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Quarterly Accounting Roundupby Magnus Orrell and Joseph Renouf, Deloitte & Touche LLP
To our clients, colleagues, and other friends:
Welcome to Quarterly Accounting Roundup: Second Quarter — 2019. In the second quarter of 2019, the FASB issued:
• Final Accounting Standards Updates (ASUs) that (1) provide targeted transition relief for entities adopting the FASB’s new credit losses standard, ASU 2016-13;1 (2) clarify certain aspects of the accounting for credit losses, hedging activities, and financial instruments; and (3) extend private-company alternatives on goodwill and certain identifiable intangible assets to not-for-profit (NFP) entities.
• Proposed ASUs that would (1) align certain FASB Codification guidance with SEC disclosure requirements, (2) simplify the accounting for income taxes, and (3) amend certain aspects of the FASB’s guidance on credit losses.
Further, in May, the SEC released proposed rules that would amend:
• The financial statement requirements for acquisitions and dispositions of businesses, including real estate operations, and related pro forma financial information. The proposed rule would, for example, (1) modify certain significance tests, (2) allow registrants to present fewer acquiree financial statement periods, and (3) simplify the criteria for pro forma adjustments.
• The definitions of “accelerated filer” and “large accelerated filer” to exclude any issuer with both annual revenues of less than $100 million and public float of less than $700 million. If finalized, this proposed rule would expand the number of issuers that qualify
1 FASB Accounting Standards Update No. 2016-13, Measurement of Credit Losses on Financial Instruments.
In This Issue• Accounting — Newly
Issued Standards
• Accounting — Exposure Drafts
• Auditing Developments
• Regulatory and Compliance Developments
• Appendix A: Significant Adoption Dates
• Appendix B: Current Status of FASB Projects
• Appendix C: New Deloitte U.S. Accounting Publications
Second Quarter — 2019
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as nonaccelerated filers and are thus eligible to take advantage of certain reporting accommodations offered to such issuers. For instance, under the proposal, certain registrants would not be subject to the requirement related to auditor attestation on the effectiveness of ICFR.
On the international front, the IASB® released exposure drafts (EDs) of proposals that would amend (1) the IASB’s insurance contracts standard, IFRS 17,2 to address implementation concerns and challenges; (2) certain guidance in IFRS 33 to bring it up to date with the 2018 version of the IASB’s Conceptual Framework; (3) certain IFRS® Standards as part of the IASB’s annual improvements process; and (4) guidance on financial instruments in response to interest rate benchmark reforms.
We value your feedback and would appreciate any comments you may have on Quarterly Accounting Roundup. Take a moment to tell us what you think by sending us an e-mail at [email protected].
For the latest news and publications, visit Deloitte’s US GAAP Plus Web site or subscribe to Weekly Accounting Roundup, a digest of news, developments, and Deloitte publications related to predominantly U.S. accounting topics. Also see our Twitter feed for up-to-date information on the latest news, research, events, and more. Further, see the Deloitte Accounting Research Tool (DART) for a comprehensive online library of accounting and financial disclosure literature, including Deloitte’s own interpretive guidance and publications.
Featured Deloitte Publications
In the second quarter of 2019, Deloitte released the following new and updated Roadmaps:
• A Roadmap to the Preparation of the Statement of Cash Flows (2019) — Provides Deloitte’s insights into and interpretations of the accounting guidance on the statement of cash flows, primarily that in ASC 230.4 The 2019 update reflects the amendments to ASC 230 made by ASUs 2016-155 and 2016-18,6 which clarify guidance in ASC 230 on the classification of certain cash flows. The 2019 edition also incorporates interpretations and guidance related to the new leasing standard, ASU 2016-02.7
• A Roadmap to Accounting for Noncontrolling Interests (2019) — Provides Deloitte’s insights into and interpretations of the guidance on noncontrolling interests, primarily that in ASC 810-10 and ASC 480-10-S99. The 2019 edition of this Roadmap reflects new and updated guidance and examples as well as minor clarifications.
• A Roadmap to Consolidation — Identifying a Controlling Financial Interest (2019) — Serves as a comprehensive guide to navigating the frequently complex consolidation accounting models. The 2019 edition reflects the amendments in ASU 2018-178 related to the private-company alternative as well as the alignment of certain assessments performed as part of the consolidation analysis.
• A Roadmap to Accounting and Financial Reporting for Carve-Out Transactions (2019) — Summarizes key considerations related to the preparation of “carve-out financial statements,” a general term used to describe financial statements derived from the
2 IFRS 17, Insurance Contracts.3 IFRS 3, Business Combinations.4 For titles of FASB Accounting Standards Codification (ASC) references, see Deloitte’s “Titles of Topics and Subtopics in the FASB
Accounting Standards Codification.”5 FASB Accounting Standards Update No. 2016-15, Classification of Certain Cash Receipts and Cash Payments — a consensus of the
FASB Emerging Issues Task Force.6 FASB Accounting Standards Update No. 2016-18, Restricted Cash — a consensus of the FASB Emerging Issues Task Force.7 FASB Accounting Standards Update No. 2016-02, Leases.8 FASB Accounting Standards Update No. 2018-17, Targeted Improvements to Related Party Guidance for Variable Interest Entities.
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financial statements of a larger parent entity. In the 2019 edition, a few updates and clarifications are made in response to SEC activity and practice developments.
• A Roadmap to the Issuer’s Accounting for Convertible Debt (2019) — Provides an overview of the requirements in ASC 470-20 related to convertible debt, which are frequently complex and time-consuming to apply. Deloitte’s insights into and interpretations of how to apply these requirements in practice are accompanied by the related authoritative text and other relevant literature.
• A Roadmap to SEC Reporting Considerations for Business Combinations (2019) — Combines the SEC’s guidance on reporting for business acquisitions — including acquisitions of real estate operations and pro forma financial information — with Deloitte’s interpretations (Q&As) and examples in a comprehensive, reader-friendly format. Because the SEC made no significant changes to its guidance on reporting for business acquisitions since the issuance of last year’s Roadmap, most of the updates in the 2019 update expand on or clarify existing text. The new edition also discusses the SEC’s proposed rule that would amend the financial statement requirements for acquisitions and dispositions of businesses, including real estate operations, and related pro forma financial information.
In addition, Deloitte inaugurated an Accounting Spotlight newsletter series in the second quarter of 2019. These newsletters, published as warranted, analyze key issues related to the implementation of accounting guidance on selected topics, such as revenue recognition.
Another notable Deloitte publication issued in the second quarter of 2019 was a Heads Up addressing key themes the SEC focused on in its comment letters to registrants about their application of the accounting and disclosure requirements in the FASB’s new revenue standard, ASC 606, which became effective for calendar-year-end public business entities in the first quarter of 2018.
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Accounting — Newly Issued StandardsCredit Losses
FASB Issues Guidance to Provide Targeted Transition Relief for Entities Adopting ASU 2016-13Affects: All entities.
Summary: On May 15, 2019, the FASB issued ASU 2019-05,9 which provides transition relief for entities adopting the Board’s credit losses standard, ASU 2016-13. Specifically, ASU 2019-05 amends ASU 2016-13 to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of the credit losses guidance in ASC 326-20, (3) are eligible for the fair value option under ASC 825-10, and (4) are not held-to-maturity debt securities.
Next Steps: For entities that have adopted ASU 2016-13, the amendments in ASU 2019-05 are effective for fiscal years beginning after December 15, 2019, including interim periods therein. An entity may early adopt the ASU in any interim period after its issuance if the entity has adopted ASU 2016-13. For all other entities, the effective date will be the same as the effective date of ASU 2016-13.
Other Resources: Deloitte’s May 15, 2019, Heads Up. Also see the press release on the FASB’s Web site.
Financial Instruments
FASB Amends Certain Aspects of ASUs Related to Financial InstrumentsAffects: All entities.
Summary: On April 25, 2019, the FASB issued ASU 2019-04,10 which clarifies certain aspects of the accounting for credit losses, hedging activities, and financial instruments (addressed by ASUs 2016-13, 2017-12,11 and 2016-01,12 respectively).
Next Steps: For effective date and transition information, see Appendix A.
Other Resources: Deloitte’s May 7, 2019, Heads Up. Also see the press release on the FASB’s Web site.
Not-for-Profit Entities
FASB Extends Private-Company Accounting Alternatives to NFP EntitiesAffects: NFP entities.
Summary: On May 30, 2019, the FASB issued ASU 2019-06,13 which extends to NFP entities the private-company accounting alternatives on goodwill and certain identifiable intangible assets that were developed by the FASB and Private Company Council in 2014. The ASU is
9 FASB Accounting Standards Update No. 2019-05, Financial Instruments — Credit Losses (Topic 326): Targeted Transition Relief.10 FASB Accounting Standards Update No. 2019-04, Codification Improvements to Topic 326, Financial Instruments — Credit Losses,
Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.11 FASB Accounting Standards Update No. 2017-12, Targeted Improvements to Accounting for Hedging Activities.12 FASB Accounting Standards Update No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities.13 FASB Accounting Standards Update No. 2019-06, Extending the Private Company Accounting Alternatives on Goodwill and Certain
Identifiable Intangible Assets to Not-for-Profit Entities.
In This Section• Credit Losses
o FASB Issues Guidance to Provide Targeted Transition Relief for Entities Adopting ASU 2016-13
• Financial Instrumentso FASB Amends Certain
Aspects of ASUs Related to Financial Instruments
• Not-for-Profit Entitieso FASB Extends Private-
Company Accounting Alternatives to NFP Entities
5
intended to enable “organizations to recognize fewer items as separate intangible assets in acquisitions and to account for goodwill in a more cost-effective manner.” Under the ASU, NFP entities are allowed to forgo testing goodwill for impairment annually at the reporting level and to instead use an accounting alternative in which:
• Goodwill is amortized “over 10 years or less, on a straight-line basis.”
• Impairment is tested “upon a triggering event.”
• An entity has “the option to elect to test for impairment at the entity level.”
ASU 2019-06 became effective upon issuance.
Other Resources: Deloitte’s June 12, 2019, Heads Up. Also see the press release on the FASB’s Web site.
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Accounting — Exposure DraftsCredit Losses
FASB Proposes Improvements to Credit Losses StandardAffects: All entities.
Summary: On June 27, 2019, the FASB issued a proposed ASU14 that would amend certain aspects of the FASB’s guidance on credit losses, including (1) purchased credit-deteriorated financial assets, (2) transition relief for troubled debt restructurings, (3) disclosure relief for accrued interest receivable, and (4) financial assets secured by collateral maintenance provisions. The proposal would also make conforming amendments to ASC 805-20.
Next Steps: Comments on the proposed ASU are due by July 29, 2019.
Other Resources: Deloitte’s June 28, 2019, Heads Up. Also see the press release on the FASB’s Web site.
Disclosures
FASB Issues Proposed ASU to Align Certain FASB Codification Guidance With SEC Disclosure RequirementsAffects: All entities.
Summary: On May 6, 2019, the FASB issued a proposed ASU15 in response to the SEC’s disclosure update and simplification initiative. The proposal would “clarify or improve disclosure and presentation requirements of a variety of Codification Topics” by aligning “the requirements in the Codification with SEC’s regulations.”
Next Steps: Comments on the proposed ASU were due by June 28, 2019.
Income Taxes
FASB Proposes Simplifications to Accounting for Income TaxesAffects: All entities.
Summary: On May 14, 2019, the FASB issued a proposed ASU16 that is intended to simplify the accounting for income taxes to reduce its cost and complexity. Specifically, the proposed ASU (which is part of the Board’s simplification initiative) would (1) remove certain exceptions to the general principles in ASC 740 and (2) simplify certain aspects of income-tax-related GAAP for financial statement preparers. The proposal would not create new accounting requirements in ASC 740.
Next Steps: Comments on the proposed ASU are due by June 28, 2019.
Other Resources: Deloitte’s May 29, 2019, Heads Up. Also see the press release on the FASB’s Web site.
14 FASB Proposed Accounting Standards Update, Codification Improvements to Topic 326, Financial Instruments — Credit Losses.15 FASB Proposed Accounting Standards Update, Disclosure Improvements — Codification Amendments in Response to the SEC’s Disclosure
Update and Simplification Initiative.16 FASB Proposed Accounting Standards Update, Simplifying the Accounting for Income Taxes.
In This Section• Credit Losses
o FASB Proposes Improvements to Credit Losses Standard
• Disclosureso FASB Issues Proposed
ASU to Align Certain FASB Codification Guidance With SEC Disclosure Requirements
• Income Taxes o FASB Proposes
Simplifications to Accounting for Income Taxes
• Internationalo IASB Publishes
Proposed Amendments to IFRS 17
o IASB Proposes IFRS 3 Amendments Related to the Conceptual Framework
o IASB Proposes Amendments as Part of Annual Improvements Process
o IASB Releases Proposal Related to Reform of Interest Rate Benchmarks
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International
IASB Publishes Proposed Amendments to IFRS 17Affects: Entities reporting under IFRS Standards.
Summary: On June 27, 2019, the IASB published an ED17 to address concerns and implementation challenges with the IASB’s insurance contracts standard, IFRS 17, which was published in 2017. Revisions made by the proposed amendments would include:
• Deferral of the date of initial application of IFRS 17 by one year to annual periods beginning on or after January 1, 2022, and change in the fixed expiry date for the temporary exemption in IFRS 418 from applying IFRS 919 so that entities would be required to apply IFRS 9 for annual periods beginning on or after January 1, 2022.
• Optional scope exclusion for loan contracts that transfer significant insurance risk and related transition requirements to enable entities issuing such contracts to account for those contracts by applying either IFRS 17 or IFRS 9.
• Scope exclusion for credit card contracts that provide insurance coverage.
• Amendments related to allocation, recognition, recoverability assessment, and disclosure of insurance acquisition cash flows associated with expected contract renewals.
• Amendments related to the contractual service margin allocation.
• Extension of the risk mitigation option to reinsurance contracts held.
• Requirement for entities to recognize a gain on reinsurance contracts held when, at initial recognition, such entities also recognized losses on onerous insurance contracts issued.
• Simplified presentation of insurance contracts in the statement of financial position.
• Transition relief related to business combinations.
• Transition relief related to the date of application of the risk mitigation option and the use of the fair value transition approach.
Next Steps: Comments on the ED are due by September 25, 2019.
Other Resources: For more information, see the press release and snapshot on the IASB’s Web site.
IASB Proposes IFRS 3 Amendments Related to the Conceptual FrameworkAffects: Entities reporting under IFRS Standards.
Summary: On May 30, 2019, the IASB published an ED20 that would:
• Update Conceptual Framework references in IFRS 3 to align the standard with the 2018 version of the framework instead of the 1989 version; these updates would not change the accounting requirements for business combinations.
17 IASB Exposure Draft, Amendments to IFRS 17.18 IFRS 4, Insurance Contracts.19 IFRS 9, Financial Instruments.20 IASB Exposure Draft, Reference to the Conceptual Framework — proposed amendments to IFRS 3.
8
• Require that — for transactions and other events within the scope of IAS 3721 or IFRIC 2122 — an acquirer should apply IAS 37 or IFRIC 21 (instead of the Conceptual Framework) to identify the liabilities it has assumed in a business combination.
• Explicitly state that an acquirer should not recognize contingent assets acquired in a business combination.
Next Steps: Comments on the ED are due by September 27, 2019.
Other Resources: For more information, see the press release on the IASB’s Web site.
IASB Proposes Amendments as Part of Annual Improvements ProcessAffects: Entities reporting under IFRS Standards.
Summary: On May 21, 2019, the IASB published an ED23 that would amend certain IFRS Standards as part of its annual improvements process (i.e., a project to make necessary, but nonurgent, amendments to IFRS Standards that will not be made as part of another major project). Specifically, the ED would make revisions to the following standards:
• IFRS 1, First-time Adoption of International Financial Reporting Standards.
• IFRS 9, Financial Instruments.
• IFRS 16, Leases (just the accompanying illustrative examples).
• IAS 41, Agriculture.
Next Steps: Comments on the ED are due by August 20, 2019.
Other Resources: Deloitte’s May 22, 2019, IFRS in Focus. Also see the press release on the IASB’s Web site.
IASB Releases Proposal Related to Reform of Interest Rate BenchmarksAffects: Entities reporting under IFRS Standards.
