2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. Amends the ASU on long-duration insurance contracts by changing the early adoption transition date to the beginning of the prior period presented or the beginning of … 2016-02, … As a result, public entities would apply ASU 2014-09 to annual reporting periods beginning after December 15, 2017. The Financial Accounting Standards Board (FASB) has officially deferred the effective dates of new Accounting Standards Updates (ASUs) related to credit losses, leases, hedging, and long-duration insurance contracts with the issuance of ASU No. The FASB has taken the next step in formally delaying the effective date of the Leases standard. As a result, for such franchisors only, the revenue standard will be effective for periods beginning after December 15, 2019 and interim reporting periods within annual reporting periods beginning after December 15, 2020. On June 3, 2020, the FASB issued ASU No. This is a one-year deferral of the effective date. April 21, 2020 update: To provide accounting relief and clarity during the COVID-19 crisis, the FASB published an exposure draft with proposals to delay the effective dates for Leases (Topic 842). ASU 2014-09, Revenue from Contracts with Customers ASU 2016-08, Principal versus Agent Considerations ... For an entity that has not adopted ASC 606 before the issuance of this ASU, the effective date and transition requirements for the amendments generally are the same as the effective date and transition requirements for ASC 606. For a nonpublic entity that has adopted ASC 606 before … Of the Russell 3000, 25 companies have already adopted the standard, and a few more may adopt by the end of the year. The Board decided to defer the effective date of ASU 2014-09 by one year. As a result, ASU 2014-09 will take effect for most nonprofit organizations with annual reporting periods beginning after December 15, 2018 (i.e. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842), Effective Dates for Certain Entities which delays the effective dates of ASU No. 3 Key Topics. 2 Agenda • Key topics • Current and future state of affairs • Scope • Core principle and key steps • Other • Presentation and disclosure. Designed For Professionals in public practice, industry, government, and education who deal with nonpublic entities and need a course in how to handle the major “FASB BIG 3” issue of Revenue Recognition (ASU 2014-09). Early application will continue to be permitted. 2018-08 would have aligned that guidance with the revenue recognition deferral. The proposed ASU would delay the effective date for the implementation of lease accounting standards as well as derivatives and hedging accounting standards from January 2020 to January 2021 for non-public companies only (effective date for public companies took effect in January 2019). Meanwhile, FASB considered but rejected feedback asking for a delay in the effective date for ASU No. 2014-09, Revenue from Contracts with Customers (Topic 605) will be effective for public entities for interim and annual periods beginning after December 15, 2017. On July 9, 2015, the Financial Accounting Standards Board (FASB) approved its April 2015 proposal to defer the effective date of Accounting Standards Update (ASU) No. The FASB will issue an exposure draft with a 30-day comment period. Nonpublic entities would apply ASU 2014-09 to annual reporting periods beginning after December 15, 2018. ASU 2014-09. ASU 2014-09, “Revenue from Contracts with Customers” (codified as ASC 606) – a potentially disruptive new standard – becomes effective for fiscal years beginning after December 15, 2017. Yesterday, the Financial Accounting Standards Board (FASB) voted to approve proposals to amend the effective dates for several major Accounting Standards Updates (ASUs). FASB Issues ASUs to Defer Effective Dates of Certain Major Standards. ASU 2020-11: Further defers the effective date of the ASU on long-duration insurance contracts for all insurance entities. We encourage affected entities to monitor any … Included in these proposed changes is Accounting Standards Update (ASU) No. For private companies and not-for-profits, the standard will now go into effect in 2023, a delay of two years. Accounting for Credit Losses (ASU 2016-13) Accounting for credit losses will receive the most significant delay. The Financial Accounting Standards Board has issued ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) Effective Dates for Certain Entities.ASU 2020-05 finalizes the effective date changes discussed below. For calendar year-ends, the new guidance is effective January 1, 2018. The timing of when revenues on these fees is to be recognized is unclear within ASU 2014-09. At its July 25, 2018, meeting, the FASB voted to draft an Accounting Standards Update (ASU) to clarify certain aspects of ASU 2016-13, specifically (1) the transition and effective date for nonpublic business entities (non-PBEs) and (2) the applicability of ASC 326 to operating lease receivables. This position was subsequently codified in ASU 2020-02.11 As of the date of this publication, the SEC staff has not provided similar guidance on ASU 2020-05’s deferral of the effective dates of ASC 842 for non-PBEs to fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. November 15, 2019. Under ASU 2014-09 James W. Pruzinsky, CPA Partner, Audit Services Group. 