Quarterly Accounting Roundup by Magnus Orrell and Joseph Renouf, Deloitte & Touche LLP To our clients, colleagues, and other friends: Welcome to Quarterly Accounting Roundup: Second Quarter — 2018. Standards issued by the FASB in the second quarter of 2018 include the following: • Final ASUs on (1) clarifying the guidance on contributions received and made, (2) enhancing depository and lending guidance, and (3) simplifying the guidance on nonemployee share-based payments. • A proposed ASU that would make targeted improvements to the accounting for collaborative arrangements. There was also a flurry of activity over at the SEC at the end of June. Among other items, the Commission released final rules that (1) amend the definition of “smaller reporting company,” (2) require entities to use inline XBRL when filing tagged data, and (3) revise the liquidity-related disclosure requirements for certain open-end funds. Stay tuned for Deloitte’s forthcoming Heads Up publications on the updated definition of smaller reporting company and the new inline XBRL requirements. On the international front, the International Accounting Standards Board (IASB ® ) published its revised “Conceptual Framework for Financial Reporting.” The updated version includes a new chapter on measurement, guidance on reporting financial performance, improved definitions and guidance, and clarifications on important topics. The IASB also issued an exposure draft that would amend the guidance on accounting policies in IAS 8. 1 1 IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors. 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 Second Quarter — 2018
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Quarterly Accounting Roundupby Magnus Orrell and Joseph Renouf, Deloitte & Touche LLP
To our clients, colleagues, and other friends:
Welcome to Quarterly Accounting Roundup: Second Quarter — 2018. Standards issued by the FASB in the second quarter of 2018 include the following:
• Final ASUs on (1) clarifying the guidance on contributions received and made, (2) enhancing depository and lending guidance, and (3) simplifying the guidance on nonemployee share-based payments.
• A proposed ASU that would make targeted improvements to the accounting for collaborative arrangements.
There was also a flurry of activity over at the SEC at the end of June. Among other items, the Commission released final rules that (1) amend the definition of “smaller reporting company,” (2) require entities to use inline XBRL when filing tagged data, and (3) revise the liquidity-related disclosure requirements for certain open-end funds. Stay tuned for Deloitte’s forthcoming Heads Up publications on the updated definition of smaller reporting company and the new inline XBRL requirements.
On the international front, the International Accounting Standards Board (IASB®) published its revised “Conceptual Framework for Financial Reporting.” The updated version includes a new chapter on measurement, guidance on reporting financial performance, improved definitions and guidance, and clarifications on important topics. The IASB also issued an exposure draft that would amend the guidance on accounting policies in IAS 8.1
1 IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors.
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
Second Quarter — 2018
2
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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 PublicationsPerhaps the most significant publication released by Deloitte in the second quarter of 2018 was the inaugural edition of its much-anticipated Roadmap to Applying the New Leasing Standard, which was issued on April 2, 2018. This Roadmap combines the requirements in the FASB’s new leasing guidance, ASC 842,2 with Deloitte’s interpretations and examples in a comprehensive, reader-friendly format. In addition, the publication highlights (1) the requirements of ASC 842 that significantly differ from those in the Board’s previous leasing guidance, ASC 840, and the IASB’s new leasing standard, IFRS 16,3 and (2) standard-setting developments addressing questions raised and challenges identified by stakeholders over the past two years.
Other important Deloitte publications released in the second quarter of 2018 include the following:
• A Roadmap to Accounting for Environmental Obligations and Asset Retirement Obligations — Topics covered include (1) the relationship between various laws and regulations and the accounting for environmental obligations and asset retirement obligations; (2) the framework for accounting for environmental obligations under ASC 410-30; and (3) industry considerations.
• A Roadmap to SEC Reporting Considerations for Equity Method Investees — Combines the SEC’s guidance on reporting for equity method investments with Deloitte’s interpretations (Q&As) and examples in a comprehensive, reader-friendly format.
• April 11, 2018, Heads Up — Provides a high-level overview of the new five-step model for recognizing revenue under ASC 606 and discusses the standard’s mandatory effective date for private companies. It also outlines the practical expedients available to private companies with respect to certain of the new standard’s disclosure requirements.
2 For titles of FASB Accounting Standards Codification (ASC) references, see Deloitte’s “Titles of Topics and Subtopics in the FASB Accounting Standards Codification.”
3 IFRS 16, Leases.
3
Accounting — Newly Issued StandardsContributions Received and Made
FASB Clarifies Guidance on Contributions Received and MadeAffects: All entities.
Summary: On June 21, 2018, the FASB issued ASU 2018-08,4 which amends the Board’s guidance on contributions received and made. Specifically, the ASU clarifies and enhances “current guidance about whether a transfer of assets (or the reduction, settlement, or cancellation of liabilities) is a contribution or an exchange transaction.” In addition, the amendments clarify “how an entity determines whether a resource provider is participating in an exchange transaction” and improves the framework for “determining whether a contribution is conditional or unconditional, and for distinguishing a donor-imposed condition from a donor-imposed restriction.”