Summary: On May 3, 2019, the IASB published an ED24 that would amend IFRS 925 and IAS 3926 “in light of the reform of interest rate benchmarks” (e.g., interbank offered rates). The purpose of the proposed amendments is to “provide relief from specific hedge accounting requirements that could have resulted in the discontinuation of hedge accounting solely due to the uncertainty arising from interest rate benchmark reform.”
Comments on the ED were due by June 17, 2019.
Other Resources: Deloitte’s May 8, 2019, IFRS in Focus. Also see the press release and snapshot on the IASB’s Web site.
21 IAS 37, Provisions, Contingent Liabilities and Contingent Assets.22 IFRIC Interpretation 21, Levies.23 IASB Exposure Draft, Annual Improvements to IFRS Standards 2018–2020.24 IASB Exposure Draft, Interest Rate Benchmark Reform — proposed amendments to IFRS 9 and IAS 39.25 IFRS 9, Financial Instruments.26 IAS 39, Financial Instruments: Recognition and Measurement.
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AICPA
AICPA Issues Proposed SAS on Audit EvidenceAffects: Auditors.
Summary: On June 20, 2019, the AICPA issued a proposed SAS27 that would supersede certain guidance on audit evidence in SAS 122.28 The proposed SAS addresses “the evolving nature of business and audit services and issues that have arisen during the standard-setting activities of the [Auditing Standards Board, including] use of emerging technologies by both preparers and auditors, audit data analytics (ADA), the application of professional skepticism, the expanding use of external information sources as audit evidence, and more broadly, the accuracy, completeness, and reliability of audit evidence.”
Next Steps: Comments on the proposed SAS are due by September 18, 2019.
AICPA Proposes Amendments Related to the Definition of MaterialityAffects: Auditors.
Summary: On June 5, 2019, the AICPA’s Auditing Standards Board issued an ED29 of a proposed SAS and a proposed Statement on Standards for Attestation Engagements (SSAE) that would “align the materiality concepts discussed in AICPA Professional Standards with the definition of materiality used by the U.S. judicial system, the auditing standards of the PCAOB, the [SEC], and the [FASB].”
Next Steps: Comments on the proposed SAS and proposed SSAE are due by August 5, 2019.
AICPA Issues New Statements on Auditing StandardsAffects: Auditors.
Summary: On May 8, 2019, the AICPA issued the following SASs:
• SAS 13430 — “[A]ddresses the auditor’s responsibility to form an opinion on the financial statements and the form and content of the auditor’s report issued as a result of an audit of financial statements.” This SAS also discusses “the auditor’s responsibilities, and the form and content of the auditor’s report, when the auditor concludes that a modification to the auditor’s opinion on the financial statements is necessary, and when additional communications are necessary in the auditor’s report.”
• SAS 13531 — The primary purpose of this SAS is “to more closely align [AICPA] guidance with the PCAOB’s standards” by amending AU-C Sections 260,32 550,33 and 240.34
Other Resources: For more information, see the press release on the AICPA’s Web site.
27 AICPA Proposed Statement on Auditing Standards (SAS), Audit Evidence.28 AICPA Statement on Auditing Standards No. 122, Statements on Auditing Standards: Clarification and Recodification.29 AICPA Exposure Draft, Amendments to the Description of the Concept of Materiality.30 AICPA Statement on Auditing Standards No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in
the Audit of Financial Statements.31 AICPA Statement on Auditing Standards No. 135, Omnibus Statement on Auditing Standards — 2019.32 AICPA Professional Standards, AU-C Section 260, “The Auditor’s Communication With Those Charged With Governance.”33 AICPA Professional Standards, AU-C Section 550, “Related Parties.”34 AICPA Professional Standards, AU-C Section 240, “Consideration of Fraud in a Financial Statement Audit.”
In This Section• AICPA
o AICPA Issues Proposed SAS on Audit Evidence
o AICPA Proposes Amendments Related to the Definition of Materiality
o AICPA Issues New Statements on Auditing Standards
• CAQo CAQ Issues
Publication on Emerging Technology
o CAQ Updates Publication on ICFR
o CAQ Releases Publication on Credit Losses
o CAQ Updates Publication on Assessing External Auditors
• PCAOB o PCAOB Issues
Staff Guidance on Communications With Audit Committees Concerning Independence
o PCAOB Issues Staff Guidance on Implementing CAM Requirements
o PCAOB Releases Staff Inspection Brief
Auditing Developments
10
CAQ
CAQ Issues Publication on Emerging TechnologyAffects: All entities.
Summary: On May 16, 2019, the CAQ released a publication on emerging technology35 that “explores financial reporting implications of the evolving use of technology such as artificial intelligence, the internet of things, and smart contracts.”
CAQ Updates Publication on ICFRAffects: All entities.
Summary: On May 9, 2019, the CAQ released an updated version of its guide36 on internal control over financial reporting (ICFR). The publication provides an overview of ICFR and focuses on “key ICFR concepts” such as the control environment, control activities, reasonable assurance, and the hierarchy of ICFR deficiencies. The 2019 edition includes “additional information highlighting the significant body of research demonstrating the importance of ICFR to enhancing investor confidence and strengthening the financial reporting process.”
CAQ Releases Publication on Credit Losses Affects: Audit committees.
Summary: On May 7, 2019, the CAQ released a publication37 designed to help audit committees with overseeing entities’ implementation of the FASB’s new credit losses standard, ASC 326, which becomes effective on January 1, 2020, for most calendar-year-end entities that are SEC filers. The publication contains key questions for audit committees to consider and is divided into four sections addressing the following topics:
• Understanding the credit losses standard.
• Evaluating the entity’s impact assessment.
• Evaluating the implementation plan.
• Other important implementation considerations.
Other Resources: For more information, see the press release on the CAQ’s Web site.
CAQ Updates Publication on Assessing External AuditorsAffects: Audit committees.
Summary: On April 2, 2019, the CAQ released an updated version of its publication38 for audit committees on assessing external auditors. The purpose of the publication is to “assist audit committees in carrying out their responsibilities of appointing, overseeing, and determining compensation for the external auditor.”
35 CAQ Publication, Emerging Technologies, Risk, and the Auditor’s Focus: A Resource for Auditors, Audit Committees, and Management.36 CAQ Guide, Guide to Internal Control Over Financial Reporting.37 CAQ Publication, Preparing for the New Credit Losses Standard.38 CAQ Publication, External Auditor Assessment Tool : A Reference for US Audit Committees.
11
PCAOB
PCAOB Issues Staff Guidance on Communications With Audit Committees Concerning IndependenceAffects: Auditors.
Summary: On May 31, 2019, the PCAOB issued staff guidance39 that discusses “questions that have arisen in practice regarding application of Rule 3526(b),” which addresses communications with audit committees concerning independence. The staff guidance “(1) provides a summary of Rule 3526(b) and background information; (2) addresses the purpose of the guidance; and (3) provides specific direction to registered public accounting firms on how to comply with their Rule 3526(b) obligations.”
PCAOB Issues Staff Guidance on Implementing CAM Requirements Affects: Auditors.
Summary: On May 22, 2019, the PCAOB issued staff guidance40 on implementing its new requirements related to critical audit matters (CAMs). The staff guidance provides answers to a number of FAQs that address “questions that may arise when the auditor is communicating CAMs” in accordance with Auditing Standard 3101.41
PCAOB Releases Staff Inspection BriefAffects: Auditors.
Summary: On May 6, 2019, the PCAOB published a staff inspection brief that previews its 2018 inspection observations. Topics covered in the inspection brief include (1) observations and good practices related to efforts to improve audit quality; (2) common audit deficiencies observed in 2018; and (3) observations on technology, implementation of new accounting and auditing standards and rules, and audit committee communications.
39 PCAOB Staff Guidance, Rule 3526(b) Communications With Audit Committees Concerning Independence.40 PCAOB Staff Guidance, Implementation of Critical Audit Matters: A Deeper Dive on the Communication of CAMs.41 PCAOB Auditing Standard No. 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified
Opinion.
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SEC
SEC Issues Final Rule Related to Capital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Broker-DealersAffects: SEC registrants.
Summary: On June 21, 2019, the SEC issued a final rule42 containing new and amended requirements related to its capital, margin, and segregation regulations for security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs). Specifically, the final rule, which is being issued in response to a mandate of the Dodd-Frank Wall Street Reform and Consumer Protection Act, addresses (1) capital rules for nonbank SBSDs and MSBSPs, (2) margin requirements for nonbank SBSDs and nonbank MSBSPs, (3) segregation requirements for broker-dealers and SBSDs, and (4) cross-border application.
Next Steps: The final rule will become effective 60 days after the date of its publication in the Federal Register.
Other Resources: For more information, see the press release on the SEC’s Web site.
SEC Amends Auditor Independence Rules Affects: Auditors.
Summary: On June 18, 2019, the SEC issued a final rule43 to amend its auditor independence rules. Specifically, the amendments refocus “the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with certain shareholders of an audit client at any time during an audit or professional engagement period.”
Next Steps: The final rule will become effective 90 days after the date of its publication in the Federal Register.
Other Resources: For more information, see the press release on the SEC’s Web site.
SEC Requests Feedback on How to Improve Private Securities Offering ExemptionsAffects: SEC registrants.
Summary: On June 18, 2019, the SEC issued for public comment a concept release44 that requests feedback on “several exemptions from registration under the Securities Act of 1933 that facilitate capital raising.” Specifically, the Commission is looking for potential ways “to simplify, harmonize, and improve the exempt offering framework to promote capital formation and expand investment opportunities while maintaining appropriate investor protections.”
Next Steps: Comments on the concept release are due by September 24, 2019.
Other Resources: For more information, see the press release on the SEC’s Web site.
42 SEC Final Rule Release No. 34-86175, Capital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants and Capital and Segregation Requirements for Broker-Dealers.
43 SEC Final Rule Release No. 33-10648, Auditor Independence With Respect to Certain Loans or Debtor-Creditor Relationships.44 SEC Release No. 33-10649, Concept Release on Harmonization of Securities Offering Exemptions.
Regulatory and Compliance DevelopmentsIn This Section• SEC
o SEC Issues Final Rule Related to Capital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Broker-Dealers
o SEC Amends Auditor Independence Rules
o SEC Requests Feedback on How to Improve Private Securities Offering Exemptions
o SEC Amends the Single Issuer Exemption for Broker-Dealers
o SEC Issues Guidance Related to Retail Investors’ Relationships With Financial Professionals
o CAQ Releases Highlights of CAQ SEC Regulations Committee’s March 2019 Joint Meeting With the SEC Staff
o SEC Proposes to Ease Qualifications for Nonaccelerated Filer Status
o SEC Proposes Improvements to Disclosures for Business Acquisitions and Dispositions
o SEC Staff Issues Guidance on Investment Contract Analysis of Digital Assets
o SEC Releases Announcement About Exhibits Containing Immaterial, Competitively Harmful Information
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SEC Amends the Single Issuer Exemption for Broker-DealersAffects: Broker-dealers.
Summary: On June 10, 2019, the SEC issued a final rule45 that clarifies the scope of an existing exemption under which a broker-dealer is not required to “engage an independent public accountant to certify the broker-dealer’s annual reports filed with the Commission if, among other things, the securities business of the broker-dealer has been limited to acting as broker (agent) for a single issuer in soliciting subscriptions for securities of that issuer.”
Next Steps: The final rule will become effective on August 13, 2019.
SEC Issues Guidance Related to Retail Investors’ Relationships With Financial ProfessionalsAffects: Investment advisers and broker-dealers.
Summary: On June 5, 2019, the SEC released a package of rules and interpretations that are “designed to enhance the quality and transparency of retail investors’ relationships with investment advisers and broker-dealers, bringing the legal requirements and mandated disclosures in line with reasonable investor expectations, while preserving access (in terms of choice and cost) to a variety of investment services and products.” The package includes:
• Final rule46 on standard of conduct for broker-dealers — Establishes a “new standard of conduct specifically for broker-dealers that substantially enhances the broker-dealer standard of conduct beyond existing suitability obligations.”
• Final rule47 on relationship summaries — Requires investment advisers and broker-dealers “to deliver a relationship summary to retail investors at the beginning of their relationship.”
• Interpretation48 on standard of conduct for investment advisers — Reaffirms and clarifies “the Commission’s views of the fiduciary duty that investment advisers owe to their clients under the Advisers Act.”
• Interpretation49 on the “solely incidental” exclusion — Discusses the provision of the Investment Advisers Act of 1940 that “excludes from the definition of ‘investment adviser’ any broker or dealer that provides advisory services when such services are ‘solely incidental’ to the conduct of the broker or dealer’s business and when such incidental advisory services are provided for no special compensation.”
Next Steps: The rules will become effective 60 days after the date of their publication in the Federal Register, while the interpretations will become effective on the date of their publication in the Federal Register.
Other Resources: For more information, see the press release on the SEC’s Web site.
45 SEC Final Rule Release No. 34-86073, Amendment to Single Issuer Exemption for Broker-Dealers.46 SEC Final Rule Release No. 34-86031, Regulation Best Interest: The Broker-Dealer Standard of Conduct.47 SEC Final Rule Release No. 34-86032, Form CRS Relationship Summary: Amendments to Form ADV.48 SEC Interpretive Release No. IA-5248, Commission Interpretation Regarding Standard of Conduct for Investment Advisers.49 SEC Interpretive Release No. IA-5249, Commission Interpretation Regarding the Solely Incidental Prong of the Broker-Dealer Exclusion
From the Definition of Investment Adviser.
14
CAQ Releases Highlights of CAQ SEC Regulations Committee’s March 2019 Joint Meeting With the SEC StaffAffects: SEC registrants.
Summary: In May 2019, the CAQ published highlights of the March 20, 2019, CAQ SEC Regulations Committee joint meeting with the SEC staff. Topics discussed at the meeting included:
• Individually tailored non-GAAP financial measures.
• Emerging growth company (EGC) transition requirements for new accounting standards.
• Presentation of the contractual obligations table upon adoption of the new leasing standard, ASC 842.
• Presentation of earnings before interest, tax, depreciation, and amortization (EBITDA) after the adoption of ASC 842.
• The requirements in Regulation S-X, Rule 3-05,50 for EGCs submitting a draft registration statement for an IPO.
• Impact of ASC 842 on significance tests under Rule 3-05.
• Financial statement schedules for an investee under Regulation S-X, Rule 3-09.51
• The requirement to file a Form 8-K under Item 2.01 when a waiver for Rule 3-05 financial statements has been obtained.
SEC Proposes to Ease Qualifications for Nonaccelerated Filer StatusAffects: SEC registrants.
Summary: On May 9, 2019, the SEC issued a proposed rule52 that would amend the definitions of “accelerated filer” and “large accelerated filer” to exclude any issuer with both annual revenues of less than $100 million and public float of less than $700 million. The proposed amendments, which are intended to promote capital formation while maintaining investor protection, would expand the number of issuers that qualify as nonaccelerated filers and are thus eligible to take advantage of certain reporting accommodations offered to such issuers. The most significant of these accommodations is the elimination of the requirement that an issuer obtain an audit report on ICFR from its independent auditor, as currently required under Section 404(b) of the Sarbanes-Oxley Act of 2002.
Next Steps: Comments on the proposed rule are due by July 29, 2019.
Other Resources: Deloitte’s May 14, 2019, Heads Up. Also see the press release on the SEC’s Web site.
SEC Proposes Improvements to Disclosures for Business Acquisitions and DispositionsAffects: SEC registrants.
Summary: On May 3, 2019, the SEC issued a proposed rule53 that would amend the financial statement requirements for acquisitions and dispositions of businesses, including real estate operations, and related pro forma financial information. In addition, the proposed rule would
50 SEC Regulation S-X, Rule 3-05, “Financial Statements of Businesses Acquired or to Be Acquired.”51 SEC Regulation S-X, Rule 3-09, “Separate Financial Statements of Subsidiaries Not Consolidated and 50 Percent or Less Owned
Persons.52 SEC Proposed Rule Release No. 34-85814, Amendments to the Accelerated Filer and Large Accelerated Filer Definitions.53 SEC Proposed Rule Release No. 33-10635, Amendments to Financial Disclosures About Acquired and Disposed Businesses.
15
amend the financial disclosure requirements for smaller reporting companies (SRCs) and investment companies. The proposal is intended to improve the information investors receive regarding acquired or disposed businesses, reduce the complexity and costs of preparing the required disclosures, and facilitate timely access to capital.
