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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: First Quarter — 2018. One of the biggest focuses for accountants and other financial professionals in the first quarter of 2018 was understanding the income tax effects of the Tax Cuts and Jobs Act (the “Act”), which President Trump signed into law on December 22, 2017. Under ASC 740, the effects of new legislation are recognized upon enactment, so recognition of the tax effects of the Act is required in the interim and annual periods that include December 22, 2017. Frequently asked questions (FAQs) about the Act are related not only to the accounting for the reduction in the corporate income tax rate from 35 percent to 21 percent but also to the accounting for net operating loss carryforwards, the deemed repatriation transition tax, global intangible low-taxed income, foreign-derived intangible income, the base erosion anti-abuse tax, and the corporate alternative minimum tax.
In response to the Act, the SEC has issued (1) SAB 118 to help registrants prepare “an initial accounting of the income tax effects of the Act” and (2) C&DI Question 110.02, which provides the Commission’s views on the “applicability of Item 2.06 of Form 8-K with respect to reporting the impact of a change in tax rate or tax laws pursuant to the Act.” Meanwhile, the FASB has published an ASU on the implications of stranded tax effects and the FASB staff has released a number of Q&As on Act-related issues.
In This Issue• Accounting — Newly
Issued Standards
• Accounting — Exposure Drafts
• Accounting — Other Key Developments
• 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
First Quarter — 2018
2
Other significant accounting developments this quarter include:
• The FASB’s issuance of:
o ASUs that (1) make technical corrections to its guidance on financial instruments and (2) provide a transition practical expedient for land easements under the Board’s new leasing standard, ASU 2016-02.1
o Proposed ASUs that would (1) address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract and (2) expand the list of benchmark rates for hedge accounting.
• The SEC’s release of interpretive guidance related to cybersecurity disclosures.
• The IASB’s issuance of revisions to the guidance in IAS 192 on plan amendments, curtailments, and settlements.
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 Roundup, a digest of news, developments, and Deloitte publications related to U.S. and international 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 PublicationsOn January 22, 2018, Deloitte issued a Heads Up that provides insight into its review of the disclosures in the public filings of a group of companies that early adopted the new revenue standard (ASU 2014-09,3 codified as ASC 6064) in 2017.
In addition, Deloitte released annual updates for the following industries in the first quarter of 2018:
• Life Sciences — Accounting and Financial Reporting Update (2018) — Highlights key topics affecting the life sciences industry and includes interpretive guidance, an analysis of SEC comment letter trends, and a discussion of relevant standard setting.
• Banking & Securities — Accounting and Financial Reporting Update (2017) — Highlights accounting and reporting developments that may be of interest to entities in the banking and securities sector. Topics discussed include (1) implementation issues related to the guidance on measurement of credit losses on financial instruments, (2) targeted improvements made to hedge accounting, and (3) application of the new leasing and revenue recognition standards.
1 FASB Accounting Standards Update No. 2016-02, Leases.2 IAS 19, Employee Benefits.3 FASB Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers.4 For titles of FASB Accounting Standards Codification (ASC) references, see Deloitte’s “Titles of Topics and Subtopics in the FASB
Accounting Standards Codification.”
3
• Insurance — Accounting and Financial Reporting Update (2017) — Addresses accounting and reporting developments that may be of interest to entities in the insurance sector, including (1) the guidance on accounting for short-duration insurance contracts, (2) the FASB’s continued deliberation of its proposed targeted improvements to the accounting for long-duration insurance contracts, (3) targeted improvements made to hedge accounting, and (4) the new leasing and revenue recognition standards.
• Real Estate & Construction — Accounting and Financial Reporting Update (2017) — Underscores accounting and reporting developments that may be of interest to entities in the real estate and construction sector. Topics discussed include (1) issues related to implementation of the new leasing and revenue recognition standards and (2) application of the new guidance that clarifies the definition of a business.
Moreover, in March 2018, Deloitte released the 2018 edition of A Roadmap to Accounting and Financial Reporting for Carve-Out Transactions. This Roadmap summarizes key factors for entities to consider in preparing carve-out financial statements (i.e., financial statements derived from the financial statements of a larger parent entity). Topics discussed include the basic principles of a carve-out transaction, accounting and disclosure guidance on common balance sheet and income statement items included in carve-out financial statements, and SEC reporting topics that entities should take into account when preparing IPO and other SEC filings.
4
Accounting — Newly Issued Standards
Financial Instruments
FASB Makes Technical Corrections to Guidance on Financial InstrumentsAffects: All entities.
Summary: On February 28, 2018, the FASB issued ASU 2018-03,5 which makes technical corrections to certain aspects of ASU 2016-016 (on recognition of financial assets and financial liabilities), including the following:
• Equity securities without a readily determinable fair value — discontinuation.
• Equity securities without a readily determinable fair value — adjustments.
• Forward contracts and purchased options.
• Presentation requirements for certain fair value option liabilities.
• Fair value option liabilities denominated in a foreign currency.
• Transition guidance for equity securities without a readily determinable fair value.
Next Steps: For public business entities, the amendments in ASU 2018-03 are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. Public business entities with fiscal years beginning between December 15, 2017, and June 15, 2018, are not required to adopt the amendments until the interim period beginning after June 15, 2018. Public business entities with fiscal years beginning between June 15, 2018, and December 15, 2018, are not required to adopt these amendments before adopting the amendments in ASU 2016-01. For all other entities, the effective date will be the same as the effective date in ASU 2016-01. Early adoption of ASU 2018-03 is permitted for all entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, if they have adopted ASU 2016-01.
Other Resources: Deloitte’s March 2, 2018, journal entry.
Income Taxes
Accounting for the Tax Cuts and Jobs Act Affects: All entities.
Summary: On December 22, 2017, President Trump signed into law the tax legislation commonly known as the Tax Cuts and Jobs Act (the “Act”). Under ASC 740, the effects of new legislation are recognized upon enactment, which (for federal legislation) is the date the president signs a bill into law. Accordingly, recognition of the tax effects of the Act is required in the interim and annual periods that include December 22, 2017.
5 FASB Accounting Standards Update No. 2018-03, Technical Corrections and Improvements to Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.
6 FASB Accounting Standards Update No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities.
In This Section• Financial Instruments
o FASB Makes Technical Corrections to Guidance on Financial Instruments
• Income Taxeso Accounting for the
Tax Cuts and Jobs Act
• Leaseso FASB Clarifies the
Application of the New Leasing Standard to Land Easements
• Internationalo IASB Revises
Guidance in IAS 19 on Plan Amendments, Curtailments, and Settlements
5
The SEC and FASB have issued various guidance in response to the Act, including the following:
• SEC — On December 22, 2017, the SEC issued SAB 118 (codified by the SEC as SAB Topic 5.EE7 and incorporated into the FASB Codification through ASU 2018-058) and C&DI9 Question 110.02. According to the press release on the SEC’s Web site, SAB 118 provides the SEC staff’s views on the “application of U.S. GAAP when preparing an initial accounting of the income tax effects of the Act,” while C&DI Question 110.02 provides views on the “applicability of Item 2.06 of Form 8-K with respect to reporting the impact of a change in tax rate or tax laws pursuant to the Act.”
• FASB — On February 14, 2018, the FASB issued ASU 2018-02,10 which amends ASC 220 to “allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the [Act]” and requires entities to provide certain disclosures regarding stranded tax effects. The ASU is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. See the press release on the FASB’s Web site for more information about ASU 2018-02.