Next Steps: For the ASU’s effective date and transition provisions, see Appendix A.
Other Resources: For more information, see the press release and FASB in Focus newsletter on the FASB’s Web site.
Income Taxes
FASB Enhances Depository and Lending GuidanceAffects: All entities.
Summary: On May 7, 2018, the FASB issued ASU 2018-06,5 which supersedes guidance in ASC 942-740 associated with the Office of the Comptroller of the Currency’s (OCC’s) Banking Circular 202 (on accounting for net deferred tax charges), since the OCC has rescinded that guidance. The amendments in this ASU are being made as part of the FASB’s Codification improvements project (i.e., minor corrections and enhancements) and are therefore not expected to significantly affect current practice.
The amendments became effective upon issuance.
Nonemployee Share-Based Payments
FASB Simplifies Guidance on Nonemployee Share-Based PaymentsAffects: All entities.
Summary: On June 20, 2018, the FASB issued ASU 2018-07,6 which supersedes ASC 505-50 and expands the scope of ASC 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. As a result, most of the guidance in ASC 718 associated with employee share-based payments, including most of its requirements related to classification and measurement, applies to nonemployee share-based payment arrangements.
Next Steps: For the ASU’s effective date and transition provisions, see Appendix A.
Other Resources: Deloitte’s June 21, 2018, Heads Up. Also see the press release and FASB in Focus newsletter on the FASB’s Web site.
4 FASB Accounting Standards Update No. 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.
5 FASB Accounting Standards Update No. 2018-06, Codification Improvements to Topic 942, Financial Services — Depository and Lending.6 FASB Accounting Standards Update No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting.
In This Section• Contributions Received
and Madeo FASB Clarifies
Guidance on Contributions Received and Made
• Income Taxeso FASB Enhances
Depository and Lending Guidance
• Nonemployee Share-Based Paymentso FASB Simplifies
Guidance on Nonemployee Share-Based Payments
4
Collaborative Arrangements
FASB Proposes Targeted Improvements to the Accounting for Collaborative ArrangementsAffects: All entities.
Summary: On April 26, 2018, the FASB issued for public comment a proposed ASU7 that would amend ASC 808 (on collaborative arrangements) to address uncertainties related to the interaction of that guidance with the FASB’s new revenue standard (ASC 606).
Enhancements made by the proposed ASU would include the following:
• The addition of unit-of-account guidance to ASC 808 to “align with the guidance in [ASC] 606 (that is, a distinct good or service) limited to when an entity is assessing the scope of [ASC] 606.”
• Clarification that “certain transactions between collaborative participants should be accounted for as revenue under [ASC] 606 when the collaborative participant is a customer in the context of the unit of account.”
• Clarification that, “in a transaction that is not directly related to sales to third parties, presenting the transaction as revenue would be precluded if the collaborative participant counterparty is not a customer.”
Comments on the proposed ASU were due by June 11, 2018.
Other Resources: Deloitte’s April 30, 2018, Heads Up.
Collections
FASB Proposes Amendment to the Definition of CollectionsAffects: All entities.
Summary: On June 26, 2018, the FASB issued a proposed ASU8 that would amend the definition of the term “collections” in U.S. GAAP to modify one of the three conditions under which an entity is not required to “recognize contributions of works of art, historical treasures, and similar assets if the donated items are added to collections.” Specifically, under the proposal, an entity would be permitted to use “the proceeds from sales of collection items . . . to support the direct care of existing collections in addition to the current requirement that proceeds from sales of collection items be used to acquire other items for collections.”
Next Steps: Comments on the proposed ASU are due by August 10, 2018.
7 FASB Proposed Accounting Standards Update, Collaborative Arrangements (Topic 808): Targeted Improvements.8 FASB Proposed Accounting Standards Update, Updating the Definition of Collections.
In This Section• Collaborative
Arrangementso FASB Proposes
Targeted Improvements to the Accounting for Collaborative Arrangements
• Collectionso FASB Proposes
Amendment to the Definition of Collections
• International o IASB Proposes
Amendments to IAS 8
Accounting — Exposure Drafts
5
International
IASB Proposes Amendments to IAS 8Affects: Entities reporting under IFRS® Standards.
Summary: On March 27, 2018, the IASB issued an exposure draft9 that would amend the guidance on accounting policies in IAS 8. Specifically, the proposed changes would:
• Make it easier for an entity to change an accounting policy in response to an agenda decision issued by the IFRS Interpretations Committee.
• Allow an entity to depart from full retrospective application of the new policy if it can demonstrate that the cost of determining the effects of the retrospective application would exceed the expected benefits to users.
Next Steps: Comments on the exposure draft are due by July 27, 2018.
Other Resources: Deloitte’s March 29, 2018, IFRS in Focus. Also see the press release on the IASB’s Web site.
9 IASB Exposure Draft ED/2018/1, Accounting Policy Changes — proposed amendments to IAS 8.
6
AICPA
AICPA Issues Two Revenue Working DraftsAffects: All entities.
