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FASB ASUs effective December 15, 2018

When Dec 15, 2018
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The following FASB Accounting Standards Updates (ASUs) are effective on December 15, 2018:

  • ASU 2016-02, Leases (Topic 842) (issued February 25, 2016). This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, for any of the following:
    • Public business entities.
    • Not-for-profit entities that have issued, or are a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an over-the-counter market.
    • Employee benefit plans that file financial statements with the SEC.
    For all other entities, the amendments in the ASU are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application of the amendments in the ASU is permitted for all entities.
  • ASU 2017-06, Employee Benefit Plan Master Trust Reporting (a consensus of the Emerging Issues Task Force) (issued February 27, 2017). The amendments in this ASU are effective for fiscal years beginning after December 15, 2018. Early adoption is permitted.
  • ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities (issued March 30, 2017). For public business entities, the amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period.
  • ASU 2017-11, I. Accounting for Certain Financial Instruments With Down Round Features and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Exception (issued July 13, 2017). The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other organizations, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted.
  • ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities (issued August 28, 2017). For public business entities, the ASU’s amendments are effective for fiscal years beginning after December 15, 2018, and interim periods therein. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods beginning after December 15, 2020. All entities are permitted to early adopt the ASU in interim periods after its issuance.
  • ASU 2017-15, Codification Improvements to Topic 995, U.S. Steamship Entities — Elimination of Topic 995 (issued December 5, 2017). The amendments in this ASU are effective for fiscal years beginning after December 15, 2018. Early adoption is permitted.
  • ASU 2018-02, Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income (issued February 14, 2018). The ASU is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted.
  • ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting (issued June 20, 2018). The amendments in the ASU are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity’s adoption date of ASC 606.

Correction list for hyphenation

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