The FASB staff has also released a number of Q&As on Act-related issues:
o Whether Private Companies and Not-for-Profit Entities Can Apply SAB 118.
o Whether to Discount the Tax Liability on the Deemed Repatriation.
o Whether to Discount Alternative Minimum Tax Credits That Become Refundable.
o Accounting for the Base Erosion Anti-Abuse Tax.
o Accounting for Global Intangible Low-Taxed Income.
For more information about the Q&As, see the January 11, 2018, and January 22, 2018, press releases on the FASB’s Web site.
Other Resources: Deloitte’s January 3, 2018, Financial Reporting Alert (updated on March 20, 2018), which contains responses to FAQs on how an entity should account for the tax effects of the Act in accordance with ASC 740. The publication addresses accounting questions related to SAB 118, ASU 2018-02 and the FASB staff Q&As, the change in corporate tax rate, modifications of carryforwards and certain deductions, the deemed repatriation transition tax, global intangible low-taxed income, foreign-derived intangible income, the base erosion anti-abuse tax, the corporate alternative minimum tax, non-ASC 740 topics affected by tax reform, separate-company financial statements, disclosure considerations, IFRS considerations, and interim reporting considerations.
7 SEC Staff Accounting Bulletin 5.EE, “Income Tax Accounting Implications of the Tax Cuts and Jobs Act.”8 FASB Accounting Standards Update No. 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff
Accounting Bulletin No. 118.9 Compliance and disclosure interpretation.10 FASB Accounting Standards Update No. 2018-02, Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income.
6
Leases
FASB Clarifies the Application of the New Leasing Standard to Land EasementsAffects: All entities.
Summary: On January 25, 2018, the FASB issued ASU 2018-01,11 which amends the Board’s new leasing standard, ASU 2016-02 (codified in ASC 842), to provide a transition practical expedient for existing or expired land easements (i.e., rights to access, cross, or otherwise use someone else’s land for a specified purpose) that were not previously accounted for in accordance with ASC 840. The practical expedient would allow entities to elect not to assess whether those land easements are, or contain, leases in accordance with ASC 842 when transitioning to the new leasing standard. However, the ASU clarifies that land easements entered into (or existing land easements modified) on or after the effective date of the new leasing standard must be assessed under ASC 842.
Next Steps: The ASU’s effective date and transition requirements are the same as those for ASU 2016-02. See Appendix A for more information.
Other Resources: For more information, see the press release on the FASB’s Web site.
International
IASB Revises Guidance in IAS 19 on Plan Amendments, Curtailments, and SettlementsAffects: Entities reporting under IFRSs.
Summary: On February 7, 2018, the IASB released amendments12 containing revisions to the guidance in IAS 19 on pension plan amendments, curtailments, or settlements. The amendments include the following:
• If a plan amendment, curtailment, or settlement occurs, the current service cost and the net interest for the remainder of the reporting period after the remeasurement must be determined by using the assumptions employed for the remeasurement.
• Clarification of the effect of a plan amendment, curtailment, or settlement on the requirements related to the asset ceiling.
Next Steps: The amendments apply to plan amendments, curtailments, or settlements occurring on or after the beginning of the first annual reporting period that begins on or after January 1, 2019. Early application is permitted but must be disclosed.
Other Resources: Deloitte’s March 1, 2018, IFRS in Focus. Also see the press release on the IASB’s Web site.
11 FASB Accounting Standards Update No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842.12 IASB Amendments, Plan Amendment, Curtailment or Settlement — amendments to IAS 19.
7
Accounting — Exposure DraftsCloud Computing
FASB Issues Proposed ASU on Cloud Computing ArrangementsAffects: All entities.
Summary: On March 1, 2018, the FASB issued for public comment a proposed ASU13 that would amend ASC 350-40 to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement (CCA) that is a service contract. The proposed ASU, which was issued in response to an EITF consensus, would also add certain disclosure requirements related to implementation costs incurred for internal-use software and CCAs.
Under the proposed ASU, an entity would apply ASC 350-40 to determine which implementation costs should be capitalized. For example, while an entity would expense costs incurred in the preliminary-project and post-implementation-operation stages, it would capitalize certain costs incurred during the application-development stage, and it might be able to capitalize certain costs related to enhancements that it made. The proposed ASU would not change the accounting for the service component of a CCA.
Next Steps: Comments on the proposed ASU are due by April 30, 2018.
Other Resources: Deloitte’s March 2, 2018, Heads Up. Also see the press release on the FASB’s Web site.
Hedge Accounting
FASB Proposes to Expand the List of Benchmark Rates for Hedge AccountingAffects: All entities.
Summary: On February 20, 2018, the FASB issued a proposed ASU14 that would amend ASC 815 to “add the OIS rate based on SOFR as a fifth U.S. benchmark interest rate to help companies and other organizations avoid the potential cost and complexity associated with using different cash flows and discount rates to measure the hedged item and the hedging instrument.” Currently, the four eligible benchmark interest rates under ASC 815 are:
• Interest rates on direct Treasury obligations of the U.S. government.
• The London Interbank Offered Rate swap rate.
• The Overnight Index Swap Rate based on the Fed Funds Effective Rate.
• The Securities Industry and Financial Markets Association municipal swap rate.
Next Steps: Comments on the proposed ASU are due by March 30, 2018.
Other Resources: For more information, see the press release on the FASB’s Web site.
13 FASB Proposed Accounting Standards Update, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract; Disclosures for Implementation Costs Incurred for Internal-Use Software and Cloud Computing Arrangements — a consensus of the FASB Emerging Issues Task Force.
14 FASB Proposed Accounting Standards Update, Inclusion of the Overnight Index Swap (OIS) Rate Based on the Secured Overnight Financing Rate (SOFR) as a Benchmark Interest Rate for Hedge Accounting Purposes.
In This Section• Cloud Computing
o FASB Issues Proposed ASU on Cloud Computing Arrangements
• Hedge Accountingo FASB Proposes to
Expand the List of Benchmark Rates for Hedge Accounting
8
Accounting — Other Key DevelopmentsCodification Improvements
FASB Combines ASC 305 and ASC 210Affects: All entities.
Summary: On December 22, 2017, the FASB published a maintenance update as part of its project on Codification improvements. The update moves the guidance from ASC 305 (on cash and cash equivalents) to ASC 210 (on the balance sheet), effectively combining the two topics into one; however, no incremental changes to the actual guidance have been made.
Inflation Monitoring
CAQ Issues Discussion Document on Monitoring InflationAffects: All entities.
Summary: On March 8, 2018, the CAQ and its International Practices Task Force issued a discussion document15 that provides “a framework for compiling inflation data to assist registrants in monitoring inflation statistics in connection with their determination of the inflationary status of countries in which they have operations.” The purpose of the document is to help management apply ASC 830 “in conjunction with its internal controls over financial reporting to reach a conclusion on whether a country’s economy should be considered highly-inflationary.”
XBRL
FASB Releases 2018 U.S. GAAP and SEC TaxonomiesAffects: All entities.
Summary: On December 21, 2017, the FASB released the 2018 U.S. GAAP financial reporting and SEC reporting taxonomies. The new version of the U.S. GAAP taxonomy “contains updates for accounting standards and other improvements.” The updated SEC taxonomy “contains elements necessary to meet SEC requirements for financial schedules required by the SEC, condensed consolidating financial information for guarantors, and disclosures about oil- and gas-producing activities.”