The proposed rule would:
• Change the investment test to require use of the aggregate worldwide market value of the registrant’s common equity.
• Change the income test to require use of the lower of (1) income from continuing operations after taxes or (2) revenue.
• Reduce required acquiree annual financial statement periods to a maximum of the two most recent fiscal years.
• Result in fewer circumstances in which acquiree financial statements would be required for an IPO and for individually insignificant acquirees.
• Permit the use of abbreviated financial statements for an acquiree in certain circumstances without a request for SEC staff permission.
• Allow the use of, or reconciliation to, IFRS Standards in certain circumstances.
• Amend the pro forma financial disclosure requirements related to (1) transaction accounting adjustments and (2) management’s adjustments (e.g., reasonably estimable synergies and other impacts of an acquisition).
• Align certain requirements for a real estate acquiree with those in Rule 3-05.
• Raise the significance threshold for reporting dispositions of a business from 10 percent to 20 percent to conform the threshold with that of a significant acquisition.
• Make other changes specific to SRCs and investment companies.
The changes summarized above could be significant for some registrants. However, many elements of Rule 3-05 would be retained under the proposed rule. For example, although some significance tests would be modified, the proposed rule would not change certain bright-line significance thresholds since, as explained in the proposal, such tests can allow registrants to evaluate significance more quickly than judgment-based models can.
Next Steps: Comments on the proposed rule are due by July 29, 2019.
Other Resources: Deloitte’s May 9, 2019, Heads Up. Also see the press release on the SEC’s Web site.
SEC Staff Issues Guidance on Investment Contract Analysis of Digital AssetsAffects: SEC registrants.
Summary: On April 3, 2019, the SEC staff issued guidance54 that contains a “framework for analyzing whether a digital asset has the characteristics of one particular type of security – an ‘investment contract.’ ” In a public statement about the guidance, the staff noted that “[t]he framework is not intended to be an exhaustive overview of the law, but rather, an analytical tool to help market participants assess whether the federal securities laws apply to the offer, sale, or resale of a particular digital asset.”
54 SEC Staff Guidance, Framework for “Investment Contract” Analysis of Digital Assets.
16
SEC Releases Announcement About Exhibits Containing Immaterial, Competitively Harmful InformationAffects: SEC registrants.
Summary: On April 1, 2019, the SEC posted to its Web site an announcement55 on the new rules and procedures in the Commission’s recently issued final rule56 on modernization and simplification of Regulation S-K, specifically those related to exhibits containing immaterial and competitively harmful information. Topics discussed in the announcement include (1) new rule requirements related to the identification of where information has been omitted from a filed exhibit, (2) the process of reviewing registrants’ filings for compliance, and (3) transition issues.
55 SEC Announcement, New Rules and Procedures for Exhibits Containing Immaterial, Competitively Harmful Information.56 SEC Final Rule Release No. 33-10618, FAST Act Modernization and Simplification of Regulation S-K.
17
Appe
ndix
A: S
igni
fican
t Ado
ptio
n D
ates
The
char
t bel
ow d
escr
ibes
sig
nific
ant a
dopt
ion
date
s fo
r FAS
B/EI
TF, A
ICPA
, SEC
, PCA
OB,
and
IASB
/IFRI
C st
anda
rds.
Con
tent
rece
ntly
add
ed o
r rev
ised
is
high
light
ed in
gre
en.
FASB
/EIT
FEff
ecti
ve D
ate
for
PBEs
Effec
tive
Dat
e fo
r N
on-P
BEs
Earl
y A
dopt
ion
Allo
wed
(Yes
/No)
Del
oitt
e Re
sour
ces
Fina
l Gui
danc
e
ASU
201
9-06
, Ext
endi
ng th
e Pr
ivat
e Co
mpa
ny A
ccou
ntin
g Al
tern
ativ
es o
n G
oodw
ill a
nd
Cert
ain
Iden
tifiab
le In
tang
ible
As
sets
to N
ot-fo
r-Pr
ofit E
ntiti
es
(issu
ed M
ay 3
0, 2
019)
N/A
The
amen
dmen
ts b
ecam
e eff
ectiv
e up
on is
suan
ce.
N/A
June
12,
201
9, H
eads
U
p
ASU
201
9-05
, Fin
anci
al
Inst
rum
ents
— C
redi
t Los
ses
(Top
ic
326)
: Tar
gete
d Tr
ansit
ion
Relie
f (is
sued
May
15,
201
9)
The
amen
dmen
ts a
re e
ffect
ive
(1) f
or
entit
ies
that
hav
e no
t yet
ado
pted
AS
U 2
016-
13 a
t the
sam
e tim
e as
AS
U 2
016-
13 a
nd (2
) for
ent
ities
that
ha
ve a
dopt
ed A
SU 2
016-
13 fo
r fisc
al
year
s be
ginn
ing
afte
r Dec
embe
r 15
, 201
9, in
clud
ing
inte
rim p
erio
ds
with
in th
ose
fisca
l yea
rs.
The
amen
dmen
ts a
re e
ffect
ive
(1) f
or
entit
ies
that
hav
e no
t yet
ado
pted
AS
U 2
016-
13 a
t the
sam
e tim
e as
AS
U 2
016-
13 a
nd (2
) for
ent
ities
that
ha
ve a
dopt
ed A
SU 2
016-
13 fo
r fisc
al
year
s be
ginn
ing
afte
r Dec
embe
r 15
, 201
9, in
clud
ing
inte
rim p
erio
ds
with
in th
ose
fisca
l yea
rs.
Yes
May
15,
201
9, H
eads
U
p
ASU
201
9-04
, Cod
ifica
tion
Impr
ovem
ents
to T
opic
326
, Fi
nanc
ial I
nstr
umen
ts —
Cre
dit
Loss
es, T
opic
815
, Der
ivat
ives
an
d H
edgi
ng, a
nd T
opic
825
, Fi
nanc
ial I
nstr
umen
ts (i
ssue
d Ap
ril 2
5, 2
019)
The
amen
dmen
ts to
ASU
201
6-01
ar
e eff
ectiv
e fo
r fisc
al y
ears
and
in
terim
per
iods
beg
inni
ng a
fter
Dec
embe
r 15,
201
9.
The
amen
dmen
ts to
ASU
201
6-13
ar
e eff
ectiv
e (1
) for
ent
ities
that
hav
e no
t yet
ado
pted
ASU
201
6-13
at
the
sam
e tim
e as
ASU
201
6-13
and
(2
) for
ent
ities
that
hav
e ad
opte
d AS
U 2
016-
13 fo
r fisc
al y
ears
and
in
terim
per
iods
beg
inni
ng a
fter
Dec
embe
r 15,
201
9.
The
amen
dmen
ts to
ASU
201
7-12
ar
e eff
ectiv
e (1
) for
ent
ities
that
hav
e no
t yet
ado
pted
ASU
201
7-12
as
of
April
25,
201
9, a
nd (2
) for
ent
ities
th
at h
ave
adop
ted
ASU
201
7-12
as
of th
e be
ginn
ing
of th
e fir
st a
nnua
l re
port
ing
perio
d be
ginn
ing
afte
r Ap
ril 2
5, 2
019.
The
amen
dmen
ts to
ASU
201
6-01
ar
e eff
ectiv
e fo
r fisc
al y
ears
and
in
terim
per
iods
beg
inni
ng a
fter
Dec
embe
r 15,
201
9.
The
amen
dmen
ts to
ASU
201
6-13
ar
e eff
ectiv
e (1
) for
ent
ities
that
hav
e no
t yet
ado
pted
ASU
201
6-13
at
the
sam
e tim
e as
ASU
201
6-13
and
(2
) for
ent
ities
that
hav
e ad
opte
d AS
U 2
016-
13 fo
r fisc
al y
ears
and
in
terim
per
iods
beg
inni
ng a
fter
Dec
embe
r 15,
201
9.
The
amen
dmen
ts to
ASU
201
7-12
ar
e eff
ectiv
e (1
) for
ent
ities
that
hav
e no
t yet
ado
pted
ASU
201
7-12
as
of
April
25,
201
9, a
nd (2
) for
ent
ities
th
at h
ave
adop
ted
ASU
201
7-12
as
of th
e be
ginn
ing
of th
e fir
st a
nnua
l re
port
ing
perio
d be
ginn
ing
afte
r Ap
ril 2
5, 2
019.
Yes
May
7, 2
019,
Hea
ds
Up
18
ASU
201
9-03
, Upd
atin
g th
e D
efini
tion
of C
olle
ctio
ns (i
ssue
d M
arch
21,
201
9)
The
amen
dmen
ts in
this
ASU
are
eff
ectiv
e fo
r fisc
al y
ears
beg
inni
ng
afte
r Dec
embe
r 15,
201
9, a
nd
inte
rim p
erio
ds w
ithin
fisc
al y
ears
be
ginn
ing
afte
r Dec
embe
r 15,
202
0.
The
amen
dmen
ts in
this
ASU
are
eff
ectiv
e fo
r fisc
al y
ears
beg
inni
ng
afte
r Dec
embe
r 15,
201
9, a
nd
inte
rim p
erio
ds w
ithin
fisc
al y
ears
be
ginn
ing
afte
r Dec
embe
r 15,
202
0.
Yes
Mar
ch 2
1, 2
019,
US
GAA
P Pl
us n
ews
item
ASU
201
9-02
, Im
prov
emen
ts to
Ac
coun
ting
for C
osts
of F
ilms
and
Lice
nse
Agre
emen
ts fo
r Pro
gram
M
ater
ials
(issu
ed M
arch
6, 2
019)
The
amen
dmen
ts in
this
ASU
are
eff
ectiv
e fo
r fisc
al y
ears
beg
inni
ng
afte
r Dec
embe
r 15,
201
9, a
nd
inte
rim p
erio
ds w
ithin
thos
e fis
cal
year
s.
The
amen
dmen
ts in
this
ASU
are
eff
ectiv
e fo
r fisc
al y
ears
beg
inni
ng
afte
r Dec
embe
r 15,
202
0, a
nd
inte
rim p
erio
ds w
ithin
thos
e fis
cal
year
s.
Yes
Mar
ch 6
, 201
9, U
S G
AAP
Plus
new
s ite
m
ASU
201
9-01
, Lea
ses
(Top
ic 8
42):
Codi
ficat
ion
Impr
ovem
ents
(iss
ued
Mar
ch 5
, 201
9)
See
effec
tive
date
info
rmat
ion
for
ASU
201
6-02
bel
ow.
See
effec
tive
date
info
rmat
ion
for
ASU
201
6-02
bel
ow.
Yes
Mar
ch 7
, 201
9,
jour
nal e
ntry
ASU
201
8-20
, Nar
row
-Sco
pe
Impr
ovem
ents
for L
esso
rs (i
ssue
d D
ecem
ber 1
0, 2
018)
For e
ntiti
es th
at h
ave
not a
dopt
ed
ASC
842,
the
effec
tive
date
is th
e sa
me
as th
e eff
ectiv
e da
te in
ASU
20
16-0
2.
An e
ntity
that
has
ado
pted
ASC
842
ca
n ap
ply
the
amen
dmen
ts a
s of
th
e or
igin
al e
ffect
ive
date
of A
SC
842
for t
he e
ntity
. Alte
rnat
ivel
y, th
e en
tity
has
the
optio
n of
app
lyin
g th
e am
endm
ents
in e
ither
the
first
re
port
ing
perio
d en
ding
afte
r the
is
suan
ce o
f thi
s AS
U (e
.g.,
Dec
embe
r 31
, 201
8) o
r in
the
first
repo
rtin
g pe
riod
begi
nnin
g af
ter t
he is
suan
ce
of th
is A
SU (e
.g.,
Janu
ary
1, 2
019)
.
For e
ntiti
es th
at h
ave
not a
dopt
ed
ASC
842,
the
effec
tive
date
is th
e sa
me
as th
e eff
ectiv
e da
te in
ASU
20
16-0
2.
An e
ntity
that
has
ado
pted
ASC
842
ca
n ap
ply
the
amen
dmen
ts a
s of
th
e or
igin
al e
ffect
ive
date
of A
SC
842
for t
he e
ntity
. Alte
rnat
ivel
y, th
e en
tity
has
the
optio
n of
app
lyin
g th
e am
endm
ents
in e
ither
the
first
re
port
ing
perio
d en
ding
afte
r the
is
suan
ce o
f thi
s AS
U (e
.g.,
Dec
embe
r 31
, 201
8) o
r in
the
first
repo
rtin
g pe
riod
begi
nnin
g af
ter t
he is
suan
ce
of th
is A
SU (e
.g.,
Janu
ary
1, 2
019)
.
No
Dec
embe
r 14,
201
8,
Hea
ds U
p
ASU
201
8-19
, Cod
ifica
tion
Impr
ovem
ents
to T
opic
326
: Fi
nanc
ial I
nstr
umen
ts —
Cre
dit
Loss
es (i
ssue
d N
ovem
ber 1
5,
2018
)
See
effec
tive
date
info
rmat
ion
for
ASU
201
6-13
bel
ow.
See
effec
tive
date
info
rmat
ion
for
ASU
201
6-13
bel
ow.
Yes,
as
of fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
018,
incl
udin
g in
terim
per
iods
with
in th
ose
fisca
l ye
ars.
Nov
embe
r 15,
201
8,
US
GAA
P Pl
us n
ews
item
ASU
201
8-18
, Cla
rifyi
ng th
e In
tera
ctio
n Be
twee
n To
pic
808
and
Topi
c 60
6 (is
sued
Nov
embe
r 5,
2018
)
The
amen
dmen
ts in
this
ASU
are
eff
ectiv
e fo
r fisc
al y
ears
beg
inni
ng
afte
r Dec
embe
r 15,
201
9, a
nd
inte
rim p
erio
ds w
ithin
thos
e fis
cal
year
s.
The
amen
dmen
ts in
this
ASU
are
eff
ectiv
e fo
r fisc
al y
ears
beg
inni
ng
afte
r Dec
embe
r 15,
202
0, a
nd
inte
rim p
erio
ds w
ithin
fisc
al y
ears
be
ginn
ing
afte
r Dec
embe
r 15,
202
1.
Yes
Nov
embe
r 13,
201
8,
Hea
ds U
p
ASU
201
8-17
, Tar
gete
d Im
prov
emen
ts to
Rel
ated
Par
ty
Gui
danc
e fo
r Var
iabl
e In
tere
st
Entit
ies
(issu
ed O
ctob
er 3
1, 2
018)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
9, a
nd in
terim
pe
riods
with
in th
ose
fisca
l yea
rs.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
202
0, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
021.
Yes
Nov
embe
r 19,
201
8,
Hea
ds U
p
19
ASU
201
8-16
, Inc
lusio
n of
the
Secu
red
Ove
rnig
ht F
inan
cing
Rat
e (S
OFR
) Ove
rnig
ht In
dex
Swap
(OIS
) Ra
te a
s a
Benc
hmar
k In
tere
st R
ate
for H
edge
Acc
ount
ing
Purp
oses
(is
sued
Oct
ober
25,
201
8)
For e
ntiti
es th
at h
ave
not a
lread
y ad
opte
d AS
U 2
017-
12, t
he
amen
dmen
ts in
this
ASU
mus
t be
ado
pted
con
curr
ently
with
the
amen
dmen
ts in
ASU
201
7-12
.
For e
ntiti
es th
at a
lread
y ha
ve
adop
ted
the
amen
dmen
ts in
ASU
20
17-1
2, th
e am
endm
ents
are
eff
ectiv
e fo
r fisc
al y
ears
beg
inni
ng
afte
r Dec
embe
r 15,
201
8, a
nd
inte
rim p
erio
ds w
ithin
thos
e fis
cal
year
s.
For e
ntiti
es th
at h
ave
not a
lread
y ad
opte
d AS
U 2
017-
12, t
he
amen
dmen
ts in
this
ASU
mus
t be
ado
pted
con
curr
ently
with
the
amen
dmen
ts in
ASU
201
7-12
.
For e
ntiti
es th
at a
lread
y ha
ve
adop
ted
the
amen
dmen
ts in
ASU
20
17-1
2, th
e am
endm
ents
are
eff
ectiv
e fo
r fisc
al y
ears
beg
inni
ng
afte
r Dec
embe
r 15,
201
9, a
nd
inte
rim p
erio
ds w
ithin
thos
e fis
cal
year
s.