Summary: In May 2018, the AICPA’s revenue recognition task forces released for public comment two working drafts on accounting issues associated with the implementation of the new revenue standard for gaming and telecommunication entities. The working drafts address the following topics:
• Gaming entities’ accounting for management contract revenues, including costs reimbursed by managed properties (gaming).
• Contract modifications (telecommunications).
Next Steps: Comments on the working drafts are due by July 2, 2018.
Other Resources: For more information, see the revenue recognition page on the AICPA’s Web site.
CAQ
CAQ Issues Discussion Document on Highly Inflationary EconomiesAffects: All entities.
Summary: On June 8, 2018, the Center for Audit Quality’s (CAQ’s) International Practices Task Force issued a discussion document10 on monitoring inflation in certain countries.
The document identifies countries “where projected cumulative inflation rates would have been categorized into categories considering the guidance in ASC 830 and in circumstances where there was not consistent reliable data.”
Credit Losses
FASB’s Credit Losses TRG Meets to Discuss CECL ModelAffects: All entities.
Summary: On June 11, 2018, the FASB’s credit losses transition resource group (TRG) met to discuss the current expected credit loss (CECL) model, an impairment model that ASU 2016-1311 added to U.S. GAAP and that is based on expected losses rather than incurred losses. Specifically, the TRG discussed the following topics:
• Topic 1 — Consideration of capitalized interest by using a method other than a discounted cash flow method under the CECL model.
• Topic 2 — Definition of “amortized cost basis” and the reversal of accrued interest on nonperforming financial assets.
• Topic 3 — Transfer of loans from held for sale to held for investment and transfer of credit-impaired debt securities from available for sale to held to maturity.
• Topic 4 — Accounting for recoveries under the CECL model.
• Topic 5 — Refinancing and loan prepayments.
10 CAQ Discussion Document, Monitoring Inflation in Certain Countries.11 FASB Accounting Standards Update No. 2016-13, Measurement of Credit Losses on Financial Instruments.
Accounting — Other Key DevelopmentsIn This Section• AICPA
o AICPA Issues Two Revenue Working Drafts
• CAQo CAQ Issues Discussion
Document on Highly Inflationary Economies
• Credit Losseso FASB’s Credit Losses
TRG Meets to Discuss CECL Model
• Internationalo IASB Publishes
Revised Conceptual Framework
7
Other Resources: Deloitte’s June 18, 2018, TRG Snapshot.
International
IASB Publishes Revised Conceptual FrameworkAffects: Entities reporting under IFRS Standards.
Summary: On March 29, 2018, the IASB published its revised “Conceptual Framework for Financial Reporting.” The purpose of the framework is to “(a) assist the [IASB] to develop IFRS Standards (Standards) that are based on consistent concepts; (b) assist preparers to develop consistent accounting policies when no Standard applies to a particular transaction or other event, or when a Standard allows a choice of accounting policy; and (c) assist all parties to understand and interpret the Standards.”
The revised framework includes a new chapter on measurement, guidance on reporting financial performance, improved definitions and guidance, and clarifications on important topics (e.g., the roles of stewardship, prudence, and measurement uncertainty in financial reporting).
The IASB has also issued amendments that update references to the framework in certain standards. The amendments are effective for annual periods beginning on or after January 1, 2020.
Other Resources: Deloitte’s May 14, 2018, IFRS in Focus. Also see the press release, feedback statement, and fact sheet on the IASB’s Web site.
8
CAQ
CAQ Issues Publication on CybersecurityAffects: All entities.
Summary: On April 12, 2018, the CAQ released a publication12 on cybersecurity. The publication “provides questions board members charged with cybersecurity risk oversight can use as they engage in discussions about cybersecurity risks and disclosures with management and CPA firms.”
Other Resources: For more information, see the press release on the CAQ’s Web site.
CAQ Issues Publication on Leases for Audit CommitteesAffects: Audit committees.
Summary: On April 4, 2018, the CAQ released a publication13 for audit committees that is designed to help them implement the FASB’s new leasing standard, ASU 2016-02.14 Specifically, the purpose of the publication is to “help audit committees exercise their oversight responsibilities as companies implement a new leases accounting standard that begins to take effect in January 2019.”
Other Resources: For more information, see the press release on the CAQ’s Web site.
PCAOB
PCAOB’s Standing Advisory Group Holds June 5–6 MeetingAffects: All entities.
Summary: At the June 5–6, 2018, PCAOB Standing Advisory Group (SAG) meeting, the PCAOB provided an update on recent developments, including introducing the new chairman and Board members and discussing its current and future standard-setting activities. In addition, the PCAOB and SAG discussed:
• The Board’s strategy outlook.
• Implementation of the new auditor reporting standard.
• The PCAOB’s research project related to the use of data and technology in the conduct of audits.
• Cybersecurity and potential implications for financial reporting and auditing.
• Corporate culture and related audit implications.
• Current and emerging audit issues.
Next Steps: The next PCAOB SAG meeting is scheduled for November 28–29, 2018.
Other Resources: Deloitte’s June 18, 2018, Audit & Assurance Update.