The SEC approved both taxonomies on March 19, 2018.
Other Resources: For more information, see the December 21, 2017, and March 19, 2018, press releases on the FASB’s Web site.
15 CAQ Discussion Document, Monitoring Inflation in Certain Countries.
In This Section• Codification
Improvementso FASB Combines
ASC 305 and ASC 210
• Inflation Monitoringo CAQ Issues Discussion
Document on Monitoring Inflation
• XBRLo FASB Releases 2018
U.S. GAAP and SEC Taxonomies
9
Auditing DevelopmentsIn This Section• CAQ
o CAQ Issues Publication for Audit Committees on Non-GAAP Measures
CAQ
CAQ Issues Publication for Audit Committees on Non-GAAP MeasuresAffects: Audit committees.
Summary: On March 16, 2018, the CAQ issued a publication16 that summarizes common themes from its series of roundtable discussions on non-GAAP measures held last year. The publication “provides a set of key considerations for audit committees, including leading practices to assess whether a company’s non-GAAP metrics present a balanced representation of the company’s performance.”
Other Resources: For more information, see the press release on the CAQ’s Web site. Also see Deloitte’s A Roadmap to Non-GAAP Financial Measures.
16 CAQ Publication, Non-GAAP Measures: A Roadmap for Audit Committees.
10
Regulatory and Compliance DevelopmentsSEC
SEC Proposes Amendments to Liquidity Disclosure Requirements for Investment CompaniesAffects: Investment companies.
Summary: On March 14, 2018, the SEC issued a proposed rule17 that would “improve the reporting and disclosure of liquidity information by registered open-end investment companies.” Specifically, the proposal would:
• Require funds to “disclose information about the operation and effectiveness of their liquidity risk management program in their annual reports to shareholders.”
• Remove the requirement in Form N-PORT related to the disclosure of “aggregate liquidity classification information about [a fund’s] portfolios.”
• Amend Form N-PORT to “allow funds classifying the liquidity of their investments pursuant to their liquidity risk management programs required by rule 22e-4 under the Investment Company Act of 1940 to report on Form N-PORT multiple liquidity classification categories for a single position under certain specified circumstances.”
• Require “funds and other registrants [to] report their holdings of cash and cash equivalents” in Form N-PORT.
Next Steps: Comments on the proposed rule are due by May 18, 2018.
Other Resources: For more information, see the press release on the SEC’s Web site.
SEC Issues Interpretive Guidance on CybersecurityAffects: SEC registrants.
Summary: On February 21, 2018, the SEC issued interpretive guidance (the “release”)18 in response to the pervasive increase in digital technology as well as the severity and frequency of cybersecurity threats and incidents. The release largely refreshes existing SEC staff guidance related to cybersecurity and, like that guidance, does not establish any new disclosure obligations but rather presents the SEC’s views on how its existing rules should be interpreted in connection with cybersecurity threats and incidents. In a public statement about the release, SEC Chairman Jay Clayton noted that he has asked the Division of Corporation Finance to continue to closely monitor cybersecurity disclosures as part of its filing review process and that the SEC will continue to evaluate whether further guidance is needed.
In 2011, the SEC’s Division of Corporation Finance issued principles-based guidance19 that provided the SEC’s views on cybersecurity disclosure obligations, including those related to risk factors, MD&A, and the financial statements. The release expands on the concepts discussed in that guidance and concentrates more heavily on cybersecurity policies and controls, most notably those related to cybersecurity escalation procedures and the application of insider trading prohibitions. Further, the release addresses the importance of avoiding selective disclosure as well as considering the role of the board of directors in risk oversight.
17 SEC Proposed Rule Release No. IC-33046, Investment Company Liquidity Disclosure.18 SEC Interpretive Release No. 33-10459, Commission Statement and Guidance on Public Company Cybersecurity Disclosures.19 CF Disclosure Guidance: Topic 2, “Cybersecurity.”
In This Section• SEC
o SEC Proposes Amendments to Liquidity Disclosure Requirements for Investment Companies
o SEC Issues Interpretive Guidance on Cybersecurity
11
The release applies to public operating companies, including foreign private issuers, but does not address the specific implications of cybersecurity for other regulated entities under the federal securities laws, such as registered investment companies, investment advisers, brokers, dealers, exchanges, and self-regulatory organizations.
The interpretation became effective on February 26, 2018.
Other Resources: Deloitte’s February 23, 2018, Heads Up. Also see the press release on the SEC’s Web site.
12
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
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
Mar
ch 2
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
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
13
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 and
Feb
ruar
y 15
, 201
8, U
S G
AAP
Plus
new
s ite
m
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
owSe
e eff
ectiv
e da
te in
form
atio
n fo
r AS
U 2
014-
09 b
elow
Yes
Nov
embe
r 22,
201
7,
US
GAA
P Pl
us n
ews
item
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
14
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
ASU
201
7-09
, Sco
pe o
f M
odifi
catio
n Ac
coun
ting
(issu
ed
May
10,
201
7)
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
7.
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
7.
Yes
May
11,
201
7, H
eads
U
p, a
nd A
Roa
dmap
to
Acc
ount
ing
for
Shar
e-Ba
sed
Paym
ent
Awar
ds
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
15
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
7-03
, Acc
ount
ing
Chan
ges
and
Erro
r Cor
rect
ions
(Top
ic 2
50)
and
Inve
stm
ents
— E
quity
Met
hod
and
Join
t Ven
ture
s (T
opic
323
): Am
endm
ents
to S
EC P
arag
raph
s Pu
rsua
nt to
Sta
ff An
noun
cem
ents
at
the
Sept
embe
r 22,
201
6 an
d N
ovem
ber 1
7, 2
016
EITF
Mee
tings
(is
sued
Janu
ary
23, 2
017)
Effec
tive
upon
issu
ance
.Eff
ectiv
e up
on is
suan
ce.
N/A
Janu
ary
24, 2
017,
U
S G
AAP
Plus
new
s ite
m
ASU
201
7-02
, Cla
rifyi
ng W
hen
a N
ot-fo
r-Pr
ofit E
ntity
Tha
t Is
a G
ener
al P
artn
er o
r a L
imite
d Pa
rtne
r Sho
uld
Cons
olid
ate
a Fo
r-Pr
ofit L
imite
d Pa
rtne
rshi
p or
Si
mila
r Ent
ity (i
ssue
d Ja
nuar
y 12
, 20
17)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
6, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
017.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
6, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
017.
Yes
Janu
ary
30, 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
16
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
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
6-17
, Int
eres
ts H
eld
Thro
ugh
Rela
ted
Part
ies
That
Are
U
nder
Com
mon
Con
trol
(iss
ued
Oct
ober
26,
201
6)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
6, 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
6, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
017.
Yes
Nov
embe
r 1, 2
016,
H
eads
Up
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)
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
020,
and
in
terim
per
iods
with
in fi
scal
yea
rs
begi
nnin
g af
ter D
ecem
ber 1
5, 2
021.
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
17
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
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, a
nd A
Roa
dmap
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
6-07
, Sim
plify
ing
the
Tran
sitio
n to
the
Equi
ty M
etho
d of
Acc
ount
ing
(issu
ed M
arch
15,
20
16)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
6.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
6.