Yes
Oct
ober
25,
201
8,
US
GAA
P Pl
us
new
s ite
m a
nd
Nov
embe
r 7, 2
018,
jo
urna
l ent
ry
ASU
201
8-15
, Cus
tom
er’s
Acco
untin
g fo
r Im
plem
enta
tion
Cost
s In
curr
ed in
a C
loud
Co
mpu
ting
Arra
ngem
ent T
hat I
s a
Serv
ice
Cont
ract
(iss
ued
Augu
st
29, 2
018)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
9, a
nd in
terim
pe
riods
with
in th
ose
fisca
l yea
rs.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
202
0, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
021.
Yes
Sept
embe
r 11,
201
8,
Hea
ds U
p
ASU
201
8-14
, Disc
losu
re
Fram
ewor
k —
Cha
nges
to th
e D
isclo
sure
Req
uire
men
ts fo
r D
efine
d Be
nefit
Pla
ns (i
ssue
d Au
gust
28,
201
8)
Fisc
al y
ears
end
ing
afte
r Dec
embe
r 15
, 202
0.Fi
scal
yea
rs e
ndin
g af
ter D
ecem
ber
15, 2
021.
Yes
Augu
st 2
9, 2
018,
H
eads
Up
ASU
201
8-13
, Disc
losu
re
Fram
ewor
k —
Cha
nges
to th
e D
isclo
sure
Req
uire
men
ts fo
r Fai
r Va
lue
Mea
sure
men
t (is
sued
Au
gust
28,
201
8)
Fisc
al y
ears
, and
inte
rim p
erio
ds
with
in th
ose
fisca
l yea
rs, b
egin
ning
af
ter D
ecem
ber 1
5, 2
019.
Fisc
al y
ears
, and
inte
rim p
erio
ds
with
in th
ose
fisca
l yea
rs, b
egin
ning
af
ter D
ecem
ber 1
5, 2
019.
Yes
Augu
st 3
1, 2
018,
H
eads
Up
ASU
201
8-12
, Tar
gete
d Im
prov
emen
ts to
the
Acco
untin
g fo
r Lon
g-D
urat
ion
Cont
ract
s (is
sued
Aug
ust 1
5, 2
018)
Fisc
al y
ears
, and
inte
rim p
erio
ds
with
in th
ose
fisca
l yea
rs, b
egin
ning
af
ter D
ecem
ber 1
5, 2
020.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
202
1, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
022.
Yes
Augu
st 2
1, 2
018,
In
sura
nce
Spot
light
20
ASU
201
8-11
, Lea
ses
(Top
ic 8
42):
Targ
eted
Impr
ovem
ents
(iss
ued
July
30,
201
8)
The
amen
dmen
ts in
this
ASU
rela
ted
to s
epar
atin
g co
mpo
nent
s of
a
cont
ract
affe
ct th
e am
endm
ents
in
ASU
201
6-02
, whi
ch a
re n
ot y
et
effec
tive
but c
an b
e ea
rly a
dopt
ed.
For e
ntiti
es th
at h
ave
not a
dopt
ed
ASC
842
befo
re th
e is
suan
ce o
f th
is A
SU, t
he e
ffect
ive
date
and
tr
ansi
tion
requ
irem
ents
for t
he
amen
dmen
ts in
this
ASU
rela
ted
to s
epar
atin
g co
mpo
nent
s of
a
cont
ract
are
the
sam
e as
the
effec
tive
date
and
tran
sitio
n re
quire
men
ts in
ASU
201
6-02
.
The
amen
dmen
ts in
this
ASU
rela
ted
to s
epar
atin
g co
mpo
nent
s of
a
cont
ract
affe
ct th
e am
endm
ents
in
ASU
201
6-02
, whi
ch a
re n
ot y
et
effec
tive
but c
an b
e ea
rly a
dopt
ed.
For e
ntiti
es th
at h
ave
not a
dopt
ed
ASC
842
befo
re th
e is
suan
ce o
f th
is A
SU, t
he e
ffect
ive
date
and
tr
ansi
tion
requ
irem
ents
for t
he
amen
dmen
ts in
this
ASU
rela
ted
to s
epar
atin
g co
mpo
nent
s of
a
cont
ract
are
the
sam
e as
the
effec
tive
date
and
tran
sitio
n re
quire
men
ts in
ASU
201
6-02
.
Yes
Augu
st 7
, 201
8,
Hea
ds U
p
ASU
201
8-10
, Cod
ifica
tion
Impr
ovem
ents
to T
opic
842
, Le
ases
(iss
ued
July
18,
201
8)
The
amen
dmen
ts in
this
ASU
affe
ct
the
amen
dmen
ts in
ASU
201
6-02
, w
hich
are
not
yet
effe
ctiv
e, b
ut fo
r w
hich
ear
ly a
dopt
ion
upon
issu
ance
is
per
mitt
ed. F
or e
ntiti
es th
at e
arly
ad
opte
d AS
C 84
2, th
e am
endm
ents
ar
e eff
ectiv
e up
on is
suan
ce
of th
is A
SU, a
nd th
e tr
ansi
tion
requ
irem
ents
are
the
sam
e as
thos
e in
ASC
842
. For
ent
ities
that
hav
e no
t ad
opte
d AS
C 84
2, th
e eff
ectiv
e da
te
and
tran
sitio
n re
quire
men
ts w
ill b
e th
e sa
me
as th
e eff
ectiv
e da
te a
nd
tran
sitio
n re
quire
men
ts in
ASC
842
.
The
amen
dmen
ts in
this
ASU
affe
ct
the
amen
dmen
ts in
ASU
201
6-02
, w
hich
are
not
yet
effe
ctiv
e, b
ut fo
r w
hich
ear
ly a
dopt
ion
upon
issu
ance
is
per
mitt
ed. F
or e
ntiti
es th
at e
arly
ad
opte
d AS
C 84
2, th
e am
endm
ents
ar
e eff
ectiv
e up
on is
suan
ce
of th
is A
SU, a
nd th
e tr
ansi
tion
requ
irem
ents
are
the
sam
e as
thos
e in
ASC
842
. For
ent
ities
that
hav
e no
t ad
opte
d AS
C 84
2, th
e eff
ectiv
e da
te
and
tran
sitio
n re
quire
men
ts w
ill b
e th
e sa
me
as th
e eff
ectiv
e da
te a
nd
tran
sitio
n re
quire
men
ts in
ASC
842
.
Yes
July
18,
201
8, U
S G
AAP
Plus
new
s ite
m
ASU
201
8-09
, Cod
ifica
tion
Impr
ovem
ents
(iss
ued
July
16,
20
18)
The
tran
sitio
n an
d eff
ectiv
e da
te
guid
ance
is b
ased
on
the
fact
s an
d ci
rcum
stan
ces
of e
ach
amen
dmen
t. So
me
of th
e am
endm
ents
in th
is
ASU
do
not r
equi
re tr
ansi
tion
guid
ance
and
will
be
effec
tive
upon
is
suan
ce o
f thi
s AS
U. H
owev
er, m
any
of th
e am
endm
ents
in th
is A
SU
do h
ave
tran
sitio
n gu
idan
ce w
ith
effec
tive
date
s fo
r ann
ual p
erio
ds
begi
nnin
g af
ter D
ecem
ber 1
5, 2
018,
fo
r PBE
s.
The
tran
sitio
n an
d eff
ectiv
e da
te
guid
ance
is b
ased
on
the
fact
s an
d ci
rcum
stan
ces
of e
ach
amen
dmen
t. So
me
of th
e am
endm
ents
in th
is
ASU
do
not r
equi
re tr
ansi
tion
guid
ance
and
will
be
effec
tive
upon
is
suan
ce o
f thi
s AS
U.
Yes
July
17,
201
8, U
S G
AAP
Plus
new
s ite
m
21
ASU
201
8-08
, Cla
rifyi
ng th
e Sc
ope
and
the
Acco
untin
g G
uida
nce
for C
ontr
ibut
ions
Rec
eive
d an
d Co
ntrib
utio
ns M
ade
(issu
ed Ju
ne
21, 2
018)
For e
ntiti
es th
at s
erve
as
a re
sour
ce
reci
pien
t, th
e am
endm
ents
sho
uld
be a
pplie
d to
con
trib
utio
ns re
ceiv
ed
for a
nnua
l per
iods
beg
inni
ng a
fter
June
15,
201
8, a
nd in
terim
per
iods
w
ithin
thos
e fis
cal y
ears
.
For e
ntiti
es th
at s
erve
as
a re
sour
ce
prov
ider
, the
am
endm
ents
sho
uld
be a
pplie
d to
con
trib
utio
ns m
ade
for a
nnua
l per
iods
beg
inni
ng a
fter
Dec
embe
r 15,
201
8, a
nd in
terim
pe
riods
with
in th
ose
fisca
l yea
rs.
For e
ntiti
es th
at s
erve
as
a re
sour
ce
reci
pien
t, th
e am
endm
ents
sho
uld
be a
pplie
d to
ann
ual p
erio
ds
begi
nnin
g af
ter D
ecem
ber 1
5, 2
018,
an
d in
terim
per
iods
with
in fi
scal
ye
ars
begi
nnin
g af
ter D
ecem
ber 1
5,
2019
.
For e
ntiti
es th
at s
erve
as
a re
sour
ce
prov
ider
, the
am
endm
ents
sho
uld
be a
pplie
d to
ann
ual p
erio
ds
begi
nnin
g af
ter D
ecem
ber 1
5, 2
019,
an
d in
terim
per
iods
with
in fi
scal
ye
ars
begi
nnin
g af
ter D
ecem
ber 1
5,
2020
.
Yes
June
22,
201
8, U
S G
AAP
Plus
new
s ite
m
ASU
201
8-07
, Im
prov
emen
ts
to N
onem
ploy
ee S
hare
-Bas
ed
Paym
ent A
ccou
ntin
g (is
sued
June
20
, 201
8)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
8, a
nd in
terim
pe
riods
with
in th
ose
fisca
l yea
rs.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
9, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
020.
Yes,
but
no
earli
er th
an th
e da
te o
n w
hich
an
entit
y ad
opts
ASC
606
.Ju
ne 2
1, 2
018,
Hea
ds
Up
ASU
201
8-06
, Cod
ifica
tion
Impr
ovem
ents
to T
opic
942
, Fi
nanc
ial S
ervi
ces
— D
epos
itory
an
d Le
ndin
g (is
sued
May
7, 2
018)
Effec
tive
upon
issu
ance
.Eff
ectiv
e up
on is
suan
ce.
N/A
May
8, 2
018,
US
GAA
P Pl
us n
ews
item
ASU
201
8-05
, Inc
ome
Taxe
s (T
opic
740
): Am
endm
ents
to S
EC
Para
grap
hs P
ursu
ant t
o SE
C St
aff A
ccou
ntin
g Bu
lletin
No.
118
(is
sued
Mar
ch 1
3, 2
018)
Effec
tive
upon
issu
ance
.Eff
ectiv
e up
on is
suan
ce.
N/A
Mar
ch 1
3, 2
018,
US
GAA
P Pl
us n
ews
item
, and
Janu
ary
3, 2
018,
Fin
anci
al
Repo
rtin
g Al
ert
(upd
ated
Aug
ust 3
0,
2018
)
ASU
201
8-04
, Inv
estm
ents
—
Deb
t Sec
uriti
es (T
opic
320
) and
Re
gula
ted
Ope
ratio
ns (T
opic
980
): Am
endm
ents
to S
EC P
arag
raph
s Pu
rsua
nt to
SEC
Sta
ff Ac
coun
ting
Bulle
tin N
o. 1
17 a
nd S
EC R
elea
se
No.
33-
9273
(iss
ued
Mar
ch 9
, 20
18)
The
effec
tive
date
for t
he
amen
dmen
ts to
ASC
320
is th
e sa
me
as th
e eff
ectiv
e da
te o
f ASU
20
16-0
1. O
ther
am
endm
ents
are
eff
ectiv
e up
on is
suan
ce.
The
effec
tive
date
for t
he
amen
dmen
ts to
ASC
320
is th
e sa
me
as th
e eff
ectiv
e da
te o
f ASU
20
16-0
1. O
ther
am
endm
ents
are
eff
ectiv
e up
on is
suan
ce.
N/A
Mar
ch 9
, 201
8, U
S G
AAP
Plus
new
s ite
m
22
ASU
201
8-03
, Tec
hnic
al
Corr
ectio
ns a
nd Im
prov
emen
ts to
Fi
nanc
ial I
nstr
umen
ts —
Ove
rall
(Sub
topi
c 82
5-10
): Re
cogn
ition
an
d M
easu
rem
ent o
f Fin
anci
al
Asse
ts a
nd F
inan
cial
Lia
bilit
ies
(issu
ed F
ebru
ary
28, 2
018)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
7, a
nd in
terim
pe
riods
with
in th
ose
fisca
l yea
rs
begi
nnin
g af
ter J
une
15, 2
018.
Entit
ies
with
fisc
al y
ears
beg
inni
ng
betw
een
Dec
embe
r 15,
201
7, a
nd
June
15,
201
8, a
re n
ot re
quire
d to
ad
opt t
hese
am
endm
ents
unt
il th
e in
terim
per
iod
begi
nnin
g af
ter J
une
15, 2
018,
and
ent
ities
with
fisc
al
year
s be
ginn
ing
betw
een
June
15,
20
18, a
nd D
ecem
ber 1
5, 2
018,
ar
e no
t req
uire
d to
ado
pt th
ese
amen
dmen
ts b
efor
e ad
optin
g th
e am
endm
ents
in A
SU 2
016-
01.
For a
ll ot
her e
ntiti
es, t
he e
ffect
ive
date
is th
e sa
me
as th
e eff
ectiv
e da
te in
ASU
201
6-01
.
The
effec
tive
date
is th
e sa
me
as th
e eff
ectiv
e da
te in
ASU
201
6-01
.Ye
s, if
the
entit
y ha
s ad
opte
d AS
U
2016
-01.
Mar
ch 2
, 201
8,
jour
nal e
ntry
ASU
201
8-02
, Inc
ome
Stat
emen
t —
Repo
rtin
g Co
mpr
ehen
sive
Inco
me
(Top
ic 2
20):
Recl
assifi
catio
n of
Cer
tain
Tax
Effe
cts
From
Ac
cum
ulat
ed O
ther
Com
preh
ensiv
e In
com
e (is
sued
Feb
ruar
y 14
, 20
18)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
8, a
nd in
terim
pe
riods
with
in th
ose
fisca
l yea
rs.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
8, a
nd in
terim
pe
riods
with
in th
ose
fisca
l yea
rs.
Yes
Janu
ary
3, 2
018,
Fi
nanc
ial R
epor
ting
Aler
t (up
date
d Au
gust
30,
201
8) a
nd
Febr
uary
15,
201
8,
US
GAA
P Pl
us n
ews
item
ASU
201
8-01
, Lan
d Ea
sem
ent
Prac
tical
Exp
edie
nt fo
r Tra
nsiti
on
to T
opic
842
(iss
ued
Janu
ary
25,
2018
)
See
effec
tive
date
info
rmat
ion
for
ASU
201
6-02
bel
ow.
See
effec
tive
date
info
rmat
ion
for
ASU
201
6-02
bel
ow.
Yes
Janu
ary
25, 2
018,
U
S G
AAP
Plus
new
s ite
m
ASU
201
7-15
, Cod
ifica
tion
Impr
ovem
ents
to T
opic
995
, U.S
. St
eam
ship
Ent
ities
: Elim
inat
ion
of
Topi
c 99
5 (is
sued
Dec
embe
r 5,
2017
)
Fisc
al y
ears
and
firs
t int
erim
per
iods
be
ginn
ing
afte
r Dec
embe
r 15,
201
8.Fi
scal
yea
rs a
nd fi
rst i
nter
im p
erio
ds
begi
nnin
g af
ter D
ecem
ber 1
5, 2
018.
Yes
Dec
embe
r 6, 2
017,
U
S G
AAP
Plus
new
s ite
m
ASU
201
7-14
, Inc
ome
Stat
emen
t —
Repo
rtin
g Co
mpr
ehen
sive
Inco
me
(Top
ic 2
20),
Reve
nue
Reco
gniti
on
(Top
ic 6
05),
and
Reve
nue
From
Co
ntra
cts
With
Cus
tom
ers
(Top
ic 6
06):
Amen
dmen
ts to
SEC
Pa
ragr
aphs
Pur
suan
t to
Staff
Ac
coun
ting
Bulle
tin N
o. 1
16 a
nd
SEC
Rele
ase
No.