12 CAQ Publication, Cybersecurity Risk Management Oversight: A Tool for Board Members.13 CAQ Publication, Preparing for the New Leases Accounting Standard: A Tool for Audit Committees.14 FASB Accounting Standards Update No. 2016-02, Leases.
Auditing DevelopmentsIn This Section• CAQ
o CAQ Issues Publication on Cybersecurity
o CAQ Issues Publication on Leases for Audit Committees
• PCAOBo PCAOB’s Standing
Advisory Group Holds June 5–6 Meeting
9
Regulatory and Compliance DevelopmentsSEC
SEC Expands Eligibility for “Smaller Reporting Company” ClassificationAffects: SEC registrants.
Summary: On June 28, 2018, the SEC issued a final rule15 that amends the definition of a “smaller reporting company” (SRC) to expand the number of companies that qualify for this classification and are therefore able to take advantage of the scaled disclosure requirements that apply to such companies. Under the final rule, smaller reporting companies “include registrants with a public float of less than $250 million, as well as registrants with annual revenues of less than $100 million for the previous year and either no public float or a public float of less than $700 million.” In view of this new definition of smaller reporting company, the final rule also revises other definitions, such as those for “accelerated filer” and “large accelerated filer,” in an effort to “preserve the existing thresholds in those definitions.”
Next Steps: The final rule will become effective 60 days after the date of its publication in the Federal Register.
Other Resources: For more information, see the press release on the SEC’s Web site.
SEC Issues Amendments Related to Inline XBRL Filing of Tagged DataAffects: SEC registrants.
Summary: On June 28, 2018, the SEC issued a final rule16 that requires registrants to use the inline XBRL (iXBRL) format for operating companies and funds when submitting financial statement information and fund risk/return summary information. In addition, the rule removes the requirement for operating companies and funds to post XBRL data on their Web sites.
Next Steps: The final rule will become effective 30 days after the date of its publication in the Federal Register.
Other Resources: For more information, see the press release on the SEC’s Web site.
SEC Amends Certain Disclosure Requirements for Registered Open-End FundsAffects: SEC registrants.
Summary: On June 28, 2018, the SEC issued a final rule17 that amends the “public liquidity-related disclosure requirements for certain open-end funds.” Specifically, such funds would be required to “discuss in their annual or semi-annual shareholder report the operation and effectiveness of their liquidity risk management programs.”
Next Steps: The final rule will become effective 60 days after the date of its publication in the Federal Register.
Other Resources: For more information, see the press release on the SEC’s Web site.
15 SEC Final Rule Release No. 33-10513, Amendments to Smaller Reporting Company Definition.16 SEC Final Rule Release No. 33-10514, Inline XBRL Filing of Tagged Data.17 SEC Final Rule Release No. IC-33142, Investment Company Liquidity Disclosure.
In This Section• SEC
o SEC Expands Eligibility for “Smaller Reporting Company” Classification
o SEC Issues Amendments Related to Inline XBRL Filing of Tagged Data
o SEC Amends Certain Disclosure Requirements for Registered Open-End Funds
o SEC Issues Final Rule to Amend FOIA Regulations
o SEC to Release Letters to Companies With Serious Deficiencies
o SEC Issues Rule and Proposals on Improving Fund Information
o CAQ SEC Regulations Committee Releases Highlights of March 2018 Meeting With SEC Staff
o SEC Proposes Rules to Enhance Investor Protections
o SEC Staff Updates C&DIs on Non-GAAP Measures
10
SEC Issues Final Rule to Amend FOIA RegulationsAffects: SEC registrants.
Summary: On June 25, 2018, the SEC issued a final rule18 to amend its regulations related to the Freedom of Information Act (FOIA).
The final rule amends existing regulations under the FOIA to reflect changes required by the FOIA Improvement Act of 2016. In addition, the final rule revises certain procedural and fee provisions and eliminates certain provisions that are repeated in the FOIA statute and do not need to be in the SEC’s regulations.
SEC to Release Letters to Companies With Serious DeficienciesAffects: SEC registrants.
Summary: On June 12, 2018, the SEC’s Division of Corporation Finance announced that letters sent to issuers that have “serious deficiencies” in their registration statement or offering document will be made available on EDGAR.
Filings with significant deficiencies are those that are “not minimally compliant with statutory or regulatory requirements.” Letters issued on June 15, 2018, or later will be published first; these letters will appear on EDGAR within 10 calendar days of issuance.
SEC Issues Rule and Proposals on Improving Fund InformationAffects: SEC registrants.
Summary: On June 5, 2018, the SEC approved a new rule and issued two requests for comment in an effort to improve information about mutual funds, exchange-traded funds, and investment funds. Specifically, the SEC released:
• Rule 30e-3 under the Investment Company Act, which allows funds to use an optional “notice and access” delivery method to satisfy their obligations to transmit shareholder reports.
• Two requests for comment on:
o Enhancing fund disclosures to improve investors’ experience.
o Processing fees that intermediaries charge for forwarding fund materials.