2016 … The effective date will now be for annual reporting periods beginning after Dec. 15, 2019, and interim reporting periods within annual reporting periods beginning after Dec. 15, 2020. FASB Votes to Delay New Leases Standard (ASU 2016-02) – July 23, 2019 by Jami Blake. ASU 2019-09, Financial Services—Insurance (Topic 944): Effective Date; ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), Leases (Topic 842): Effective Dates; The amendments defer the effective dates for the recently issued updates related to each of the above standards. For ASU 2014-09, stakeholders in the franchise industry raised concerns about the adoption of this guidance in regards to how the guidance relates to initial franchise fees. Public business entities, certain not-for-profit entities, and certain employee benefit plans have applied the guidance in FASB ASU No. FASB Votes to Delay Effective Date for Major Accounting Standards. While many dates have been altered and delayed, ASU 2020-05 does not change the dates in which ASU 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made goes into effect. 10/23/2016 2 FASB/IASB ORIGINAL REVENUE RECOGNITION TIMELINE EFFECTIVE DATE DELAYED ONE YEAR . Find more information here. Accounting Standard Update (ASU) No. Customers – Deferral of the Effective Date, in August 2015, to defer the effective date of ASU No. Topics Covered But most of them are expected to have to adopt the new standard this … The FASB voted to issue final ASUs to amend the effective dates of the following ASUs: ASU No. 2016-02, Leases (2021 calendar year). Leasing delay. The proposed amendments are a result of discussions held at the FASB’s credit losses … December 31, 2019 calendar year-ends and thereafter). FASB issued proposals in August to defer the effective dates of those standards, particularly for private companies, nonprofits and small public companies, to give them more time to implement the new rules (see FASB issues proposal to delay new standards and FASB proposes delaying insurance standard). 2014-09 for one year. ASU 2016-02 (Leases) implementation was recently delayed to be effective for all periods beginning after December 15, 2020 due to general concerns about the burden on private companies to comply with the complex changes contained in the update. Publication Date: July 2017. 2019-09, Financial Services—Insurance (Topic 944): Effective Date and ASU No. Included in these proposed changes is Accounting Standards Update (ASU) No. The FASB has issued Accounting Standards Updates (ASUs) 2019-09 and 2019-10, which delay certain effective dates of four major standards. The FASB has voted to delay the effective date for Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers for all nonpublic entities that have not yet issued financial statements reflecting the implementation of the new standard. The ASU delays the effective dates of Topic 606 (Revenue from Contracts with Customers) and Topic 842 (Leases) by one year for certain companies and organizations. The FASB decided to defer the effective date of ASU 2018-12 based on outreach conducted after an agenda request in March from an insurance industry association to consider a delay by at least one year due to the COVID-19 pandemic. On Friday, FASB issued two new Accounting Standards Updates (ASU) that delay many of the effective dates for new standards on leases, hedging, current expected credit losses (CECL), and long-duration insurance contracts. On July 17, 2019, the Financial Accounting Standards Board (FASB) unanimously approved to propose delaying the effective date for a number of significant accounting standards for private companies and nonprofit organizations. It would also delay the effective dates for the implementation of CECL accounting standards … 2014-09, Revenue from Contracts with Customers, for all entities for one year.Entities will, however, be allowed to apply the new standard as of the original effective dates set out in the standard. The FASB also voted to defer the effective date for ASC 606, Contracts with Customers, for franchisors that are not public business entities for one year. Posted Oct 17 2019 6:30 PM by KSM. The FASB’s June 10, 2020 Board meeting resulted in an announcement of a proposed one-year deferral of the effective date of Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI) standard (ASU 2018-12) for all insurance entities. 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