33-
1040
3 (is
sued
N
ovem
ber 2
2, 2
017)
See
effec
tive
date
info
rmat
ion
for
ASU
201
4-09
bel
ow.
See
effec
tive
date
info
rmat
ion
for
ASU
201
4-09
bel
ow.
Yes
Nov
embe
r 22,
201
7,
US
GAA
P Pl
us n
ews
item
23
ASU
201
7-13
, Rev
enue
Re
cogn
ition
(Top
ic 6
05),
Reve
nue
From
Con
trac
ts W
ith
Cust
omer
s (T
opic
606
), Le
ases
(T
opic
840
), an
d Le
ases
(Top
ic
842)
: Am
endm
ents
to S
EC
Para
grap
hs P
ursu
ant t
o th
e St
aff
Anno
unce
men
t at t
he Ju
ly 2
0,
2017
EIT
F M
eetin
g an
d Re
sciss
ion
of P
rior S
EC S
taff
Anno
unce
men
ts
and
Obs
erve
r Com
men
ts (i
ssue
d Se
ptem
ber 2
9, 2
017)
Effec
tive
upon
ado
ptio
n of
ASC
60
6, R
even
ue F
rom
Con
trac
ts W
ith
Cust
omer
s, an
d AS
C 84
2, L
ease
s.
Effec
tive
upon
ado
ptio
n of
ASC
60
6, R
even
ue F
rom
Con
trac
ts W
ith
Cust
omer
s, an
d AS
C 84
2, L
ease
s.
Yes
Oct
ober
2, 2
017,
U
S G
AAP
Plus
new
s ite
m a
nd Ju
ly 2
0,
2017
, Hea
ds U
p
ASU
201
7-12
, Tar
gete
d Im
prov
emen
ts to
Acc
ount
ing
for
Hed
ging
Act
iviti
es (i
ssue
d Au
gust
28
, 201
7)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
8, a
nd in
terim
pe
riods
with
in th
ose
fisca
l yea
rs.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
9, a
nd in
terim
pe
riods
beg
inni
ng a
fter D
ecem
ber
15, 2
020.
Yes
Febr
uary
20,
201
8,
jour
nal e
ntry
and
Au
gust
30,
201
7,
Hea
ds U
p
ASU
201
7-11
, (Pa
rt I)
Acc
ount
ing
for C
erta
in F
inan
cial
Inst
rum
ents
W
ith D
own
Roun
d Fe
atur
es,
(Par
t II)
Repl
acem
ent o
f the
In
defin
ite D
efer
ral f
or M
anda
toril
y Re
deem
able
Fin
anci
al In
stru
men
ts
of C
erta
in N
onpu
blic
Ent
ities
and
Ce
rtai
n M
anda
toril
y Re
deem
able
N
onco
ntro
lling
Inte
rest
s W
ith a
Sc
ope
Exce
ptio
n (is
sued
July
13,
20
17)
The
amen
dmen
ts in
Par
t I a
re
effec
tive
for fi
scal
yea
rs, a
nd in
terim
pe
riods
with
in th
ose
fisca
l yea
rs,
begi
nnin
g af
ter D
ecem
ber 1
5, 2
018.
N
o tr
ansi
tion
guid
ance
is re
quire
d fo
r the
am
endm
ents
in P
art I
I be
caus
e th
ose
amen
dmen
ts d
o no
t ha
ve a
n ac
coun
ting
effec
t.
The
amen
dmen
ts in
Par
t I a
re
effec
tive
for fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
019,
and
in
terim
per
iods
with
in fi
scal
yea
rs
begi
nnin
g af
ter D
ecem
ber 1
5, 2
020.
N
o tr
ansi
tion
guid
ance
is re
quire
d fo
r the
am
endm
ents
in P
art I
I be
caus
e th
ose
amen
dmen
ts d
o no
t ha
ve a
n ac
coun
ting
effec
t.
Yes
July
21,
201
7, H
eads
U
p, A
Roa
dmap
to
Acc
ount
ing
for
Cont
ract
s on
an
Entit
y’s O
wn
Equi
ty,
and
A Ro
adm
ap
to D
istin
guis
hing
Li
abili
ties
From
Equ
ity
ASU
201
7-10
, Det
erm
inin
g th
e Cu
stom
er o
f the
Ope
ratio
n Se
rvic
es —
a c
onse
nsus
of t
he
FASB
Em
ergi
ng Is
sues
Tas
k Fo
rce
(issu
ed M
ay 1
6, 2
017)
For P
BEs
that
hav
e no
t ado
pted
AS
U 2
014-
09, t
he a
men
dmen
ts
are
effec
tive
at th
e sa
me
time
ASU
20
14-0
9 is
effe
ctiv
e.
For e
ntiti
es th
at h
ave
adop
ted
ASU
20
14-0
9, th
e am
endm
ents
are
eff
ectiv
e fo
r fisc
al y
ears
beg
inni
ng
afte
r Dec
embe
r 15,
201
7, in
clud
ing
inte
rim p
erio
ds w
ithin
thos
e fis
cal
year
s, fo
r a P
BE; a
n N
FP e
ntity
th
at h
as is
sued
, or i
s a
cond
uit
bond
obl
igor
for,
secu
ritie
s th
at
are
trad
ed, l
iste
d, o
r quo
ted
on a
n ex
chan
ge o
r an
over
-the-
coun
ter
mar
ket;
and
an e
mpl
oyee
ben
efit
plan
that
file
s or
furn
ishe
s fin
anci
al
stat
emen
ts w
ith o
r to
the
SEC.
For n
on-P
BEs
that
hav
e no
t ado
pted
AS
U 2
014-
09, t
he a
men
dmen
ts
are
effec
tive
at th
e sa
me
time
ASU
20
14-0
9 is
effe
ctiv
e.
For a
ll ot
her e
ntiti
es th
at h
ave
adop
ted
ASU
201
4-09
, the
am
endm
ents
are
effe
ctiv
e fo
r fisc
al
year
s be
ginn
ing
afte
r Dec
embe
r 15
, 201
8, a
nd in
terim
per
iods
w
ithin
fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
9.
Yes
Mar
ch 2
017
EITF
Sn
apsh
ot
24
ASU
201
7-08
, Pre
miu
m
Amor
tizat
ion
on P
urch
ased
Ca
llabl
e D
ebt S
ecur
ities
(iss
ued
Mar
ch 3
0, 2
017)
Fisc
al y
ears
, and
inte
rim p
erio
ds
with
in th
ose
fisca
l yea
rs, b
egin
ning
af
ter D
ecem
ber 1
5, 2
018.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
9, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
020.
Yes
April
4, 2
017,
Hea
ds
Up
ASU
201
7-07
, Im
prov
ing
the
Pres
enta
tion
of N
et P
erio
dic
Pens
ion
Cost
and
Net
Per
iodi
c Po
stre
tirem
ent B
enefi
t Cos
t (is
sued
M
arch
10,
201
7)
Annu
al p
erio
ds b
egin
ning
afte
r D
ecem
ber 1
5, 2
017,
incl
udin
g in
terim
per
iods
with
in th
ose
annu
al
perio
ds.
Annu
al p
erio
ds b
egin
ning
afte
r D
ecem
ber 1
5, 2
018,
and
inte
rim
perio
ds w
ithin
ann
ual p
erio
ds
begi
nnin
g af
ter D
ecem
ber 1
5, 2
019.
Yes
Mar
ch 1
4, 2
017,
H
eads
Up
and
Nov
embe
r 8, 2
017,
Fi
nanc
ial R
epor
ting
Aler
t
ASU
201
7-06
, Em
ploy
ee B
enefi
t Pl
an M
aste
r Tru
st R
epor
ting
— a
co
nsen
sus
of th
e FA
SB E
mer
ging
Is
sues
Tas
k Fo
rce
(issu
ed
Febr
uary
27,
201
7)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
8.Fi
scal
yea
rs b
egin
ning
afte
r D
ecem
ber 1
5, 2
018.
Yes
Nov
embe
r 201
6 EI
TF
Snap
shot
ASU
201
7-05
, Cla
rifyi
ng th
e Sc
ope
of A
sset
Der
ecog
nitio
n G
uida
nce
and
Acco
untin
g fo
r Par
tial S
ales
of
Non
finan
cial
Ass
ets
(issu
ed
Febr
uary
22,
201
7)
See
effec
tive
date
info
rmat
ion
for
ASU
201
4-09
bel
ow.
See
effec
tive
date
info
rmat
ion
for
ASU
201
4-09
bel
ow.
Yes
Febr
uary
28,
201
7,
Hea
ds U
p an
d A
Road
map
to A
pply
ing
the
New
Rev
enue
Re
cogn
ition
Sta
ndar
d
ASU
201
7-04
, Sim
plify
ing
the
Test
fo
r Goo
dwill
Impa
irmen
t (is
sued
Ja
nuar
y 26
, 201
7)
For P
BEs
that
are
SEC
file
rs, t
he
amen
dmen
ts in
the
ASU
are
eff
ectiv
e fo
r ann
ual a
nd in
terim
go
odw
ill im
pairm
ent t
ests
in fi
scal
ye
ars
begi
nnin
g af
ter D
ecem
ber
15, 2
019.
For
PBE
s th
at a
re n
ot
SEC
filer
s, th
e AS
U’s
amen
dmen
ts
are
effec
tive
for a
nnua
l and
inte
rim
good
will
impa
irmen
t tes
ts in
fisc
al
year
s be
ginn
ing
afte
r Dec
embe
r 15,
20
20.
Annu
al a
nd in
terim
goo
dwill
im
pairm
ent t
ests
in fi
scal
yea
rs
begi
nnin
g af
ter D
ecem
ber 1
5, 2
021.
Yes,
for i
nter
im o
r ann
ual g
oodw
ill
impa
irmen
t tes
ts p
erfo
rmed
on
test
ing
date
s af
ter J
anua
ry 1
, 201
7.
Febr
uary
1, 2
017,
H
eads
Up
ASU
201
7-01
, Cla
rifyi
ng th
e D
efini
tion
of a
Bus
ines
s (is
sued
Ja
nuar
y 5,
201
7)
Annu
al p
erio
ds b
egin
ning
afte
r D
ecem
ber 1
5, 2
017,
incl
udin
g in
terim
per
iods
with
in th
ose
annu
al
perio
ds.
Annu
al p
erio
ds b
egin
ning
afte
r D
ecem
ber 1
5, 2
018,
and
inte
rim
perio
ds w
ithin
ann
ual p
erio
ds
begi
nnin
g af
ter D
ecem
ber 1
5, 2
019.
Yes,
in c
erta
in c
ircum
stan
ces.
Janu
ary
13, 2
017,
H
eads
Up
and
A Ro
adm
ap to
Ac
coun
ting
for A
sset
Ac
quis
ition
s
ASU
201
6-20
, Tec
hnic
al
Corr
ectio
ns a
nd Im
prov
emen
ts
to T
opic
606
, Rev
enue
Fro
m
Cont
ract
s W
ith C
usto
mer
s (is
sued
Dec
embe
r 21,
201
6)
See
stat
us c
olum
n fo
r ASU
201
4-09
be
low
.Se
e st
atus
col
umn
for A
SU 2
014-
09
belo
w.
Yes
Janu
ary
5, 2
017,
jo
urna
l ent
ry
25
ASU
201
6-18
, Res
tric
ted
Cash
— a
co
nsen
sus
of th
e FA
SB E
mer
ging
Is
sues
Tas
k Fo
rce
(issu
ed
Nov
embe
r 17,
201
6)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
7, a
nd in
terim
pe
riods
with
in th
ose
fisca
l yea
rs.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
8, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
019.
Yes
Nov
embe
r 17,
201
6,
Hea
ds U
p an
d A
Road
map
to th
e Pr
epar
atio
n of
the
Stat
emen
t of C
ash
Flow
s
ASU
201
6-16
, Int
ra-E
ntity
Tr
ansf
ers
of A
sset
s O
ther
Tha
n In
vent
ory
(issu
ed O
ctob
er 2
4,
2016
)
Annu
al re
port
ing
perio
ds b
egin
ning
af
ter D
ecem
ber 1
5, 2
017,
incl
udin
g in
terim
repo
rtin
g pe
riods
with
in
thos
e an
nual
repo
rtin
g pe
riods
.
Annu
al re
port
ing
perio
ds b
egin
ning
af
ter D
ecem
ber 1
5, 2
018,
and
in
terim
repo
rtin
g pe
riods
with
in
annu
al p
erio
ds b
egin
ning
afte
r D
ecem
ber 1
5, 2
019.
Yes
Oct
ober
25,
201
6,
Hea
ds U
p an
d A
Road
map
to
Acco
untin
g fo
r In
com
e Ta
xes
ASU
201
6-15
, Cla
ssifi
catio
n of
Ce
rtai
n Ca
sh R
ecei
pts
and
Cash
Pa
ymen
ts —
a c
onse
nsus
of t
he
FASB
Em
ergi
ng Is
sues
Tas
k Fo
rce
(issu
ed A
ugus
t 26,
201
6)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
7, in
clud
ing
inte
rim p
erio
ds w
ithin
thos
e fis
cal
year
s.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
8, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
019.
Yes
Augu
st 3
0, 2
016,
H
eads
Up
and
A Ro
adm
ap to
the
Prep
arat
ion
of th
e St
atem
ent o
f Cas
h Fl
ows
ASU
201
6-14
, Pre
sent
atio
n of
Fi
nanc
ial S
tate
men
ts o
f Not
-for-
Profi
t Ent
ities
(iss
ued
Augu
st 1
8,
2016
)
Effec
tive
for a
nnua
l fina
ncia
l st
atem
ents
issu
ed fo
r fisc
al y
ears
be
ginn
ing
afte
r Dec
embe
r 15,
201
7,
and
for i
nter
im p
erio
ds w
ithin
fisc
al
year
s be
ginn
ing
afte
r Dec
embe
r 15,
20
18.
Effec
tive
for a
nnua
l fina
ncia
l st
atem
ents
issu
ed fo
r fisc
al y
ears
be
ginn
ing
afte
r Dec
embe
r 15,
201
7,
and
for i
nter
im p
erio
ds w
ithin
fisc
al
year
s be
ginn
ing
afte
r Dec
embe
r 15,
20
18.
Yes
Sept
embe
r 12,
201
6,
Hea
ds U
p
ASU
201
6-13
, Mea
sure
men
t of
Cre
dit L
osse
s on
Fin
anci
al
Inst
rum
ents
(iss
ued
June
16,
20
16) (
effec
tive
date
am
ende
d by
ASU
201
8-19
, whi
ch w
as
issu
ed o
n N
ovem
ber 1
5, 2
018)
For P
BEs
that
are
SEC
file
rs, t
he
amen
dmen
ts in
the
ASU
are
eff
ectiv
e fo
r fisc
al y
ears
beg
inni
ng
afte
r Dec
embe
r 15,
201
9, in
clud
ing
inte
rim p
erio
ds w
ithin
thos
e fis
cal y
ears
. For
all
othe
r PBE
s,
the
amen
dmen
ts in
the
ASU
are
eff
ectiv
e fo
r fisc
al y
ears
beg
inni
ng
afte
r Dec
embe
r 15,
202
0, in
clud
ing
inte
rim p
erio
ds w
ithin
thos
e fis
cal
year
s.
For a
ll ot
her e
ntiti
es, i
nclu
ding
NFP
s an
d em
ploy
ee b
enefi
t pla
ns w
ithin
th
e sc
ope
of A
SC 9
60 th
roug
h AS
C 96
5 on
pla
n ac
coun
ting,
th
e am
endm
ents
in th
e AS
U a
re
effec
tive
for fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
021,
incl
udin
g in
terim
per
iods
with
in th
ose
fisca
l ye
ars.
Yes,
as
of fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
018,
incl
udin
g in
terim
per
iods
with
in th
ose
fisca
l ye
ars.
June
17,
201
6, H
eads
U
p
ASU
201
6-12
, Rev
enue
Fro
m
Cont
ract
s W
ith C
usto
mer
s (T
opic
60
6): N
arro
w-S
cope
Impr
ovem
ents
an
d Pr
actic
al E
xped
ient
s (is
sued
M
ay 9
, 201
6)
See
effec
tive
date
info
rmat
ion
for
ASU
201
4-09
bel
ow.