Next Steps: Rule 30e-3 will become effective on January 1, 2021. Feedback on the requests for comment is due by October 31, 2018.
Other Resources: For more information, see the press release on the SEC’s Web site.
18 SEC Final Rule Release No. 34-83506, Amendments to the Commission’s Freedom of Information Act Regulations.
11
CAQ SEC Regulations Committee Releases Highlights of March 2018 Meeting With SEC StaffAffects: All entities.
Summary: On May 16, 2018, the CAQ released highlights of the CAQ SEC Regulations Committee’s March 13, 2018, joint meeting with the SEC staff. Topics discussed at the meeting included:
• Financial reporting implications of tax reform legislation.
• Waivers of financial statements required by Regulation S-X, Rule 3-09.19
• New accounting standards.
• Use of most recent year-end financial statements in the assessment of significance in an IPO under Regulation S-X, Rule 1-02(w).20
• Audit requirements for pretransaction periods after a reverse merger involving two operating companies.
Other Resources: Deloitte’s May 22, 2018, journal entry.
SEC Proposes Rules to Enhance Investor ProtectionsAffects: SEC registrants.
Summary: On April 18, 2018, the SEC issued a “package” of proposals that would “enhance the quality and transparency of investors’ relationships with investment advisers and broker-dealers while preserving access to a variety of types of advice relationships and investment products.” Specifically, the Commission released the following proposals:
• Proposed Rule Release No. 34-83062, Regulation Best Interest — Would establish “a standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer.”
• Proposed Rule Release No. 34-83063, Form CRS Relationship Summary; Amendments to Form ADV; Required Disclosures in Retail Communications and Restrictions on the Use of Certain Names or Titles — Would “require registered investment advisers and registered broker-dealers (together, ‘firms’) to provide a brief relationship summary to retail investors to inform them about the relationships and services the firm offers, the standard of conduct and the fees and costs associated with those services, specified conflicts of interest, and whether the firm and its financial professionals currently have reportable legal or disciplinary events.”
• Proposed Rule Release No. IA-4889, Proposed Commission Interpretation Regarding Standard of Conduct for Investment Advisers; Request for Comment on Enhancing Investment Adviser Regulation — Requests feedback on “the standard of conduct for investment advisers under the Investment Advisers Act of 1940” as well as the “licensing and continuing education requirements for personnel of SEC-registered investment advisers; delivery of account statements to clients with investment advisory accounts; and financial responsibility requirements for SEC-registered investment advisers, including fidelity bonds.”
Next Steps: Comments on the proposals are due by August 7, 2018.
19 SEC Regulation S-X, Rule 3-09, “Separate Financial Statements of Subsidiaries Not Consolidated and 50 Percent or Less Owned Persons.”
20 SEC Regulation S-X, Rule 1-02(w), “Significant Subsidiary.”
12
Other Resources: For more information, see the press release and SEC Chairman Jay Clayton’s overview of the rulemaking package on the SEC’s Web site.
SEC Staff Updates C&DIs on Non-GAAP MeasuresAffects: SEC registrants.
Summary: On April 4, 2018, the staff in the SEC’s Division of Corporation Finance added two questions to its compliance and disclosure interpretations (C&DIs) related to non-GAAP financial measures associated with business combinations.
Specifically, the staff added Questions 101.02 and 101.03, which concern whether forecasts in a business combination are non-GAAP measures. The previous Questions 101.02 and 101.03 have been renumbered to 101.04 and 101.05, respectively.
13
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ents
to T
opic
942
, Fi
nanc
ial S
ervi
ces
— D
epos
itory
an
d Le
ndin
g (is
sued
May
7, 2
018)
Effec
tive
upon
issu
ance
.Eff
ectiv
e up
on is
suan
ce.
N/A
May
8, 2
018,
US
GAA
P Pl
us n
ews
item
ASU
201
8-05
, Inc
ome
Taxe
s (T
opic
740
): Am
endm
ents
to S
EC
Para
grap
hs P
ursu
ant t
o SE
C St
aff A
ccou
ntin
g Bu
lletin
No.
118
(is
sued
Mar
ch 1
3, 2
018)
Effec
tive
upon
issu
ance
.Eff
ectiv
e up
on is
suan
ce.
N/A
Mar
ch 1
3, 2
018,
US
GAA
P Pl
us n
ews
item
, and
Janu
ary
3, 2
018,
Fin
anci
al
Repo
rtin
g Al
ert
(upd
ated
June
20,
20
18)
14
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
ASU
201
8-02
, Inc
ome
Stat
emen
t —
Repo
rtin
g Co
mpr
ehen
sive
Inco
me
(Top
ic 2
20):
Recl
assifi
catio
n of
Cer
tain
Tax
Effe
cts
From
Ac
cum
ulat
ed O
ther
Com
preh
ensiv
e In
com
e (is
sued
Feb
ruar
y 14
, 20
18)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
8, a
nd in
terim
pe
riods
with
in th
ose
fisca
l yea
rs.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
8, a
nd in
terim
pe
riods
with
in th
ose
fisca
l yea
rs.
