 2021 for calendar year-end public companies
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
Issues 6 and 7:

SRCs: The same effective date as ASU 2016-13
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


Guidance effective after 2021 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 (Amendments to Topic 326):

SRCs: The same effective date as ASU 2016-13
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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