See
effec
tive
date
info
rmat
ion
for
ASU
201
4-09
bel
ow.
Yes
May
11,
201
6, H
eads
U
p
26
ASU
201
6-11
, Rev
enue
Re
cogn
ition
(Top
ic 6
05) a
nd
Der
ivat
ives
and
Hed
ging
(Top
ic
815)
: Res
ciss
ion
of S
EC G
uida
nce
Beca
use
of A
ccou
ntin
g St
anda
rds
Upd
ates
201
4-09
and
201
4-16
Pu
rsua
nt to
Sta
ff An
noun
cem
ents
at
the
Mar
ch 3
, 201
6 EI
TF M
eetin
g (is
sued
May
2, 2
016)
Effec
tive
at th
e sa
me
time
as A
SU
2014
-09
and
ASU
201
4-16
.Eff
ectiv
e at
the
sam
e tim
e as
ASU
20
14-0
9 an
d AS
U 2
014-
16.
Yes
May
3, 2
016,
US
GAA
P Pl
us n
ews
item
ASU
201
6-10
, Ide
ntify
ing
Perfo
rman
ce O
blig
atio
ns a
nd
Lice
nsin
g (is
sued
Apr
il 14
, 201
6)
See
effec
tive
date
info
rmat
ion
for
ASU
201
4-09
bel
ow.
See
effec
tive
date
info
rmat
ion
for
ASU
201
4-09
bel
ow.
Yes
April
15,
201
6, H
eads
U
p
ASU
201
6-09
, Im
prov
emen
ts to
Em
ploy
ee S
hare
-Bas
ed P
aym
ent
Acco
untin
g (is
sued
Mar
ch 3
0,
2016
)
Annu
al p
erio
ds, a
nd in
terim
per
iods
w
ithin
thos
e an
nual
per
iods
, be
ginn
ing
afte
r Dec
embe
r 15,
201
6.
Annu
al p
erio
ds b
egin
ning
afte
r D
ecem
ber 1
5, 2
017,
and
inte
rim
perio
ds w
ithin
fisc
al y
ears
beg
inni
ng
afte
r Dec
embe
r 15,
201
8.
Yes
April
21,
201
6, H
eads
U
p an
d A
Road
map
to
Acc
ount
ing
for
Shar
e-Ba
sed
Paym
ent
Awar
ds
ASU
201
6-08
, Prin
cipa
l Ver
sus
Agen
t Con
sider
atio
ns (R
epor
ting
Reve
nue
Gro
ss V
ersu
s N
et) (
issu
ed
Mar
ch 1
7, 2
016)
See
effec
tive
date
info
rmat
ion
for
ASU
201
4-09
bel
ow.
See
effec
tive
date
info
rmat
ion
for
ASU
201
4-09
bel
ow.
Yes
Mar
ch 2
2, 2
016,
H
eads
Up
ASU
201
6-06
, Con
tinge
nt P
ut a
nd
Call
Opt
ions
in D
ebt I
nstr
umen
ts —
a
cons
ensu
s of
the
FASB
Em
ergi
ng Is
sues
Tas
k Fo
rce
(issu
ed M
arch
14,
201
6)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
6, a
nd in
terim
pe
riods
with
in th
ose
fisca
l yea
rs.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
7, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
018.
Yes
Mar
ch 1
6, 2
016,
H
eads
Up
ASU
201
6-05
, Effe
ct o
f Der
ivat
ive
Cont
ract
Nov
atio
ns o
n Ex
istin
g H
edge
Acc
ount
ing
Rela
tions
hips
—
a co
nsen
sus
of th
e FA
SB
Emer
ging
Issu
es T
ask
Forc
e (is
sued
Mar
ch 1
0, 2
016)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
6, a
nd in
terim
pe
riods
with
in th
ose
fisca
l yea
rs.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
7, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
018.
Yes
Mar
ch 1
6, 2
016,
H
eads
Up
ASU
201
6-04
, Rec
ogni
tion
of
Brea
kage
for C
erta
in P
repa
id
Stor
ed-V
alue
Pro
duct
s —
a
cons
ensu
s of
the
FASB
Em
ergi
ng
Issu
es T
ask
Forc
e (is
sued
Mar
ch
8, 2
016)
Effec
tive
for P
BEs,
cer
tain
NFP
s, a
nd
cert
ain
empl
oyee
ben
efit p
lans
for
finan
cial
sta
tem
ents
issu
ed fo
r fisc
al
year
s be
ginn
ing
afte
r Dec
embe
r 15,
20
17, a
nd in
terim
per
iods
with
in
thos
e fis
cal y
ears
.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
8, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
019.
Yes
Mar
ch 1
6, 2
016,
H
eads
Up
27
ASU
201
6-02
, Lea
ses
(issu
ed
Febr
uary
25,
201
6)Eff
ectiv
e fo
r fisc
al y
ears
beg
inni
ng
afte
r Dec
embe
r 15,
201
8, in
clud
ing
inte
rim p
erio
ds w
ithin
thos
e fis
cal
year
s, fo
r any
of t
he fo
llow
ing:
• PB
Es.
• N
FPs
that
hav
e is
sued
, or a
re
a co
ndui
t bon
d ob
ligor
for,
secu
ritie
s th
at a
re tr
aded
, lis
ted,
or q
uote
d on
an
exch
ange
or a
n ov
er-th
e-co
unte
r mar
ket.
• Em
ploy
ee b
enefi
t pla
ns th
at
file
finan
cial
sta
tem
ents
with
th
e SE
C.
For a
ll ot
her e
ntiti
es, t
he
amen
dmen
ts in
the
ASU
are
eff
ectiv
e fo
r fisc
al y
ears
beg
inni
ng
afte
r Dec
embe
r 15,
201
9, a
nd
inte
rim p
erio
ds w
ithin
fisc
al y
ears
be
ginn
ing
afte
r Dec
embe
r 15,
202
0.
Yes
Mar
ch 1
, 201
6,
(upd
ated
July
12,
20
16) a
nd A
pril
25, 2
017,
Hea
ds U
p ne
wsl
ette
rs
ASU
201
6-01
, Rec
ogni
tion
and
Mea
sure
men
t of F
inan
cial
Ass
ets
and
Fina
ncia
l Lia
bilit
ies
(issu
ed
Janu
ary
5, 2
016)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
7, in
clud
ing
inte
rim p
erio
ds w
ithin
thos
e fis
cal
year
s.
For a
ll ot
her e
ntiti
es, i
nclu
ding
NFP
s an
d em
ploy
ee b
enefi
t pla
ns w
ithin
th
e sc
ope
of A
SC 9
60 th
roug
h AS
C 96
5 on
pla
n ac
coun
ting,
th
e am
endm
ents
in th
e AS
U a
re
effec
tive
for fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
018,
and
in
terim
per
iods
with
in fi
scal
yea
rs
begi
nnin
g af
ter D
ecem
ber 1
5, 2
019.
Cert
ain
prov
isio
ns o
nly.
Janu
ary
12, 2
016,
H
eads
Up
ASU
201
5-17
, Bal
ance
She
et
Clas
sifica
tion
of D
efer
red
Taxe
s (is
sued
Nov
embe
r 20,
201
5)
Annu
al p
erio
ds b
egin
ning
afte
r D
ecem
ber 1
5, 2
016,
and
inte
rim
perio
ds w
ithin
thos
e an
nual
per
iods
.
Annu
al p
erio
ds b
egin
ning
afte
r D
ecem
ber 1
5, 2
017,
and
inte
rim
perio
ds w
ithin
ann
ual p
erio
ds
begi
nnin
g af
ter D
ecem
ber 1
5, 2
018.
Yes
Nov
embe
r 30,
201
5,
Hea
ds U
p
ASU
201
5-14
, Rev
enue
Fro
m
Cont
ract
s W
ith C
usto
mer
s (T
opic
60
6): D
efer
ral o
f the
Effe
ctiv
e D
ate
(issu
ed A
ugus
t 12,
201
5)
See
effec
tive
date
info
rmat
ion
for
ASU
201
4-09
bel
ow.
See
effec
tive
date
info
rmat
ion
for
ASU
201
4-09
bel
ow.
Yes
Augu
st 1
3, 2
015,
jo
urna
l ent
ry
28
ASU
201
4-09
, Rev
enue
Fro
m
Cont
ract
s W
ith C
usto
mer
s (is
sued
on
May
28,
201
4; e
ffect
ive
date
am
ende
d by
ASU
201
5-14
, whi
ch
was
issu
ed o
n Au
gust
12,
201
5)
For P
BEs,
cer
tain
NFP
s, a
nd c
erta
in
empl
oyee
ben
efit p
lans
, the
ASU
is
effe
ctiv
e fo
r ann
ual r
epor
ting
perio
ds (i
nclu
ding
inte
rim re
port
ing
perio
ds w
ithin
thos
e pe
riods
) be
ginn
ing
afte
r Dec
embe
r 15,
201
7.
Annu
al re
port
ing
perio
ds b
egin
ning
af
ter D
ecem
ber 1
5, 2
018,
and
in
terim
repo
rtin
g pe
riods
with
in
annu
al re
port
ing
perio
ds b
egin
ning
af
ter D
ecem
ber 1
5, 2
019.
For P
BEs,
cer
tain
NFP
s, a
nd c
erta
in
empl
oyee
ben
efit p
lans
, ear
ly
appl
icat
ion
is p
erm
itted
onl
y as
of
annu
al re
port
ing
perio
ds (i
nclu
ding
in
terim
repo
rtin
g pe
riods
with
in
thos
e pe
riods
) beg
inni
ng a
fter
Dec
embe
r 15,
201
6.
All o
ther
ent
ities
may
app
ly th
e AS
U e
arly
as
of a
n an
nual
repo
rtin
g pe
riod
begi
nnin
g af
ter D
ecem
ber
15, 2
016,
incl
udin
g in
terim
re
port
ing
perio
ds w
ithin
that
re
port
ing
perio
d. A
ll ot
her e
ntiti
es
also
may
app
ly th
e gu
idan
ce in
the
ASU
ear
ly a
s of
an
annu
al re
port
ing
perio
d be
ginn
ing
afte
r Dec
embe
r 15
, 201
6, a
nd in
terim
repo
rtin
g pe
riods
with
in a
nnua
l rep
ortin
g pe
riods
beg
inni
ng o
ne y
ear a
fter
the
annu
al re
port
ing
perio
d in
w
hich
the
entit
y fir
st a
pplie
s th
e gu
idan
ce in
the
ASU
.
A Ro
adm
ap to
Ap
plyi
ng th
e N
ew
Reve
nue
Reco
gniti
on
Stan
dard
May
28,
201
4;
Janu
ary
22, 2
018;
an
d Ap
ril 1
1, 2
018,
H
eads
Up
new
slet
ters
PCA
OB
Effec
tive
Dat
e fo
r PB
EsEa
rly
Ado
ptio
n A
llow
ed (Y
es/N
o)D
eloi
tte
Reso
urce
s
Fina
l Gui
danc
e
Rele
ase
2018
-006
, Am
endm
ents
to
Aud
iting
Sta
ndar
ds fo
r Aud
itor’s
U
se o
f the
Wor
k of
Spe
cial
ists
(issu
ed D
ecem
ber 2
0, 2
018)
Prov
ided
that
they
are
app
rove
d by
the
SEC,
the
amen
dmen
ts a
re
effec
tive
for fi
nanc
ial s
tate
men
t au
dits
for fi
scal
yea
rs e
ndin
g on
or
afte
r Dec
embe
r 15,
202
0.
No
Janu
ary
16, 2
019,
Au
dit &
Ass
uran
ce
Upd
ate
Rele
ase
2018
-005
, Aud
iting
Ac
coun
ting
Estim
ates
, Inc
ludi
ng
Fair
Valu
e M
easu
rem
ents
— a
nd
Amen
dmen
ts to
PCA
OB
Audi
ting
Stan
dard
s (is
sued
Dec
embe
r 20,
20
18)
Prov
ided
that
they
are
app
rove
d by
the
SEC,
the
new
sta
ndar
d an
d am
endm
ents
are
effe
ctiv
e fo
r fin
anci
al s
tate
men
t aud
its fo
r fisc
al
year
s en
ding
on
or a
fter D
ecem
ber
15, 2
020.
No
Janu
ary
16, 2
019,
Au
dit &
Ass
uran
ce
Upd
ate
29
Rele
ase
2017
-001
, The
Aud
itor’s
Re
port
on
an A
udit
of F
inan
cial
St
atem
ents
Whe
n th
e Au
dito
r Ex
pres
ses
an U
nqua
lified
Opi
nion
an
d Re
late
d Am
endm
ents
to
PCAO
B St
anda
rds
(issu
ed Ju
ne 1
, 20
17, a
nd a
ppro
ved
by th
e SE
C on
Oct
ober
23,
201
7)
Effec
tive
for a
udits
of fi
scal
yea
rs
endi
ng o
n or
afte
r Dec
embe
r 15,
20
17, e
xcep
t for
the
para
grap
hs in
th
e cr
itica
l aud
it m
atte
rs’ s
ectio
n,
whi
ch a
re e
ffect
ive
for a
udits
of
larg
e ac
cele
rate
d fil
ers
for fi
scal
ye
ars
endi
ng o
n or
afte
r Jun
e 30
, 20
19, a
nd f
or a
udits
of a
ll ot
her
com
pani
es fo
r fisc
al y
ears
end
ing
on
or a
fter D
ecem
ber 1
5, 2
020.
Yes
June
20,
201
7, H
eads
U
p
AIC
PA
Effec
tive
Dat
e fo
r N
on-P
BEs
Del
oitt
e Re
sour
ces
Fina
l Gui
danc
e
SAS
135,
Om
nibu
s St
atem
ent
on A
uditi
ng S
tand
ards
— 2
019
(issu
ed M
ay 8
, 201
9)
Effec
tive
for a
udits
of fi
nanc
ial
stat
emen
ts fo
r per
iods
end
ing
on
or a
fter D
ecem
ber 1
5, 2
020.
Ear
ly
impl
emen
tatio
n is
not
per
mitt
ed.
May
10,
201
9, U
S G
AAP
Plus
new
s ite
m
SAS
134,
Aud
itor R
epor
ting
and
Amen
dmen
ts, I
nclu
ding
Am
endm
ents
Add
ress
ing
Disc
losu
res
in th
e Au
dit o
f Fi
nanc
ial S
tate
men
ts (i
ssue
d M
ay
8, 2
019)
Effec
tive
for a
udits
of fi
nanc
ial
stat
emen
ts fo
r per
iods
end
ing
on
or a
fter D
ecem
ber 1
5, 2
020.
Ear
ly
impl
emen
tatio
n is
not
per
mitt
ed.
May
10,
201
9, U
S G
AAP
Plus
new
s ite
m
SEC
Effec
tive
Dat
eD
eloi
tte
Reso
urce
s
Fina
l Gui
danc
e
Staff
Acc
ount
ing
Bulle
tin N
o. 1
18
(issu
ed D
ecem
ber 2
2, 2
017)
Dat
e of
pub
licat
ion
in th
e Fe
dera
l Re
gist
er.
Dec
embe
r 22,
201
7,
US
GAA
P Pl
us n
ews
item
and
Janu
ary
3, 2
018,
Fin
anci
al
Repo
rtin
g Al
ert
(upd
ated
Aug
ust 3
0,
2018
)
Staff
Acc
ount
ing
Bulle
tin N
o. 1
17
(issu
ed N
ovem
ber 2
9, 2
017)
Janu
ary
11, 2
018.
Nov
embe
r 30,
201
7,
US
GAA
P Pl
us n
ews
item
Staff
Acc
ount
ing
Bulle
tin N
o. 1
16
(issu
ed A
ugus
t 18,
201
7)Au
gust
29,
201
7.Au
gust
22,
201
7,
jour
nal e
ntry
30
Fina
l Rul
e, C
apita
l, M
argi
n, a
nd
Segr
egat
ion
Requ
irem
ents
for
Secu
rity-
Base
d Sw
ap D
eale
rs
and
Maj
or S
ecur
ity-B
ased
Sw
ap
Part
icip
ants
and
Cap
ital a
nd
Segr
egat
ion
Requ
irem
ents
for
Brok
er-D
eale
rs (3
4-86
175)
(iss
ued
June
21,
201
9)
60 d
ays
afte
r dat
e of
pub
licat
ion
in
the
Fede
ral R
egist
er.