Yes
Mar
ch 1
6, 2
016,
jo
urna
l ent
ry
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
18
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
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, a
nd
Apri
l 25,
201
7, H
eads
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
5-16
, Sim
plify
ing
the
Acco
untin
g fo
r Mea
sure
men
t-Pe
riod
Adju
stm
ents
(iss
ued
Sept
embe
r 25,
201
5)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
5, 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
6, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
017.
The
am
endm
ents
in th
e AS
U s
houl
d be
ap
plie
d pr
ospe
ctiv
ely
to a
djus
tmen
ts
to p
rovi
sion
al a
mou
nts
that
occ
ur
afte
r the
effe
ctiv
e da
te o
f the
ASU
.
Yes
Sept
embe
r 30,
201
5,
Hea
ds U
p
19
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
ASU
201
5-11
, Sim
plify
ing
the
Mea
sure
men
t of I
nven
tory
(iss
ued
July
22,
201
5)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
6, 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
6, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
017.
Yes
July
24,
201
5, H
eads
U
p
ASU
201
5-09
, Disc
losu
res
Abou
t Sh
ort-D
urat
ion
Cont
ract
s (is
sued
M
ay 2
1, 2
015)
Annu
al p
erio
ds b
egin
ning
afte
r D
ecem
ber 1
5, 2
015,
and
inte
rim
perio
ds w
ithin
ann
ual p
erio
ds
begi
nnin
g af
ter D
ecem
ber 1
5, 2
016.
Annu
al p
erio
ds b
egin
ning
afte
r D
ecem
ber 1
5, 2
016,
and
inte
rim
perio
ds w
ithin
ann
ual p
erio
ds
begi
nnin
g af
ter D
ecem
ber 1
5, 2
017.
Yes
May
201
5 In
sura
nce
Spot
light
ASU
201
5-04
, Pra
ctic
al E
xped
ient
fo
r the
Mea
sure
men
t Dat
e of
an
Em
ploy
er’s
Defi
ned
Bene
fit
Obl
igat
ion
and
Plan
Ass
ets
(issu
ed
April
15,
201
5)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
5, 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
6, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
017.
Yes
April
17,
201
5, H
eads
U
p an
d N
ovem
ber
8, 2
017,
Fin
anci
al
Repo
rtin
g Al
ert
ASU
201
5-02
, Am
endm
ents
to
the
Cons
olid
atio
n An
alys
is (is
sued
Fe
brua
ry 1
8, 2
015)
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
015.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
6, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
017.
Yes
May
26,
201
5, H
eads
U
p an
d A
Road
map
to
Con
solid
atio
n —
Iden
tifyi
ng a
Co
ntro
lling
Fin
anci
al
Inte
rest
ASU
201
4-15
, Disc
losu
re o
f U
ncer
tain
ties
Abou
t an
Entit
y’s
Abili
ty to
Con
tinue
as
a G
oing
Co
ncer
n (is
sued
Aug
ust 2
7, 2
014)
Annu
al p
erio
ds e
ndin
g af
ter
Dec
embe
r 15,
201
6, a
nd in
terim
pe
riods
ther
eafte
r.
Annu
al p
erio
ds e
ndin
g af
ter
Dec
embe
r 15,
201
6, a
nd in
terim
pe
riods
ther
eafte
r.
Yes
Augu
st 2
8, 2
014,
H
eads
Up
ASU
201
4-10
, Elim
inat
ion
of
Cert
ain
Fina
ncia
l Rep
ortin
g Re
quire
men
ts, I
nclu
ding
an
Amen
dmen
t to
Varia
ble
Inte
rest
En
titie
s G
uida
nce
in T
opic
810
, Co
nsol
idat
ion
(issu
ed Ju
ne 1
0,
2014
)
Annu
al re
port
ing
perio
ds b
egin
ning
af
ter D
ecem
ber 1
5, 2
014,
and
in
terim
per
iods
ther
ein.
The
am
endm
ent e
limin
atin
g th
e ex
cept
ion
to th
e su
ffici
ency
-of
-equ
ity-a
t-ris
k cr
iterio
n fo
r de
velo
pmen
t-sta
ge e
ntiti
es in
ASC
81
0-10
-15-
16 s
houl
d be
app
lied
for
annu
al re
port
ing
perio
ds b
egin
ning
af
ter D
ecem
ber 1
5, 2
015,
and
in
terim
per
iods
ther
ein.
Annu
al re
port
ing
perio
ds b
egin
ning
af
ter D
ecem
ber 1
5, 2
014,
and
in
terim
repo
rtin
g pe
riods
beg
inni
ng
afte
r Dec
embe
r 15,
201
5.
The
amen
dmen
ts to
ASC
810
sho
uld
be a
pplie
d fo
r ann
ual r
epor
ting
perio
ds b
egin
ning
afte
r Dec
embe
r 15
, 201
6, a
nd in
terim
repo
rtin
g pe
riods
beg
inni
ng a
fter D
ecem
ber
15, 2
017.
Yes
June
11,
201
4,
jour
nal e
ntry
20
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, a
nd
Janu
ary
22, 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
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 l
arge
ac
cele
rate
d fil
ers
for fi
scal
yea
rs
endi
ng o
n or
afte
r Jun
e 30
, 201
9 an
d fo
r aud
its o
f all
othe
r com
pani
es
for fi
scal
yea
rs e
ndin
g on
or a
fter
Dec
embe
r 15,
202
0.
Yes.
June
20,
201
7, H
eads
U
p
Rele
ase
2015
-008
, Im
prov
ing
the
Tran
spar
ency
of A
udits
: Rul
es to
Re
quire
Disc
losu
re o
f Cer
tain
Aud
it Pa
rtic
ipan
ts o
n a
New
PCA
OB
Form
and
Rel
ated
Am
endm
ents
to
Aud
iting
Sta
ndar
ds (i
ssue
d D
ecem
ber 1
5, 2
015,
and
ap
prov
ed b
y th
e SE
C on
May
9,
2016
)
Form
AP
disc
losu
re re
gard
ing
the
enga
gem
ent p
artn
er re
quire
d fo
r aud
it re
port
s is
sued
on
or
afte
r Jan
uary
31,
201
7. D
iscl
osur
e re
gard
ing
othe
r acc
ount
ing
firm
s re
quire
d fo
r aud
it re
port
s is
sued
on
or a
fter J
une
30, 2
017.
Yes
Janu
ary
11, 2
016,
Au
dit &
Ass
uran
ce
Upd
ate
21
AIC
PA
Effec
tive
Dat
e fo
r N
on-P
BEs
Del
oitt
e Re
sour
ces
Fina
l Gui
danc
e
SAS
133,
Aud
itor I
nvol
vem
ent
With
Exe
mpt
Offe
ring
Doc
umen
ts
(issu
ed Ju
ly 2
8, 2
017)
Effec
tive
for e
xem
pt o
fferin
g do
cum
ents
with
whi
ch th
e au
dito
r is
invo
lved
that
are
initi
ally
dis
trib
uted
, ci
rcul
ated
, or s
ubm
itted
on
or a
fter
June
15,
201
8.
Febr
uary
23,
201
7,
US
GAA
P Pl
us n
ews
item
SAS
132,
The
Aud
itor’s
Co
nsid
erat
ion
of a
n En
tity’s
Abi
lity
to C
ontin
ue a
s a
Goi
ng C
once
rn
(issu
ed F
ebru
ary
22, 2
017)
Effec
tive
for a
udits
of fi
nanc
ial
stat
emen
ts fo
r per
iods
end
ing
on o
r af
ter D
ecem
ber 1
5, 2
017.
