Major Financial Reporting Standards – Effective Dates

12/14/2016

For the majority of the standards, the FASB uses the definition of PBE, as defined in ASU 2013-12, and non-PBE to distinguish between effective dates. However, some exceptions exist, so we encourage paying careful attention when determining the appropriate effective date. In some cases, the FASB has chosen to use different terminology (for example, “public entity”). Because the majority of the standards use “PBE” and “non-PBE,” we have organized the following table using those terms but have identified any exceptions in the PBE column.


Major Accounting Standard PBE Effective Date Non-PBE Effective Date
Revenue Recognition

ASU 2014-09

ASU 2015-14 (deferral of the effective date)
Public entities (including PBEs, certain not-for-profit entities, and certain employee benefit plans) – Annual reporting periods beginning after Dec. 15, 2017, and interim reporting periods in those annual reporting periods. For calendar year-end PBEs, it first applies to March 31, 2018, interim financial statements.

Earlier adoption is permitted only as of annual reporting periods beginning after Dec. 15, 2016, and interim reporting periods in those reporting periods.
Other than public entities – Annual reporting periods beginning after Dec. 15, 2018, and interim periods in annual periods beginning after Dec. 15, 2019.

Earlier application is permitted, but only as of the following: 1) an annual reporting period beginning after Dec. 15, 2016, and interim periods in that reporting period, or 2) an annual reporting period beginning after Dec. 15, 2016, and interim periods in annual periods that begin one year after that annual adoption period.
Leases

ASU 2016-02
PBEs, certain not-for-profit entities, and certain employee benefit plans – Annual periods beginning after Dec. 15, 2018, and interim periods in those annual periods, which first applies to March 31, 2019, interim financial statements for calendar year-end PBEs.

Early adoption is permitted.
All other entities – Fiscal years beginning after Dec. 15, 2019, and interim periods in fiscal years beginning after Dec. 15, 2020.

Early adoption is permitted.
Credit Losses

ASU 2016-13
SEC filers – Fiscal years beginning after Dec. 15, 2019, and interim periods in those fiscal years. For calendar year-end SEC filers, it is effective for March 31, 2020, interim financial statements.

PBEs that are not SEC filers – Fiscal years beginning after Dec. 15, 2020, and interim periods in those fiscal years.

Early adoption is allowed in fiscal years beginning after Dec. 15, 2018, and interim periods in those fiscal years.
Non-PBEs – Fiscal years beginning after Dec. 15, 2020, and interim periods in fiscal years beginning after Dec. 15, 2021.

Early adoption is allowed in fiscal years beginning after Dec. 15, 2018, and interim periods in those fiscal years.

 

 

Related content:

Adoption of the Major Financial Reporting Standards
Revenue Recognition
Leases
Credit Losses

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