June
21,
201
9, U
S G
AAP
Plus
new
s ite
m
Fina
l Rul
e, A
udito
r Ind
epen
denc
e W
ith R
espe
ct to
Cer
tain
Loa
ns
or D
ebto
r-Cr
edito
r Rel
atio
nshi
ps
(33-
1064
8) (i
ssue
d Ju
ne 1
8,
2019
)
90 d
ays
afte
r dat
e of
pub
licat
ion
in
Fede
ral R
egist
er.
June
18,
201
9, U
S G
AAP
Plus
new
s ite
m
Fina
l Rul
e, A
men
dmen
t to
Sing
le
Issue
r Exe
mpt
ion
for B
roke
r-D
eale
rs (3
4-86
073)
(iss
ued
June
10
, 201
9)
Augu
st 1
3, 2
019.
June
11,
201
9, U
S G
AAP
Plus
new
s ite
m
Fina
l Rul
e, A
dopt
ion
of U
pdat
ed
EDG
AR F
iler M
anua
l (33
-106
45)
(issu
ed Ju
ne 7
, 201
9)
Dat
e of
pub
licat
ion
in th
e Fe
dera
l Re
gist
er.
Fina
l Rul
e, F
orm
CRS
Rel
atio
nshi
p Su
mm
ary;
Am
endm
ents
to F
orm
AD
V (3
4-86
032)
(iss
ued
June
5,
2019
)
60 d
ays
afte
r dat
e of
pub
licat
ion
in
the
Fede
ral R
egist
er.
June
5, 2
019,
US
GAA
P Pl
us n
ews
item
Fina
l Rul
e, R
egul
atio
n Be
st In
tere
st:
The
Brok
er-D
eale
r Sta
ndar
d of
Co
nduc
t (34
-860
31 (i
ssue
d Ju
ne
5, 2
019)
60 d
ays
afte
r dat
e of
pub
licat
ion
in
the
Fede
ral R
egist
er.
June
5, 2
019,
US
GAA
P Pl
us n
ews
item
Fina
l Rul
e, D
isclo
sure
of O
rder
H
andl
ing
Info
rmat
ion
(ext
ensi
on
of c
ompl
ianc
e da
te fo
r cer
tain
re
quire
men
ts) (
34-8
5714
) (is
sued
Apr
il 24
, 201
9)
April
30,
201
9.
Fina
l Rul
e, F
AST
Act M
oder
niza
tion
and
Sim
plifi
catio
n of
Reg
ulat
ion
S-K
(33-
1061
8) (i
ssue
d M
arch
20,
20
19)
May
2, 2
019.
Mar
ch 2
5, 2
019,
H
eads
Up
Fina
l Rul
e, A
dopt
ion
of U
pdat
ed
EDG
AR F
iler M
anua
l (33
-106
15)
(issu
ed M
arch
12,
201
9)
April
1, 2
019.
Mar
ch 1
2, 2
019,
US
GAA
P Pl
us n
ews
item
31
Fina
l Rul
e, D
isclo
sure
of H
edgi
ng b
y Em
ploy
ees,
Offi
cers
and
Dire
ctor
s (3
3-10
593)
(iss
ued
Dec
embe
r 20,
20
18)
Mar
ch 8
, 201
9.D
ecem
ber 1
9, 2
018,
U
S G
AAP
Plus
new
s ite
m
Fina
l Rul
e, T
rans
actio
n Fe
e Pi
lot
for N
MS
Stoc
ks (3
4-84
875)
(iss
ued
Dec
embe
r 19,
201
8)
April
22,
201
9.D
ecem
ber 2
1, 2
018,
U
S G
AAP
Plus
new
s ite
m
Fina
l Rul
e, A
men
dmen
ts to
Re
gula
tion
A (3
3-10
591)
(iss
ued
Dec
embe
r 19,
201
8)
Janu
ary
31, 2
019.
Dec
embe
r 21,
201
8,
US
GAA
P Pl
us n
ews
item
Fina
l Rul
e, A
pplic
atio
ns b
y Se
curit
y-Ba
sed
Swap
Dea
lers
or M
ajor
Se
curit
y-Ba
sed
Swap
Par
ticip
ants
fo
r Sta
tuto
rily
Disq
ualifi
ed
Asso
ciat
ed P
erso
ns to
Effe
ct o
r Be
Invo
lved
in E
ffect
ing
Secu
rity-
Base
d Sw
aps
(34-
8485
8) (i
ssue
d D
ecem
ber 1
9, 2
018)
April
22,
201
9.D
ecem
ber 2
1, 2
018,
U
S G
AAP
Plus
new
s ite
m
Fina
l Rul
e, A
dopt
ion
of U
pdat
ed
EDG
AR F
iler M
anua
l (33
-105
85)
(issu
ed D
ecem
ber 1
4, 2
018)
Dec
embe
r 26,
201
8.D
ecem
ber 1
8, 2
018,
U
S G
AAP
Plus
new
s ite
m
Fina
l Rul
e, C
over
ed In
vest
men
t Fu
nd R
esea
rch
Repo
rts
(33-
1058
0)
(issu
ed N
ovem
ber 3
0, 2
018)
Janu
ary
14, 2
019.
Dec
embe
r 3, 2
018,
U
S G
AAP
Plus
new
s ite
m
Fina
l Rul
e, F
orm
N-1
A; C
orre
ctio
n (3
3-10
577)
(iss
ued
Nov
embe
r 29
, 201
8)
Dec
embe
r 4, 2
018.
Fina
l Rul
e, R
egul
atio
n of
NM
S St
ock
Alte
rnat
ive
Trad
ing
Syst
ems
(34-
8454
1) (i
ssue
d N
ovem
ber 6
, 20
18)
Nov
embe
r 13,
201
8.
Fina
l Rul
e, D
isclo
sure
of O
rder
H
andl
ing
Info
rmat
ion
(34-
8452
8)
(issu
ed N
ovem
ber 2
, 201
8)
Janu
ary
18, 2
019.
Nov
embe
r 5, 2
018,
U
S G
AAP
Plus
new
s ite
m
Fina
l Rul
e, M
oder
niza
tion
of
Prop
erty
Disc
losu
res
for M
inin
g Re
gist
rant
s (3
3-10
570)
(iss
ued
Oct
ober
31,
201
8)
Febr
uary
25,
201
9.N
ovem
ber 1
, 201
8,
US
GAA
P Pl
us n
ews
item
Fina
l Rul
e, A
dopt
ion
of U
pdat
ed
EDG
AR F
iler M
anua
l (33
-105
66A)
(is
sued
Oct
ober
1, 2
018)
Nov
embe
r 5, 2
018.
Oct
ober
2, 2
018,
U
S G
AAP
Plus
new
s ite
m
32
Fina
l Rul
e, D
eleg
atio
n of
Aut
horit
y to
Gen
eral
Cou
nsel
of t
he
Com
miss
ion
(33-
1053
7) (i
ssue
d Au
gust
22,
201
8)
Augu
st 3
1, 2
018.
Fina
l Rul
e, A
men
dmen
ts to
M
unic
ipal
Sec
uriti
es D
isclo
sure
(3
4-83
885)
(iss
ued
Augu
st 2
0,
2018
)
Oct
ober
30,
201
8.Au
gust
24,
201
8, U
S G
AAP
Plus
new
s ite
m
Fina
l Rul
e, D
isclo
sure
Upd
ate
and
Sim
plifi
catio
n (3
3-10
532)
(iss
ued
Augu
st 1
7, 2
018)
Nov
embe
r 5, 2
018.
Augu
st 2
8, 2
018,
H
eads
Up
and
Sept
embe
r 11,
201
8,
Fina
ncia
l Rep
ortin
g Al
ert (
upda
ted
Oct
ober
1, 2
018)
Fina
l Rul
e, R
egul
atio
n of
NM
S St
ock
Alte
rnat
ive
Trad
ing
Syst
ems
(34-
8366
3) (i
ssue
d Ju
ly 1
8, 2
018)
Oct
ober
9, 2
018.
July
18,
201
8, U
S G
AAP
Plus
new
s ite
m
Fina
l Rul
e, E
xem
pt O
fferin
gs
Purs
uant
to C
ompe
nsat
ory
Arra
ngem
ents
(33-
1052
0) (i
ssue
d Ju
ly 1
8, 2
018)
July
23,
201
8.Ju
ly 1
8, 2
018,
US
GAA
P Pl
us n
ews
item
Fina
l Rul
e, A
dopt
ion
of U
pdat
ed
EDG
AR F
iler M
anua
l (33
-105
18)
(issu
ed Ju
ly 1
0, 2
018)
July
17,
201
8.Ju
ly 9
, 201
8, U
S G
AAP
Plus
new
s ite
m
Fina
l Rul
e, A
men
dmen
ts to
Sm
alle
r Re
port
ing
Com
pany
Defi
nitio
n (3
3-10
513)
(iss
ued
June
28,
20
18)
Sept
embe
r 10,
201
8.Ju
ne 2
8, 2
018,
US
GAA
P Pl
us n
ews
item
Fina
l Rul
e, In
line
XBRL
Fili
ng o
f Ta
gged
Dat
a (3
3-10
514)
(iss
ued
June
28,
201
8)
Sept
embe
r 17,
201
8.Ju
ne 2
8, 2
018,
US
GAA
P Pl
us n
ews
item
Fina
l Rul
e, In
vest
men
t Com
pany
Li
quid
ity D
isclo
sure
(IC-
3314
2)
(issu
ed Ju
ne 2
8, 2
018)
Sept
embe
r 10,
201
8.Ju
ne 2
8, 2
018,
US
GAA
P Pl
us n
ews
item
Fina
l Rul
e, A
men
dmen
ts to
th
e Co
mm
issio
n’s
Free
dom
of
Info
rmat
ion
Act R
egul
atio
ns
(34-
8350
6) (i
ssue
d Ju
ne 2
5,
2018
)
July
30,
201
8.Ju
ne 2
6, 2
018,
US
GAA
P Pl
us n
ews
item
33
Fina
l Rul
e, O
ptio
nal I
nter
net
Avai
labi
lity
of In
vest
men
t Com
pany
Sh
areh
olde
r Rep
orts
(33-
1050
6)
(issu
ed Ju
ne 5
, 201
8)
Janu
ary
1, 2
019.
June
5, 2
018,
US
GAA
P Pl
us n
ews
item
Fina
l Rul
e, T
echn
ical
Am
endm
ents
to
Rul
es o
f Pra
ctic
e an
d Ru
les
of
Org
aniz
atio
n; C
ondu
ct a
nd E
thic
s; an
d In
form
atio
n an
d Re
ques
ts
(34-
8332
5) (i
ssue
d M
ay 2
4, 2
018)
June
1, 2
018.
Fina
l Rul
e, A
men
dmen
ts to
For
ms
and
Sche
dule
s to
Rem
ove
Prov
ision
of
Cer
tain
Per
sona
lly Id
entifi
able
In
form
atio
n (3
3-10
486)
(iss
ued
April
25,
201
8)
May
14,
201
8.Ap
ril 2
5, 2
018,
US
GAA
P Pl
us n
ews
item
Fina
l Rul
e, In
vest
men
t Com
pany
Re
port
ing
Mod
erni
zatio
n (3
3-10
442)
(iss
ued
Dec
embe
r 8,
2017
)
Janu
ary
16, 2
018,
to M
arch
31,
202
6.D
ecem
ber 8
, 201
7,
US
GAA
P Pl
us n
ews
item
Fina
l Rul
e, In
vest
men
t Com
pany
Sw
ing
Pric
ing
(33-
1023
4) (i
ssue
d O
ctob
er 1
3, 2
016)
Nov
embe
r 19,
201
8.O
ctob
er 1
3, 2
016,
U
S G
AAP
Plus
new
s ite
m
Fina
l Rul
e, D
isclo
sure
of P
aym
ents
by
Res
ourc
e Ex
trac
tion
Issue
rs
(34-
7816
7) (i
ssue
d Ju
ne 2
7,
2016
)
Sept
embe
r 26,
201
6. C
ompl
ianc
e da
te: f
or fi
scal
yea
rs e
ndin
g on
or
afte
r Sep
tem
ber 3
0, 2
018.
June
30,
201
6,
jour
nal e
ntry
IASB
/IFR
ICEff
ecti
ve D
ate
Earl
y A
dopt
ion
(Yes
/No)
Del
oitt
e Re
sour
ces
Fina
l Gui
danc
e
Defi
nitio
n of
Mat
eria
l — a
men
dmen
ts
to IA
S 1
and
IAS
8 (is
sued
Oct
ober
31,
20
18)
Annu
al p
erio
ds b
egin
ning
on
or a
fter
Janu
ary
1, 2
020.
Yes
Nov
embe
r 13,
201
8,
IFRS
in F
ocus
Defi
nitio
n of
a B
usin
ess
—
amen
dmen
ts to
IFRS
3 (O
ctob
er 2
2,
2018
)
Annu
al p
erio
ds b
egin
ning
on
or a
fter
Janu
ary
1, 2
020.
Yes
Oct
ober
24,
201
8,
IFRS
in F
ocus
Amen
dmen
ts to
Ref
eren
ces
to th
e Co
ncep
tual
Fra
mew
ork
in IF
RS
Stan
dard
s (is
sued
Mar
ch 2
9, 2
018)
Annu
al re
port
ing
perio
ds b
egin
ning
on
or a
fter J
anua
ry 1
, 202
0.Ye
sM
ay 1
4, 2
018,
IFRS
in
Focu
s
Plan
Am
endm
ent,
Curt
ailm
ent o
r Se
ttlem
ent —
am
endm
ents
to IA
S 19
(is
sued
Feb
ruar
y 7,
201
8)
Annu
al p
erio
ds b
egin
ning
on
or a
fter
Janu
ary
1, 2
019.
Yes
Mar
ch 1
, 201
8, IF
RS
in F
ocus
34
Annu
al Im
prov
emen
ts to
IFRS
St
anda
rds
2015
–201
7 Cy
cle
(issu
ed
Dec
embe
r 12,
201
7)
Annu
al p
erio
ds b
egin
ning
on
or a
fter
Janu
ary
1, 2
019.
Yes
Mar
ch 1
, 201
8, IF
RS
in F
ocus
Long
-term
Inte
rest
s in
Ass
ocia
tes
and
Join
t Ven
ture
s —
am
endm
ents
to IA
S 28
(iss
ued
Oct
ober
12,
201
7)
Annu
al re
port
ing
perio
ds b
egin
ning
on
or a
fter J
anua
ry 1
, 201
9.Ye
sO
ctob
er 1
9, 2
017,
IF
RS in
Foc
us
Prep
aym
ent F
eatu
res
With
Neg
ativ
e Co
mpe
nsat
ion
— a
men
dmen
ts to
IFRS
9
(issu
ed O
ctob
er 1
2, 2
017)
Annu
al re
port
ing
perio
ds b
egin
ning
on
or a
fter J
anua
ry 1
, 201
9.Ye
sO
ctob
er 1
9, 2
017,
IF
RS in
Foc
us
IFRI
C 23
, Unc
erta
inty
Ove
r Inc
ome
Tax
Trea
tmen
ts (i
ssue
d Ju
ne 7
, 201
7)An
nual
repo
rtin
g pe
riods
beg
inni
ng
on o
r afte
r Jan
uary
1, 2
019.
Yes
June
7, 2
017,
IFRS
in
Focu
s
IFRS
17,
Insu
ranc
e Co
ntra
cts
(issu
ed
May
18,
201
7)An
nual
repo
rtin
g pe
riods
beg
inni
ng
on o
r afte
r Jan
uary
1, 2
021.
Ye
s, fo
r ent
ities
that
app
ly IF
RS 9
an
d IF
RS 1
5.M
ay 1
8, 2
017,
IFRS
in
Focu
s
Tran
sfer
s of
Inve
stm
ent P
rope
rty
—
amen
dmen
ts to
IAS
40 (i
ssue
d D
ecem
ber 8
, 201
6)
Annu
al p
erio
ds b
egin
ning
on
or a
fter
Janu
ary
1, 2
018.