SAS
130,
An
Audi
t of I
nter
nal
Cont
rol O
ver F
inan
cial
Rep
ortin
g Th
at Is
Inte
grat
ed W
ith a
n Au
dit
of F
inan
cial
Sta
tem
ents
(iss
ued
Oct
ober
28,
201
5)
Effec
tive
for i
nteg
rate
d au
dits
fo
r per
iods
end
ing
on o
r afte
r D
ecem
ber 1
5, 2
016.
Oct
ober
28,
201
5,
US
GAA
P Pl
us n
ews
item
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
Mar
ch 2
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
Fina
l Rul
e, A
dopt
ion
of U
pdat
ed
EDG
AR F
iler M
anua
l (33
-104
67)
(issu
ed M
arch
8, 2
018)
Mar
ch 1
6, 2
018.
Mar
ch 1
3, 2
018,
US
GAA
P Pl
us n
ews
item
Inte
rim F
inal
Rul
e, In
vest
men
t Co
mpa
ny L
iqui
dity
Risk
M
anag
emen
t Pro
gram
s; Co
mm
issio
n G
uida
nce
for I
n-Ki
nd
ETFs
(IC-
3301
0) (i
ssue
d Fe
brua
ry
22, 2
018)
Mar
ch 2
9, 2
018.
22
Inte
rpre
tive
Rele
ase,
Com
miss
ion
Stat
emen
t and
Gui
danc
e on
Pu
blic
Com
pany
Cyb
erse
curit
y D
isclo
sure
s (3
3-10
459)
(iss
ued
Febr
uary
21,
201
8)
Febr
uary
26,
201
8.Fe
brua
ry 2
3, 2
018,
H
eads
Up
Fina
l Rul
e, A
men
dmen
ts to
Fo
rms
and
Sche
dule
s to
Rem
ove
Volu
ntar
y Pr
ovisi
on o
f Soc
ial
Secu
rity
Num
bers
(33-
7424
a)
(issu
ed Ja
nuar
y 24
, 201
8)
Janu
ary
30, 2
018.
Fina
l Rul
e, E
xem
ptio
ns F
rom
In
vest
men
t Adv
iser R
egist
ratio
n fo
r Adv
isers
to S
mal
l Bus
ines
s (IA
-483
9) (i
ssue
d Ja
nuar
y 5,
20
18)
Mar
ch 1
2, 2
018.
Janu
ary
8, 2
018,
US
GAA
P Pl
us n
ews
item
Fina
l Rul
e, T
reat
men
t of C
erta
in
Com
mun
icat
ions
Invo
lvin
g Se
curit
y-Ba
sed
Swap
s Th
at M
ay
Be P
urch
ased
Onl
y by
Elig
ible
Co
ntra
ct P
artic
ipan
ts (3
3-10
450)
(is
sued
Janu
ary
5, 2
018)
Janu
ary
16, 2
018.
Janu
ary
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
-104
44)
(issu
ed D
ecem
ber 8
, 201
7)
Janu
ary
17, 2
018.
Dec
embe
r 12,
201
7,
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, C
over
ed S
ecur
ities
Pu
rsua
nt to
Sec
tion
18 o
f the
Se
curit
ies
Act o
f 193
3 (3
3-10
428)
(is
sued
Oct
ober
24,
201
7)
Nov
embe
r 29,
201
7.O
ctob
er 2
5, 2
017,
U
S G
AAP
Plus
new
s ite
m
Inte
rpre
tive
Rele
ase,
Com
miss
ion
Gui
danc
e on
Pay
Rat
io D
isclo
sure
(3
3-10
415)
(iss
ued
Sept
embe
r 21
, 201
7)
Sept
embe
r 27,
201
7.Se
ptem
ber
10,
2015
, and
Oct
ober
17
, 201
7, H
eads
Up
new
slet
ters
and
Se
ptem
ber 2
2, 2
017,
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
-104
13)
(issu
ed S
epte
mbe
r 13,
201
7)
Sept
embe
r 29,
201
7.
23
Inte
rpre
tive
Rele
ase,
Upd
ates
to
Com
miss
ion
Gui
danc
e Re
gard
ing
Acco
untin
g fo
r Sal
es o
f Vac
cine
s an
d Bi
oter
ror C
ount
erm
easu
res
to th
e Fe
dera
l Gov
ernm
ent f
or
Plac
emen
t Int
o th
e Pe
diat
ric
Vacc
ine
Stoc
kpile
or t
he S
trat
egic
N
atio
nal S
tock
pile
(33-
1040
3)
(issu
ed A
ugus
t 18,
201
7)
Augu
st 2
9, 2
017.
Augu
st 2
2, 2
017,
jo
urna
l ent
ry
Inte
rpre
tive
Rele
ase,
Com
miss
ion
Gui
danc
e Re
gard
ing
Reve
nue
Reco
gniti
on fo
r Bill
-and
-Hol
d Ar
rang
emen
ts (3
3-10
402)
(iss
ued
Augu
st 1
8, 2
017)
Augu
st 2
9, 2
017.
Augu
st 2
2, 2
017,
jo
urna
l ent
ry
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
Fina
l Rul
e, A
dopt
ion
of U
pdat
ed
EDG
AR F
iler M
anua
l (33
-103
85)
(issu
ed Ju
ly 6
, 201
7)
July
28,
201
7.Ju
ly 7
, 201
7, U
S G
AAP
Plus
new
s ite
m
Fina
l Rul
e, T
echn
ical
Am
endm
ents
to
For
m A
DV
and
Form
AD
V-W
(IA
-469
8) (i
ssue
d M
ay 4
, 201
7)
July
1, 2
017.
Fina
l Rul
e, In
flatio
n Ad
just
men
ts
and
Oth
er T
echn
ical
Am
endm
ents
U
nder
Titl
es I
and
III o
f the
JOBS
Ac
t (33
-103
32) (
issu
ed M
arch
31,
20
17)
April
12,
201
7.Ap
ril 3
, 201
7, U
S G
AAP
Plus
new
s ite
m
Fina
l Rul
e, A
men
dmen
t to
Secu
ritie
s Tr
ansa
ctio
n Se
ttlem
ent
Cycl
e (3
4-80
295)
(iss
ued
Mar
ch
22, 2
017)
May
30,
201
7. T
he c
ompl
ianc
e da
te
is S
epte
mbe
r 5, 2
017.
Mar
ch 2
3, 2
017,
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
-103
24)
(issu
ed M
arch
13,
201
7)
Mar
ch 9
, 201
7.M
arch
13,
201
7, U
S G
AAP
Plus
new
s ite
m
24
Rele
ase,
IFRS
Tax
onom
y fo
r Fo
reig
n Pr
ivat
e Iss
uers
Tha
t Pr
epar
e Th
eir F
inan
cial
Sta
tem
ents
in
Acc
orda
nce
With
Inte
rnat
iona
l Fi
nanc
ial R
epor
ting
Stan
dard
s as
Pub
lishe
d by
the
Inte
rnat
iona
l Ac
coun
ting
Stan
dard
s Bo
ard
(33-
1032
0) (i
ssue
d M
arch
1,
2017
)
The
IFRS
taxo
nom
y w
as p
ublis
hed
on th
e SE
C’s
Web
site
on
Mar
ch 1
, 20
17.