Yes
Janu
ary
3, 2
018,
Fi
nanc
ial R
epor
ting
Aler
t (up
date
d Ju
ne 2
0, 2
018)
and
Fe
brua
ry 1
5, 2
018,
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
15
ASU
201
7-14
, Inc
ome
Stat
emen
t —
Repo
rtin
g Co
mpr
ehen
sive
Inco
me
(Top
ic 2
20),
Reve
nue
Reco
gniti
on
(Top
ic 6
05),
and
Reve
nue
From
Co
ntra
cts
With
Cus
tom
ers
(Top
ic 6
06):
Amen
dmen
ts to
SEC
Pa
ragr
aphs
Pur
suan
t to
Staff
Ac
coun
ting
Bulle
tin N
o. 1
16 a
nd
SEC
Rele
ase
No.
33-
1040
3 (is
sued
N
ovem
ber 2
2, 2
017)
See
effec
tive
date
info
rmat
ion
for
ASU
201
4-09
bel
ow.
See
effec
tive
date
info
rmat
ion
for
ASU
201
4-09
bel
ow.
Yes
Nov
embe
r 22,
201
7,
US
GAA
P Pl
us n
ews
item
ASU
201
7-13
, Rev
enue
Re
cogn
ition
(Top
ic 6
05),
Reve
nue
From
Con
trac
ts W
ith
Cust
omer
s (T
opic
606
), Le
ases
(T
opic
840
), an
d Le
ases
(Top
ic
842)
: Am
endm
ents
to S
EC
Para
grap
hs P
ursu
ant t
o th
e St
aff
Anno
unce
men
t at t
he Ju
ly 2
0,
2017
EIT
F M
eetin
g an
d Re
sciss
ion
of P
rior S
EC S
taff
Anno
unce
men
ts
and
Obs
erve
r Com
men
ts (i
ssue
d Se
ptem
ber 2
9, 2
017)
Effec
tive
upon
ado
ptio
n of
ASC
60
6, R
even
ue F
rom
Con
trac
ts W
ith
Cust
omer
s, an
d AS
C 84
2, L
ease
s.
Effec
tive
upon
ado
ptio
n of
ASC
60
6, R
even
ue F
rom
Con
trac
ts W
ith
Cust
omer
s, an
d AS
C 84
2, L
ease
s.
Yes
Oct
ober
2, 2
017,
U
S G
AAP
Plus
new
s ite
m a
nd Ju
ly 2
0,
2017
, Hea
ds U
p
ASU
201
7-12
, Tar
gete
d Im
prov
emen
ts to
Acc
ount
ing
for
Hed
ging
Act
iviti
es (i
ssue
d Au
gust
28
, 201
7)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
8, a
nd in
terim
pe
riods
with
in th
ose
fisca
l yea
rs.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
9, a
nd in
terim
pe
riods
beg
inni
ng a
fter D
ecem
ber
15, 2
020.
Yes
Febr
uary
20,
201
8,
jour
nal e
ntry
and
Au
gust
30,
201
7,
Hea
ds U
p
ASU
201
7-11
, (Pa
rt I)
Acc
ount
ing
for C
erta
in F
inan
cial
Inst
rum
ents
W
ith D
own
Roun
d Fe
atur
es,
(Par
t II)
Repl
acem
ent o
f the
In
defin
ite D
efer
ral f
or M
anda
toril
y Re
deem
able
Fin
anci
al In
stru
men
ts
of C
erta
in N
onpu
blic
Ent
ities
and
Ce
rtai
n M
anda
toril
y Re
deem
able
N
onco
ntro
lling
Inte
rest
s W
ith a
Sc
ope
Exce
ptio
n (is
sued
July
13,
20
17)
The
amen
dmen
ts in
Par
t I a
re
effec
tive
for fi
scal
yea
rs, a
nd in
terim
pe
riods
with
in th
ose
fisca
l yea
rs,
begi
nnin
g af
ter D
ecem
ber 1
5, 2
018.
N
o tr
ansi
tion
guid
ance
is re
quire
d fo
r the
am
endm
ents
in P
art I
I be
caus
e th
ose
amen
dmen
ts d
o no
t ha
ve a
n ac
coun
ting
effec
t.
The
amen
dmen
ts in
Par
t I a
re
effec
tive
for fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
019,
and
in
terim
per
iods
with
in fi
scal
yea
rs
begi
nnin
g af
ter D
ecem
ber 1
5, 2
020.
N
o tr
ansi
tion
guid
ance
is re
quire
d fo
r the
am
endm
ents
in P
art I
I be
caus
e th
ose
amen
dmen
ts d
o no
t ha
ve a
n ac
coun
ting
effec
t.
