What is the effective date of the new revenue recognition standard?

What is the effective date of the new revenue recognition standard?

Nonpublic entities who have yet to issue financial statements will have a one-year extension for revenue recognition. The effective date for the lease accounting standard will be for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022.

What is the effective date of ASU 2016 13?

December 15, 2019
For entities that have adopted the guidance in Update 2016-13, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.

What is the effective date of ASU 2016-02?

ASU 2016-02, Leases Update: FASB officially delayed the leasing standard effective date for non-public entities to December 15, 2021 (i.e., January 1, 2022). This standard may not only affect a bank’s balance sheet, but also the balance sheet of their customers.

What is the effective date of ASU 2018 08?

December 15, 2018
The amendments included in ASU 2018-08 are effective for annual periods beginning after December 15, 2018. For entities that are either a public business entity, a not-for-profit that has issued, or is a conduit debt obligor, the amendments are effective for annual periods beginning after June 15, 2018.

How many ASU were in 2020?

Despite the challenges imposed by COVID-19, the Federal Accounting Standards Board (FASB) remained vigilant and issued 11 Accounting Standard Updates (ASUs) throughout 2020. Some of the ASUs are a direct result of the pandemic, while others are based on ongoing projects undertaken by the FASB and staff.

What is the effective date of ASU 2018-08?

What was the main reason for an FASB Update 2016-02?

Why is the FASB issuing this Accounting Standards Update? According to FASB: The FASB is issuing this Update to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements.

What GASB 33?

A non-exchange transaction is one in which one party receives something of value without directly giving value in exchange. Grants can be either exchange or non-exchange transactions. GASB 33 only applies to non-exchange transactions.

Which ASU is effective for the first time in 2021?

ASU 2020-07 is required to be applied on a retrospective basis and is effective for annual periods beginning after June 15, 2021, with early adoption permitted.

Are FASB ASU authoritative?

The FASB Accounting Standards Codification® (FASB Codification) is the sole source of authoritative GAAP other than SEC issued rules and regulations that apply only to SEC registrants.

When do the amendments to ASU 2017-12 become effective?

For entities other than public business entities that already have adopted the amendments in ASU 2017-12, [5] the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years.

When does ASU 2020-01 come into effect?

ASC 321, Investments—Equity Securities: ASU 2020-01, Clarifying the Interactions between Topic 321, Topic 323, Equity Method and Joint Ventures, and Topic 815, Derivatives and Hedging : Effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. ASU 2020-01 Alert

What’s new in ASU 2017-11?

ASU 2017-11, Accounting for Certain Financial Instruments with Down Round Features: Effective for fiscal years beginning after December 15, 2019, and for interim periods within fiscal years beginning after December 15, 2020.

What’s new in accounting standards 2015-14?

Accounting Standards Update No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. The amendments are effective immediately. An employee benefit plan that files financial statements with the U.S. Securities and Exchange Commission (SEC).