July
12,
201
7, H
eads
U
p
Fina
l Rul
e, E
xhib
it H
yper
links
and
H
TML
Form
at (3
3-10
322)
(iss
ued
Mar
ch 1
, 201
7)
Sept
embe
r 1, 2
017.
Mar
ch 2
, 201
7, 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
-102
95)
(issu
ed Ja
nuar
y 26
, 201
7)
Febr
uary
8, 2
017.
Janu
ary
27, 2
017,
U
S G
AAP
Plus
new
s ite
m
Fina
l Rul
e, A
djus
tmen
ts to
Civ
il M
onet
ary
Pena
lty A
mou
nts
(33-
1027
6) (i
ssue
d Ja
nuar
y 6,
20
17)
Janu
ary
18, 2
017.
Fina
l Rul
e, T
echn
ical
Cor
rect
ion:
Ch
ange
s to
Exc
hang
e Ac
t Re
gist
ratio
n Re
quire
men
ts to
Im
plem
ent T
itle
V an
d Ti
tle V
I of
the
JOBS
Act
(33-
1007
5A) (
issu
ed
Dec
embe
r 21,
201
6)
Dec
embe
r 28,
201
6.D
ecem
ber 2
2, 2
016,
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
-102
65)
(issu
ed D
ecem
ber 9
, 201
6)
Janu
ary
23, 2
017.
Dec
embe
r 13,
201
6,
US
GAA
P Pl
us n
ews
item
Fina
l Rul
e, E
xem
ptio
ns to
Fac
ilita
te
Intr
asta
te a
nd R
egio
nal S
ecur
ities
O
fferin
gs (3
3-10
238)
(iss
ued
Oct
ober
26,
201
6)
Revi
sed
17 C
FR 2
30.1
47 (R
ule
147)
an
d ne
w 1
7 CF
R 23
0.14
7A (R
ule
147A
) bec
ame
effec
tive
on A
pril
20, 2
017.
The
am
endm
ents
to 1
7 CF
R 23
0.50
4 (R
ule
504)
and
17
CFR
200.
30-1
(Rul
e 30
-1) b
ecam
e eff
ectiv
e on
Janu
ary
20, 2
017.
The
re
mov
al o
f 17
CFR
230.
505
(Rul
e 50
5) b
ecam
e eff
ectiv
e on
May
22,
20
17. A
ll ot
her a
men
dmen
ts in
this
ru
le b
ecam
e eff
ectiv
e on
May
22,
20
17.
Oct
ober
26,
201
6,
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
25
Fina
l Rul
e, In
vest
men
t Com
pany
Li
quid
ity R
isk M
anag
emen
t Pr
ogra
ms
(33-
1023
3) (i
ssue
d O
ctob
er 1
3, 2
016)
Janu
ary
17, 2
017,
exc
ept f
or th
e am
endm
ents
to F
orm
N-C
EN
(refe
renc
ed in
17
CFR
274.
101)
, w
hich
will
beco
me
effec
tive
on Ju
ne
1, 2
018.
Oct
ober
13,
201
6, U
S G
AAP
Plus
new
s ite
m
Fina
l Rul
e, In
vest
men
t Com
pany
Re
port
ing
Mod
erni
zatio
n (3
3-10
231)
(iss
ued
Oct
ober
13,
20
16)
Janu
ary
17, 2
017,
with
exc
eptio
ns
liste
d in
the
final
rule
.O
ctob
er 1
3, 2
016,
U
S G
AAP
Plus
new
s ite
m
Fina
l Rul
e, S
tand
ards
for C
over
ed
Clea
ring
Agen
cies
(34-
7896
1)
(issu
ed S
epte
mbe
r 28,
201
6)
Dec
embe
r 12,
201
6. C
ompl
ianc
e da
te is
Apr
il 11
, 201
7.Se
ptem
ber 2
9, 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
Fina
l Rul
e, P
ay R
atio
Disc
losu
re
(33-
9877
) (is
sued
Aug
ust 5
, 20
15)
The
first
fisc
al y
ear b
egin
ning
on
or
afte
r Jan
uary
1, 2
017.
Sept
embe
r 10
, 20
15, a
nd O
ctob
er
17, 2
017,
Hea
ds U
p ne
wsl
ette
rs
Sept
embe
r 22,
201
7,
US
GAA
P Pl
us n
ews
item
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
Plan
Am
endm
ent,
Curt
ailm
ent o
r Se
ttlem
ent —
am
endm
ents
to IA
S 19
(iss
ued
Febr
uary
7, 2
018)
Annu
al p
erio
ds b
egin
ning
on
or a
fter
Janu
ary
1, 2
019.
Yes
Del
oitt
e’s
Mar
ch 1
, 20
18, I
FRS
in F
ocus
Annu
al Im
prov
emen
ts to
IFRS
St
anda
rds
2015
–201
7 Cy
cle
(issu
ed D
ecem
ber 1
2, 2
017)
Annu
al p
erio
ds b
egin
ning
on
or a
fter
Janu
ary
1, 2
019.
Yes
Del
oitt
e’s
Mar
ch 1
, 20
18, I
FRS
in F
ocus
Long
-term
Inte
rest
s in
As
soci
ates
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
N
egat
ive
Com
pens
atio
n —
am
endm
ents
to IF
RS 9
(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
26
IFRI
C 23
, Unc
erta
inty
Ove
r Inc
ome
Tax
Trea
tmen
ts (i
ssue
d Ju
ne 7
, 20
17)
Annu
al re
port
ing
perio
ds b
egin
ning
on
or a
fter J
anua
ry 1
, 201
9.Ye
sJu
ne 7
, 201
7, IF
RS in
Fo
cus
IFRS
17,
Insu
ranc
e Co
ntra
cts
(issu
ed M
ay 1
8, 2
017)
Annu
al re
port
ing
perio
ds b
egin
ning
on
or a
fter J
anua
ry 1
, 202
1.
Yes,
for e
ntiti
es th
at a
pply
IFRS
9
and
IFRS
15.
May
18,
201
7, IF
RS in
Fo
cus
Tran
sfer
s of
Inve
stm
ent P
rope
rty
— a
men
dmen
ts to
IAS
40
(issu
ed 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
D
ecem
ber 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,
2017
.
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 a
nd A
dvan
ce
Cons
ider
atio
n (is
sued
Dec
embe
r 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
In
stru
men
ts W
ith IF
RS 4
In
sura
nce
Cont
ract
s —
am
endm
ents
to IF
RS 4
(iss
ued
Sept
embe
r 12,
201
6)
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
Sha
re-B
ased
Pay
men
t Tr
ansa
ctio
ns —
am
endm
ents
to
IFRS
2 (i
ssue
d Ju
ne 2
0, 2
016)
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
Ap
ril 1
2, 2
016)
At th
e sa
me
time
as IF
RS 1
5.Ye
sAp
ril 2
0, 2
016,
IFRS
in
Focu
s
Disc
losu
re In
itiat
ive
—
amen
dmen
ts to
IAS
7 (is
sued
Ja
nuar
y 29
, 201
6)
Annu
al p
erio
ds b
egin
ning
on
or a
fter
Janu
ary
1, 2
017.
Yes
Febr
uary
1, 2
016,
IF
RS in
Foc
us
Reco
gniti
on o
f Def
erre
d Ta
x As
sets
for U
nrea
lised
Los
ses
—
amen
dmen
ts to
IAS
12 (i
ssue
d Ja
nuar
y 19
, 201
6)
Annu
al p
erio
ds b
egin
ning
on
or a
fter
Janu
ary
1, 2
017.