Yes
July
21,
201
7, H
eads
U
p, A
Roa
dmap
to
Acc
ount
ing
for
Cont
ract
s on
an
Entit
y’s O
wn
Equi
ty,
and
A Ro
adm
ap
to D
istin
guis
hing
Li
abili
ties
From
Equ
ity
16
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
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
17
ASU
201
7-04
, Sim
plify
ing
the
Test
fo
r Goo
dwill
Impa
irmen
t (is
sued
Ja
nuar
y 26
, 201
7)
For P
BEs
that
are
SEC
file
rs, t
he
amen
dmen
ts in
the
ASU
are
eff
ectiv
e fo
r ann
ual a
nd in
terim
go
odw
ill im
pairm
ent t
ests
in fi
scal
ye
ars
begi
nnin
g af
ter D
ecem
ber
15, 2
019.
For
PBE
s th
at a
re n
ot
SEC
filer
s, th
e AS
U’s
amen
dmen
ts
are
effec
tive
for a
nnua
l and
inte
rim
good
will
impa
irmen
t tes
ts in
fisc
al
year
s be
ginn
ing
afte
r Dec
embe
r 15,
20
20.
Annu
al a
nd in
terim
goo
dwill
im
pairm
ent t
ests
in fi
scal
yea
rs
begi
nnin
g af
ter D
ecem
ber 1
5, 2
021.
Yes,
for i
nter
im o
r ann
ual g
oodw
ill
impa
irmen
t tes
ts p
erfo
rmed
on
test
ing
date
s af
ter J
anua
ry 1
, 201
7.
Febr
uary
1, 2
017,
H
eads
Up
ASU
201
7-01
, Cla
rifyi
ng th
e D
efini
tion
of a
Bus
ines
s (is
sued
Ja
nuar
y 5,
201
7)
Annu
al p
erio
ds b
egin
ning
afte
r D
ecem
ber 1
5, 2
017,
incl
udin
g in
terim
per
iods
with
in th
ose
annu
al
perio
ds.
Annu
al p
erio
ds b
egin
ning
afte
r D
ecem
ber 1
5, 2
018,
and
inte
rim
perio
ds w
ithin
ann
ual p
erio
ds
begi
nnin
g af
ter D
ecem
ber 1
5, 2
019.
Yes,
in c
erta
in c
ircum
stan
ces.
Janu
ary
13, 2
017,
H
eads
Up
and
A Ro
adm
ap to
Ac
coun
ting
for A
sset
Ac
quis
ition
s
ASU
201
6-20
, Tec
hnic
al
Corr
ectio
ns a
nd Im
prov
emen
ts
to T
opic
606
, Rev
enue
Fro
m
Cont
ract
s W
ith C
usto
mer
s (is
sued
Dec
embe
r 21,
201
6)
See
stat
us c
olum
n fo
r ASU
201
4-09
be
low
.Se
e st
atus
col
umn
for A
SU 2
014-
09
belo
w.
Yes
Janu
ary
5, 2
017,
jo
urna
l ent
ry
ASU
201
6-18
, Res
tric
ted
Cash
— a
co
nsen
sus
of th
e FA
SB E
mer
ging
Is
sues
Tas
k Fo
rce
(issu
ed
Nov
embe
r 17,
201
6)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
7, a
nd in
terim
pe
riods
with
in th
ose
fisca
l yea
rs.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
8, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
019.
Yes
Nov
embe
r 17,
201
6,
Hea
ds U
p an
d A
Road
map
to th
e Pr
epar
atio
n of
the
Stat
emen
t of C
ash
Flow
s
ASU
201
6-16
, Int
ra-E
ntity
Tr
ansf
ers
of A
sset
s O
ther
Tha
n In
vent
ory
(issu
ed O
ctob
er 2
4,
2016
)
Annu
al re
port
ing
perio
ds b
egin
ning
af
ter D
ecem
ber 1
5, 2
017,
incl
udin
g in
terim
repo
rtin
g pe
riods
with
in
thos
e an
nual
repo
rtin
g pe
riods
.
Annu
al re
port
ing
perio
ds b
egin
ning
af
ter D
ecem
ber 1
5, 2
018,
and
in
terim
repo
rtin
g pe
riods
with
in
annu
al p
erio
ds b
egin
ning
afte
r D
ecem
ber 1
5, 2
019.
Yes
Oct
ober
25,
201
6,
Hea
ds U
p an
d A
Road
map
to
Acco
untin
g fo
r In
com
e Ta
xes
ASU
201
6-15
, Cla
ssifi
catio
n of
Ce
rtai
n Ca
sh R
ecei
pts
and
Cash
Pa
ymen
ts —
a c
onse
nsus
of t
he
FASB
Em
ergi
ng Is
sues
Tas
k Fo
rce
(issu
ed A
ugus
t 26,
201
6)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
7, in
clud
ing
inte
rim p
erio
ds w
ithin
thos
e fis
cal
year
s.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
8, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
019.
