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FASB ASUs effective December 15, 2020

When Dec 15, 2020
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The following FASB Accounting Standards Updates (ASUs) are effective on December 15, 2020:

  • ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (issued August 15, 2018). For public business entities, the amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application of the amendments is permitted.
  • ASU 2018-14, Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans (issued August 28, 2018). For public business entities, the amendments in this ASU are effective for fiscal years ending after December 15, 2020. For all other entities, the amendments are effective for fiscal years ending after December 15, 2021. Early adoption is permitted.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.