Ye
sJa
nuar
y 20
, 201
6,
IFRS
in F
ocus
27
IFRS
16,
Lea
ses
(issu
ed Ja
nuar
y 12
, 201
6)An
nual
per
iods
beg
inni
ng o
n or
afte
r Ja
nuar
y 1,
201
9.
Yes
May
28,
201
5, IF
RS in
Fo
cus
2015
Am
endm
ents
to th
e IF
RS fo
r SM
Es (i
ssue
d M
ay 2
1, 2
015)
Annu
al p
erio
ds b
egin
ning
on
or a
fter
Janu
ary
1, 2
017.
Yes
May
28,
201
5, IF
RS in
Fo
cus
IFRS
9, F
inan
cial
Inst
rum
ents
(is
sued
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
W
ith C
usto
mer
s (is
sued
May
28,
20
14)
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
28
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). Content recently added or revised is highlighted in green.
Project Status and Next Steps Deloitte Resources
Recognition and Measurement Projects
Accounting for the Tax Cuts and Jobs Act
On February 14, 2018, the FASB issued ASU 2018-02, which provides entities with an option to reclassify certain stranded income tax effects resulting from the Tax Cuts and Jobs Act from accumulated other comprehensive income (AOCI) to retained earnings. The ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted.
Further, the FASB staff has issued five Q&A documents to address implementation issues related to the Act.
Financial Reporting Alert — Frequently Asked Questions About Tax Reform (January 3, 2018; last updated on March 20, 2018)
Financial Reporting Implications of the Tax Cuts and Jobs Act of 2017
Codification improvements (previously referred to as technical corrections and improvements)
On September 27, 2017, the FASB issued a proposed ASU that would make technical corrections and improvements related to recognition and measurement of financial instruments (ASU 2016-01) and leases (ASU 2016-02). Comments were due by November 13, 2017.
On February 28, 2018, the FASB issued ASU 2018-03, which makes technical corrections and improvements related to recognition and measurement of financial instruments.
On January 24, 2018, the Board discussed feedback received with respect to leases and directed the staff to draft a final ASU for a vote by written ballot. The ASU is expected to be issued in the first quarter of 2018.
On October 3, 2017, the FASB issued a proposed ASU that would make Codification improvements to a wide variety of topics. Comments were due by December 4, 2017.
On June 27, 2017, the FASB issued a proposed ASU that would eliminate outdated guidance in ASC 942-740 for bad debt reserves of savings and loans. Comments were due by August 28, 2017.
Journal Entry — FASB Issues Technical Corrections and Improvements to ASU 2016-01 (March 2, 2018)
Heads Up — FASB Proposes Amendments to New Leasing Standard (October 3, 2017)
29
Collaborative arrangements: targeted improvements
The purpose of this project is to clarify when transactions between partners in a collaborative arrangement within the scope of ASC 808 should be accounted for as revenue transactions under ASC 606. On February 7, 2018, the FASB authorized the staff to draft a proposed ASU that reflects the tentative decisions it has reached for a vote by written ballot. The FASB expects to issue the proposed ASU in the second quarter of 2018.
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.
Heads Up — FASB Proposes to Reorganize Its Consolidation Guidance (October 5, 2017)
Consolidation: targeted improvements to related-party guidance for VIEs
On June 22, 2017, the FASB published a proposed ASU under which (1) private companies “would not have to apply VIE guidance to legal entities under common control . . . if both the parent and the legal entity being evaluated for consolidation are not [PBEs]”; (2) “[i]ndirect interests held through related parties in common control arrangements would be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests”; and (3) consolidation would no longer be mandatory when “power is shared among related parties or when commonly controlled related parties, as a group, have the characteristics of a controlling financial interest but no reporting entity individually has a controlling financial interest.” Comments on the proposal were due by September 5, 2017.
Heads Up — FASB Proposes Targeted Amendments to the Related-Party Guidance for Variable Interest Entities (July 14, 2017)
Customer’s accounting for implementation costs incurred in a cloud computing arrangement that is considered a service contract (EITF Issue 17-A)
On March 1, 2018, the FASB issued a proposed ASU that would amend ASC 350-40 to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. Comments are due by April 30, 2018.
Heads Up — FASB Issues Proposed ASU on Cloud Computing Arrangements (March 2, 2018)
30
Distinguishing liabilities from equity (including convertible debt)
The FASB added this project to its technical agenda on September 20, 2017. The purpose of the project is “to improve understandability and reduce complexity, without sacrificing the information that users of financial statements need.” The project will focus on “indexation and settlement (within the context of the derivative scope exception), along with convertible debt, disclosures, and earnings per share.” On December 13, 2017, the FASB discussed the project plan.
Improving the accounting for asset acquisitions and business combinations (phase 3 of the definition of a business project)
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.
Inclusion of the Overnight Index Swap (OIS) Rate based on the Secured Overnight Financing Rate (SOFR) as a benchmark interest rate for hedge accounting purposes
On February 20, 2018, the FASB issued a proposed ASU that would add the OIS rate based on the SOFR to the list of permissible benchmark rates for hedge accounting purposes. Comments are due by March 30, 2018.
Journal Entry — FASB Adds Project on New Benchmark Interest Rate (December 20, 2017)
Insurance: targeted improvements to the accounting for long-duration contracts
On September 29, 2016, the FASB issued a proposed ASU that would make targeted improvements to the recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by insurance entities. The proposed approach would affect the assumptions used to measure the liability for future policy benefits, the measurement of market risk benefits, and the amortization of deferred acquisition costs. Comments on the proposal were due by December 15, 2016. On August 2, 2017, the Board began redeliberating the amendments and made decisions related to the liability for future policy benefits for nonparticipating traditional and limited-payment insurance contracts. On October 4, 2017, the FASB made decisions related to participating insurance contracts, deferred acquisition costs, and market risk benefits. On November 1, 2017, the FASB made decisions related to presentation, disclosures, and market risk benefits.
Insurance — Accounting and Financial Reporting Update (2017)
Journal Entry — Insurance Project — FASB Continues Redeliberating Targeted Improvements to the Long-Duration Insurance Contracts Accounting Model (November 8, 2017)
Journal Entry — Insurance Project — FASB Begins Redeliberating Liability Measurement and Transition for Certain Long-Duration Insurance Contracts (August 4, 2017)
Insurance Spotlight — FASB Proposes Improvements to the Accounting for Long-Duration Contracts (October 7, 2016)
31
Land easements: practical expedient for transition to ASC 842 (leases implementation)
On January 25, 2018, the FASB issued ASU 2018-01, which permits an entity to elect, as an optional transition practical expedient, not to evaluate, under ASC 842, land easements that existed or expired before the entity’s adoption of ASC 842 and that were not previously accounted for as leases under ASC 840.
Heads Up — FASB Tentatively Decides to Relieve Entities From Implementing Certain Aspects of the New Leasing Standard (December 5, 2017)
Leases: targeted improvements
On January 5, 2018, the FASB issued a proposed ASU that would make targeted improvements to certain aspects of its new leasing standard, ASU 2016-02. Comments were due by February 2, 2018.
On March 7, 2018, the FASB discussed feedback received. The FASB expects to issue a final ASU in the first quarter of 2018.
