The FASB’s recently released standards are grouped below by effective date - those that are effective in 2023 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 2023 for calendar year-end public companies
(a) Effective through December 31, 2024, as amended by ASU 2022-06
(b) Effective in 2023 for SRCs
(c) Effective in 2023 for SEC filers other than SRCs; effective in 2025 for all other companies, including SRCs.
Guidance effective after 2023 for calendar year-end public companies
(a) Effective in 2023 for SEC filers other than SRCs; effective in 2025 for all other companies, including SRCs.
(b) Effective in 2024 for SRCs
Guidance effective in 2023 for calendar year-end public companies
ASU No.
Standard name
Effective date
Early adoptable
PwC resources
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
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
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
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
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
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
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
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


Guidance effective after 2023 for calendar year-end public companies
ASU No.
Standard name
Effective date
Early adoptable
PwC resources
Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts
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
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
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
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
SRCs: Fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025
Yes - early transition relief available
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
Leases (Topic 842): Common Control Arrangements
Fiscal years beginning after December 15, 2023, and interim periods within those fiscal years
Yes
Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method
Fiscal years beginning after December 15, 2023, and interim periods within those fiscal years
Yes
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