Ye
sD
ecem
ber 1
9, 2
016,
IF
RS in
Foc
us
Annu
al Im
prov
emen
ts to
IFRS
s: 20
14–2
016
Cycl
e (is
sued
Dec
embe
r 8,
201
6)
Annu
al p
erio
ds b
egin
ning
on
or
afte
r Jan
uary
1, 2
018,
exc
ept t
he
amen
dmen
t to
IFRS
12,
whi
ch
is e
ffect
ive
for a
nnua
l per
iods
be
ginn
ing
on o
r afte
r Jan
uary
1, 2
017.
Yes,
for c
erta
in a
men
dmen
ts.
Dec
embe
r 19,
201
6,
IFRS
in F
ocus
IFRI
C 22
, For
eign
Cur
renc
y Tr
ansa
ctio
ns
and
Adva
nce
Cons
ider
atio
n (is
sued
D
ecem
ber 8
, 201
6)
Annu
al re
port
ing
perio
ds b
egin
ning
on
or a
fter J
anua
ry 1
, 201
8.Ye
sD
ecem
ber 1
9, 2
016,
IF
RS in
Foc
us
Appl
ying
IFRS
9 F
inan
cial
Inst
rum
ents
W
ith IF
RS 4
Insu
ranc
e Co
ntra
cts
—
amen
dmen
ts to
IFRS
4 (i
ssue
d Se
ptem
ber 1
2, 2
016)
At th
e sa
me
time
as IF
RS 9
.At
the
sam
e tim
e as
IFRS
9.
Sept
embe
r 21,
201
6,
IFRS
in F
ocus
Clas
sifica
tion
and
Mea
sure
men
t of
Shar
e-Ba
sed
Paym
ent T
rans
actio
ns —
am
endm
ents
to IF
RS 2
(iss
ued
June
20
, 201
6)
Annu
al p
erio
ds b
egin
ning
on
or a
fter
Janu
ary
1, 2
018.
Ye
sJu
ne 2
8, 2
016,
IFRS
in
Focu
s
Clar
ifica
tions
to IF
RS 1
5 (is
sued
Apr
il 12
, 201
6)At
the
sam
e tim
e as
IFRS
15.
Yes
April
20,
201
6, IF
RS in
Fo
cus
IFRS
16,
Lea
ses
(issu
ed Ja
nuar
y 12
, 20
16)
Annu
al p
erio
ds b
egin
ning
on
or a
fter
Janu
ary
1, 2
019.
Ye
sM
ay 2
8, 2
015,
IFRS
in
Focu
s
IFRS
9, F
inan
cial
Inst
rum
ents
(iss
ued
July
24,
201
4)An
nual
per
iods
beg
inni
ng o
n or
afte
r Ja
nuar
y 1,
201
8.Ye
sJu
ly 2
9, 2
014,
IFRS
in
Focu
s
IFRS
15,
Rev
enue
Fro
m C
ontr
acts
With
Cu
stom
ers
(issu
ed M
ay 2
8, 2
014)
Annu
al p
erio
ds b
egin
ning
on
or a
fter
Janu
ary
1, 2
018.
Yes
May
28,
201
4, IF
RS in
Fo
cus
35
Appendix B: Current Status of FASB ProjectsThis appendix summarizes the current status and next steps for the FASB’s active standard-setting projects (excluding research initiatives).
Project Status and Next Steps Deloitte Resources
Recognition and Measurement Projects
Codification improvements
GeneralThe FASB has a standing project on its agenda to make regular updates and improvements to the Codification (e.g., technical corrections and clarifications).
Financial instrumentsOn April 25, 2019, the FASB issued ASU 2019-04, which makes limited improvements to its guidance on credit losses, hedging, and recognition and measurement of financial instruments.
On May 8, 2019, the FASB decided to make limited amendments to its hedge accounting guidance in response to stakeholder feedback on ASU 2017-12.
On June 5, 2019, the FASB decided to issue a proposed ASU that would make limited improvements to its guidance on credit losses. The Board issued this proposal on June 27, 2019; comments are due by July 29, 2019.
In addition, the FASB is developing a proposed ASU on credit loss vintage disclosure.
Share-Based Consideration Payable to a CustomerOn March 4, 2019, the FASB issued a proposed ASU that would clarify that share-based payments made as consideration payable to a customer should be measured and classified in accordance with ASC 718. Comments were due by April 18, 2019.
Heads Up — FASB Issues Narrow Financial Instrument Accounting Updates (May 7, 2019)
Journal Entry — FASB Discusses Proposed Improvements to Measurement of Credit Losses (June 5, 2019)
Journal Entry — FASB Tentatively Approves Targeted Improvements to Accounting for Hedging Activities (May 16, 2019)
Heads Up — FASB Issues Proposed ASU to Address the Accounting for Share-Based Payments Issued as Sales Incentives to Customers (March 5, 2019)
Consolidation reorganization and targeted improvements
On September 20, 2017, the FASB issued a proposed ASU that would reorganize the consolidation guidance in ASC 810 by dividing it into separate subtopics for voting interest entities and variable interest entities (VIEs). The new subtopics would be included in a new topic, ASC 812, which would supersede ASC 810. Comments on the proposal were due by December 4, 2017. On June 27, 2018, the FASB decided to continue the project.
Heads Up — FASB Proposes to Reorganize Its Consolidation Guidance (October 5, 2017)
36
Distinguishing liabilities from equity (including convertible debt)
The FASB added this project to its technical agenda on September 20, 2017. On June 6, 2018, the Board decided to research an accounting model in which convertible instruments with embedded conversion features would be treated as a single unit of account unless the embedded conversion feature must be bifurcated as a derivative. On February 13, 2019, the Board decided to relax the equity classification conditions in ASC 815-40. On April 3, 2019, the Board made decisions about consequential amendments, technical corrections, and transition. On June 19, 2019, the FASB directed its staff to prepare a proposed ASU for a vote by written ballot. The proposal is expected to be issued in the third quarter of 2019.
Journal Entry — FASB Decides to Relax Equity Classification Conditions (February 15, 2019)
Extending private- company accounting alternatives on certain identifiable intangible assets and goodwill to NFP entities
On May 30, 2019, the FASB issued ASU 2019-06, which extends the private-company alternatives on goodwill and certain identifiable intangible assets in ASU 2014-02 and ASU 2014-18 to NFP entities.
Heads Up — FASB Extends Certain Private-Company Accounting Alternatives to Not-for-Profit Entities (June 12, 2019)
Financial instruments — credit losses: targeted transition relief
On May 15, 2019, the FASB issued ASU 2019-05, which allows entities, upon adoption of ASC 326, to irrevocably elect the fair value option for certain financial assets within the scope of ASC 326-20 on an instrument-by-instrument basis.
Heads Up — FASB Issues Targeted Transition Relief for Entities Adopting ASU 2016-13 (May 15, 2019)
Financial instruments — clarifying the interaction between ASC 321 and ASC 323 (EITF Issue 19-A)
The FASB added this project to the EITF’s agenda on May 8, 2019, to address (1) the accounting for equity securities under the measurement alternative upon the application and discontinuation of the equity method, (2) recognizing investee losses when an investor has other equity investments in the investee, and (3) scope considerations related to certain forward contracts and purchased call options on equity securities. On June 26, 2019, the FASB ratified the consensus-for-exposure reached by the EITF at its June 13, 2019, meeting. A proposed ASU is expected to be issued in the third quarter of 2019.
EITF Snapshot (June 2019)
Hedging: last-of-layer method
On March 28, 2018, the FASB decided to add a narrow-scope project to address the accounting for last-of-layer basis adjustments and hedging multiple layers under the last of layer method in accordance with ASU 2017-12.
Journal Entry — Hedging — FASB Discusses Feedback on Key Implementation Issues (April 10, 2018)
Identifiable intangible assets and subsequent accounting for goodwill
On October 24, 2018, the FASB added this project to its technical agenda and directed the staff to draft an Invitation to Comment, which is expected to be released in the second quarter of 2019.
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Improving the accounting for asset acquisitions and business combinations
On August 2, 2017, the FASB tentatively decided that this project should (1) address differences between the accounting for acquisitions of assets and that for acquisitions of businesses and (2) focus on the accounting for transaction costs, in-process research and development, and contingent consideration. On May 8, 2018, the FASB discussed how certain aspects of the accounting for asset acquisitions could be aligned with those for business combinations. On May 8, 2019, the FASB decided to expand the scope of this project to include the accounting for in-process research and development and contingent consideration obligations recognized upon the initial consolidation of a variable interest entity that is not a business.
Recognition under ASC 805 for an assumed liability in a revenue contract (EITF Issue 18-A)
On February 14, 2019, the FASB issued a proposed ASU that would address the recognition of an assumed liability in a revenue contract acquired in a business combination. Simultaneously, the FASB released an invitation to comment on related issues. Comments on either document were due by April 30, 2019.
EITF Snapshot (June 2019)
Reference rate reform: Facilitation of the effects of the LIBOR-to-SOFR transition on financial reporting
On August 29, 2018, the FASB added a project to its agenda to consider changes to GAAP necessitated by the market-wide transition from LIBOR to SOFR, with the objective of facilitating the transition. On June 19, 2019, the FASB tentatively decided to provide relief from certain GAAP requirements.
Journal Entry — FASB Discusses Reference Rate Reform Distinguishing Liabilities From Equity, and the Conceptual Framework (June 26, 2019)
Revenue recognition: contract modifications of licenses of intellectual property (EITF Issue 19-B)
On May 8, 2019, the FASB decided to add this project to the EITF’s agenda to address the accounting for contract modifications of licenses of intellectual property (including additional rights granted and revocation of licensing rights).
Journal Entry — FASB Adds Projects to EITF Technical Agenda at Agenda Prioritization Board Meeting (May 10, 2019)
EITF Snapshot (June 2019)
Simplifications to accounting for income taxes
The Board added this project to its agenda on April 10, 2019. On May 14, 2019, the FASB issued a proposed ASU that would make limited amendments to ASC 740 to simplify the accounting for income taxes. Comments on the proposal were due by June 28, 2019.
Heads Up — FASB Proposes Simplifications to Accounting for Income Taxes (May 29, 2019)
Presentation and Disclosure Projects
Disclosure framework: disclosure review —income taxes
On July 26, 2016, the FASB issued a proposed ASU that would modify existing and add new income tax disclosure requirements. Comments on the proposed ASU were due by September 30, 2016. On March 25, 2019, the FASB issued a revised proposed ASU on this topic; comments were due by May 31, 2019.
Heads Up — FASB Proposes Changes to Income Tax Disclosure Requirements (March 29, 2019)
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Disclosure framework: disclosure review — inventory
On January 10, 2017, the FASB issued a proposed ASU that would modify or eliminate certain disclosure requirements related to inventory and establish new requirements. Comments on the proposed ASU were due by March 13, 2017. On June 21, 2017, the Board discussed a summary of comments received.
Heads Up — FASB Proposes Updates to Inventory Disclosures (January 12, 2017)
Disclosure framework: disclosures — interim reporting
At its May 28, 2014, meeting, the FASB decided to amend ASC 270 “to reflect that disclosures about matters required to be set forth in annual financial statements should be provided on an updated basis in the interim report if there is a substantial likelihood that the updated information would be viewed by a reasonable investor as significantly altering the ’total mix’ of information available to the investor.” On July 11, 2018, the Board directed the staff to develop principles for interim disclosure.
Disclosure improvements in response to SEC’s release on disclosure update and simplification
On May 6, 2019, the FASB issued a proposed ASU that would make Codification amendments in response to the SEC’s disclosure update and simplification initiative. Comments on the proposal were due by June 28, 2019.
Disclosures by business entities about government assistance
On November 12, 2015, the FASB issued a proposed ASU that would require specific disclosures about government assistance received by businesses. Comments on the proposed ASU were due by February 10, 2016. The FASB most recently discussed this project on February 27, 2019.
Journal Entry — FASB Begins Redeliberating Project on Business Entities’ Disclosures About Government Assistance (June 14, 2016)
Heads Up — FASB Proposes ASU to Increase Transparency of Accounting for Government Assistance Arrangements (November 20, 2015)
Financial performance reporting: disaggregation of performance information
The FASB added this project to its technical agenda on September 20, 2017, “to focus on the disaggregation of performance information either through presentation in the statement of income or disclosure in the notes.” The FASB most recently discussed this project on April 24, 2019.
Segment reporting The FASB added this project to its technical agenda on September 20, 2017. The purpose of the project is to improve “the aggregation criteria and segment disclosures.” The FASB most recently discussed this project on May 29, 2019.
A Roadmap to Segment Reporting
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Simplifying the balance sheet classification of debt
On January 10, 2017, the FASB issued a proposed ASU that would reduce the complexity of determining whether debt should be classified as current or noncurrent in a classified balance sheet. Comments on the proposal were due by May 5, 2017. The FASB most recently discussed this project on March 20, 2019, when it decided to issue another proposed ASU. The FASB expects to issue a proposed ASU on this topic in the third quarter of 2019.
Journal Entry — FASB Addresses Sweep Issues Related to Simplifying the Balance Sheet Classification of Debt (August 24, 2018)
Journal Entry — FASB Concludes Redeliberations on Simplifying the Balance Sheet Classification of Debt (Current Versus Noncurrent) (September 15, 2017)
Heads Up — FASB Proposes Changes to Simplify the Balance Sheet Classification of Debt (January 12, 2017)
Framework Projects
Conceptual framework PresentationOn August 11, 2016, the FASB issued a proposed concepts statement that would add a new chapter on presentation of financial statement information to the conceptual framework. Comments were due by November 9, 2016. On May 3, 2017, the FASB discussed feedback received.
MeasurementOn June 18, 2014, the Board decided to begin developing concepts related to measurement. The Board most recently discussed this project on June 19, 2019.
ElementsOn May 3, 2017, the FASB decided to add a conceptual framework project on elements. The FASB most recently discussed this project on June 19, 2019.
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Appendix C: New Deloitte U.S. Accounting PublicationsRoadmap SeriesA Roadmap to SEC Reporting Considerations for Business Combinations (June 2019)
A Roadmap to the Preparation of the Statement of Cash Flows (May 2019)
A Roadmap to Accounting for Noncontrolling Interests (May 2019)
A Roadmap to Consolidation — Identifying a Controlling Financial Interest (May 2019)
A Roadmap to Accounting and Financial Reporting for Carve-Out Transactions (April 2019)
A Roadmap to the Issuer’s Accounting for Convertible Debt (April 2019)
Heads Up NewslettersFASB Issues Proposal to Improve Credit Losses Standard (June 28, 2019)
FASB Extends Certain Private-Company Accounting Alternatives to Not-for-Profit Entities (June 12, 2019)
FASB Proposes Simplifications to Accounting for Income Taxes (May 29, 2019)
FASB Issues Targeted Transition Relief for Entities Adopting ASU 2016-13 (May 15, 2019)
SEC Proposes to Ease Qualifications for Nonaccelerated Filer Status (May 14, 2019)
SEC Proposes Improvements to Disclosures for Business Acquisitions and Dispositions (May 9, 2019)
FASB Issues Narrow Financial Instrument Accounting Updates (May 7, 2019)
FASB Proposes Changes to Income Tax Disclosure Requirements (March 29, 2019)
The New Revenue Standard — A Look at SEC Feedback in Year 1 (March 28, 2019)
Accounting Spotlight NewslettersRevenue Recognition — Determining Whether a Performance Obligation Is Satisfied at a Point in Time or Over Time (June 24, 2019)
Revenue Recognition — Evaluating Whether an Entity Is Acting as a Principal or as an Agent (May 28, 2019)
Revenue Recognition — Accounting for Costs of Obtaining a Contract (April 5, 2019)
EITF Snapshot NewsletterJune 2019
Industry Spotlight SeriesMedia & Entertainment Spotlight — Navigating ASU 2019-02 — Improvements to Accounting for Costs of Films and License Agreements for Program Materials (May 21, 2019)
Power & Utilities Spotlight — Deploying New Tools to Elevate Risk Management as Power and Utilities Companies Become More Digital (April 15, 2019)
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Deloitte Accounting Journal EntriesFASB Discusses Reference Rate Reform, Distinguishing Liabilities From Equity, and the Conceptual Framework (June 26, 2019)
FASB Discusses Proposed Improvements to Measurement of Credit Losses (June 5, 2019)
FASB Tentatively Approves Targeted Improvements to Accounting for Hedging Activities (May 16, 2019)
FASB Adds Projects to EITF Technical Agenda at Agenda Prioritization Board Meeting (May 10, 2019)
FASB Discusses Simplifications to Accounting for Income Taxes (May 2, 2019)
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