Journal Entry — FASB Discusses Feedback on Proposed Targeted Improvements to New Leasing Standard (March 8, 2018)
Heads Up — FASB Tentatively Decides to Relieve Entities From Implementing Certain Aspects of the New Leasing Standard (December 5, 2017)
Nonemployee share-based payment accounting improvements
On March 7, 2017, the FASB issued a proposed ASU that would simplify the accounting for share-based payments granted to nonemployees for goods and services. Under the proposal, most of the guidance on such payments would be aligned with the requirements for share-based payments granted to employees. Comments on the proposed ASU were due by June 5, 2017. On December 13, 2017, the FASB directed the staff to draft a final ASU to reflect the tentative decisions it has reached for a vote by written ballot. The ASU will be effective for PBEs for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For non-PBEs, the ASU will be effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity’s adoption of ASU 2014-09. The FASB expects to issue the final ASU in the second quarter of 2018.
Journal Entry — FASB Votes to Finalize ASU on Improving the Accounting for Share-Based Payment Arrangements With Nonemployees (December 14, 2017)
Heads Up — FASB Proposes Improvements to the Accounting for Share-Based Payment Arrangements With Nonemployees (March 10, 2017)
Revenue recognition: grants and contracts by NFPs
On August 3, 2017, the FASB issued a proposed ASU that would clarify (1) whether transactions should be accounted for as contributions (nonreciprocal transactions) under ASC 958 or as exchange (reciprocal) transactions under other guidance and (2) how to distinguish between conditional contributions and unconditional contributions. Comments on the proposal were due by November 1, 2017. The FASB made several tentative decisions on February 14, 2018.
32
Presentation and Disclosure Projects
Disclosure framework: disclosure review — defined benefit plans
On January 26, 2016, the FASB issued a proposed ASU that would modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Comments on the proposal were due by April 25, 2016. On March 14, 2018, the FASB directed its staff to draft a final ASU that reflects the tentative decisions it has reached for a vote by written ballot. The ASU will be effective for fiscal years ending after December 15, 2020, for public business entities and December 15, 2021, for all other entities. Early adoption will be permitted.
Journal Entry — FASB Votes to Finalize Proposed Changes to the Disclosure Requirements for Defined Benefit Plans (issued March 16, 2018)
Heads Up — FASB Proposes Guidance on Presentation of Net Periodic Benefit Cost and Disclosures Related to Defined Benefit Plans (January 28, 2016)
Disclosure framework: disclosure review — fair value measurement
On December 3, 2015, the FASB issued a proposed ASU that would modify the disclosure requirements related to fair value measurement. Comments on the proposal were due by February 29, 2016. On March 7, 2018, the FASB directed its staff to draft a final ASU that reflects the tentative decisions it has reached for a vote by written ballot. The ASU will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption will be permitted.
Heads Up — FASB Proposes Amendments to the Disclosure Requirements for Fair Value Measurements (December 8, 2015)
Disclosure framework: disclosure review — income taxes
On June 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 January 25, 2017, the Board discussed the feedback received on the proposed ASU.
Heads Up — FASB Proposes Updates to Income Tax Disclosure Requirements (July 29, 2016)
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
The purpose of this project is to improve the effectiveness of interim disclosures. 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.”
33
Disclosure framework — entity’s decision process
On September 24, 2015, the FASB issued a proposed ASU that would clarify the way materiality should be considered when an entity assesses requirements for providing information in the notes to financial statements. Comments on the proposal were due by December 8, 2015. On March 21, 2018, the FASB decided not to proceed with the proposed amendments.
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.
At its June 8, 2016, meeting, the FASB made tentative decisions about the project’s scope, whether to require disclosures about government assistance received but not recognized directly in the financial statements, and omission of information when restrictions preclude an entity from disclosing the information required.
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.” On December 13, 2017, the FASB discussed the project plan.
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.” On December 13, 2017, the FASB discussed the project plan. On February 7, 2018, the FASB discussed potentially reordering the reportable segments process.
A Roadmap to Segment Reporting (2018)
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. On June 28, 2017, the Board discussed a summary of comments received. On September 13, 2017, the Board concluded its redeliberations and directed the staff to draft a final ASU for a vote by written ballot. The FASB expects to issue this ASU in the second quarter of 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)
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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. On November 30, 2016, the FASB continued its discussion of issues related to the development of a proposed concepts statement on measurement.
ElementsOn May 3, 2017, the FASB decided to add a conceptual framework project on elements. On August 30, 2017, the FASB made decisions related to the definitions of an asset and a liability. On October 11, 2017, the Board discussed working definitions of revenues and expenses.
Disclosure framework: FASB’s decision process
On March 4, 2014, the FASB issued an ED of a proposed concepts statement that would add a new chapter to the Board’s conceptual framework for financial reporting, which would contain a decision process for the Board and its staff to use in determining what disclosures should be required in notes to financial statements. Comments on the ED were due by July 14, 2014.
On September 24, 2015, the FASB issued an ED of proposed amendments to chapter 3 of Concepts Statement 8 related to qualitative characteristics of useful financial information. . Comments on the ED were due by December 8, 2015.
On October 4, 2017, and November 1, 2017, the Board discussed issues related to the proposed concepts statement.
On March 21, 2018, the Board completed its redeliberations and directed the staff to draft final wording for a vote by written ballot.
Journal Entry — FASB Tentatively Decides to Amend Definition of Materiality (November 13, 2017)
Heads Up — FASB’s Proposed ASU States That Omissions of Immaterial Disclosures Are Not Accounting Errors (September 28, 2015)
Heads Up — FASB Proposes Decision Process for Determining Disclosures to Require in Notes to Financial Statements (March 6, 2014)
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Appendix C: New Deloitte U.S. Accounting PublicationsRoadmap SeriesA Roadmap to Accounting and Financial Reporting for Carve-Out Transactions (March 2018)
Annual Industry PublicationsLife Sciences — Accounting and Financial Reporting Update (2018)
Insurance — Accounting and Financial Reporting Update (2017)
Real Estate & Construction — Accounting and Financial Reporting Update (2017)
Banking & Securities — Accounting and Financial Reporting Update (2017)
Heads Up NewslettersFASB Issues Proposed ASU on Cloud Computing Arrangements (March 2, 2018)
In the Spirit of Full Cybersecurity Disclosure (February 23, 2018)
Observations From a Review of Public Filings by Early Adopters of the New Revenue Standard (January 22, 2018)
EITF Snapshot NewsletterJanuary 2018
Industry Spotlight SeriesShipping Spotlight — Navigating a Vessel Through the New Revenue and Leases Standards (February 1, 2018)
Financial Reporting AlertFinancial Reporting Alert 18-1 — Frequently Asked Questions About Tax Reform (January 3, 2018; last updated on March 20, 2018)
Deloitte Accounting Journal EntriesFASB Votes to Finalize Proposed Changes to the Disclosure Requirements for Defined Benefit Plans (March 16, 2018)
FASB Discusses Feedback on Proposed Targeted Improvements to New Leasing Standard (March 8, 2018)
FASB Issues Technical Corrections and Improvements to ASU 2016-01 (March 2, 2018)
FASB Continues Redeliberating Proposed Changes to the Disclosure Requirements for Defined Benefit Plans (February 22, 2018)
Hedging — FASB Discusses Feedback on Key Implementation Issues (February 20, 2018)
FASB Redeliberates Comments Received on Proposed Technical Corrections and Improvements to ASU 2016-01 (January 23, 2018)
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