Yes
Augu
st 3
0, 2
016,
H
eads
Up
and
A Ro
adm
ap to
the
Prep
arat
ion
of th
e St
atem
ent o
f Cas
h Fl
ows
ASU
201
6-14
, Pre
sent
atio
n of
Fi
nanc
ial S
tate
men
ts o
f Not
-for-
Profi
t Ent
ities
(iss
ued
Augu
st 1
8,
2016
)
Effec
tive
for a
nnua
l fina
ncia
l st
atem
ents
issu
ed fo
r fisc
al y
ears
be
ginn
ing
afte
r Dec
embe
r 15,
201
7,
and
for i
nter
im p
erio
ds w
ithin
fisc
al
year
s be
ginn
ing
afte
r Dec
embe
r 15,
20
18.
Effec
tive
for a
nnua
l fina
ncia
l st
atem
ents
issu
ed fo
r fisc
al y
ears
be
ginn
ing
afte
r Dec
embe
r 15,
201
7,
and
for i
nter
im p
erio
ds w
ithin
fisc
al
year
s be
ginn
ing
afte
r Dec
embe
r 15,
20
18.
Yes
Sept
embe
r 12,
201
6,
Hea
ds U
p
18
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
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
6-06
, 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
19
ASU
201
6-05
, Effe
ct o
f Der
ivat
ive
Cont
ract
Nov
atio
ns o
n Ex
istin
g H
edge
Acc
ount
ing
Rela
tions
hips
—
a co
nsen
sus
of th
e FA
SB
Emer
ging
Issu
es T
ask
Forc
e (is
sued
Mar
ch 1
0, 2
016)
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
6, a
nd in
terim
pe
riods
with
in th
ose
fisca
l yea
rs.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
7, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
018.
Yes
Mar
ch 1
6, 2
016,
H
eads
Up
ASU
201
6-04
, Rec
ogni
tion
of
Brea
kage
for C
erta
in P
repa
id
Stor
ed-V
alue
Pro
duct
s —
a
cons
ensu
s of
the
FASB
Em
ergi
ng
Issu
es T
ask
Forc
e (is
sued
Mar
ch
8, 2
016)
Effec
tive
for P
BEs,
cer
tain
NFP
s, a
nd
cert
ain
empl
oyee
ben
efit p
lans
for
finan
cial
sta
tem
ents
issu
ed fo
r fisc
al
year
s be
ginn
ing
afte
r Dec
embe
r 15,
20
17, a
nd in
terim
per
iods
with
in
thos
e fis
cal y
ears
.
Fisc
al y
ears
beg
inni
ng a
fter
Dec
embe
r 15,
201
8, a
nd in
terim
pe
riods
with
in fi
scal
yea
rs b
egin
ning
af
ter D
ecem
ber 1
5, 2
019.
Yes
Mar
ch 1
6, 2
016,
H
eads
Up
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
5-14
, 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
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;
Janu
ary
22, 2
018;
an
d Ap
ril 1
1, 2
018
Hea
ds U
p ne
wsl
ette
rs
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
larg
e ac
cele
rate
d fil
ers
for fi
scal
ye
ars
endi
ng o
n or
afte
r Jun
e 30
, 20
19, a
nd f
or a
udits
of a
ll ot
her
com
pani
es fo
r fisc
al y
ears
end
ing
on
or a
fter D
ecem
ber 1
5, 2
020.
Yes.
June
20,
201
7, H
eads
U
p
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.
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
June
20,
20
18)
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
men
dmen
ts to
Sm
alle
r Re
port
ing
Com
pany
Defi
nitio
n (3
3-10
513)
(iss
ued
June
28,
20
18)
60 d
ays
afte
r pub
licat
ion
in th
e Fe
dera
l Reg
ister
.
Fina
l Rul
e, In
line
XBRL
Fili
ng o
f Ta
gged
Dat
a (3
3-10
514)
(iss
ued
June
28,
201
8)
30 d
ays
afte
r pub
licat
ion
in th
e Fe
dera
l Reg
ister
.
Fina
l Rul
e, In
vest
men
t Com
pany
Li
quid
ity D
isclo
sure
(IC-
3314
2)
(issu
ed Ju
ne 2
8, 2
018)
60 d
ays
afte
r pub
licat
ion
in th
e Fe
dera
l Reg
ister
.
Fina
l Rul
e, A
men
dmen
ts to
th
e Co
mm
issio
n’s
Free
dom
of
Info
rmat
ion
Act R
egul
atio
ns
(34-
8350
6) (i
ssue
d Ju
ne 2
5,
2018
)
30 d
ays
afte
r pub
licat
ion
in th
e Fe
dera
l Reg
ister
.Ju
ne 2
6, 2
018,
US
GAA
P Pl
us n
ews
item
22
Fina
l Rul
e, O
ptio
nal I
nter
net
Avai
labi
lity
of In
vest
men
t Com
pany
Sh
areh
olde
r Rep
orts
(33-
1050
6)
(issu
ed Ju
ne 5
, 201
8)
Janu
ary
1, 2
019.
June
5, 2
018,
US
GAA
P Pl
us n
ews
item
Fina
l Rul
e, T
echn
ical
Am
endm
ents
to
Rul
es o
f Pra
ctic
e an
d Ru
les
of
Org
aniz
atio
n; C
ondu
ct a
nd E
thic
s; an
d In
form
atio
n an
d Re
ques
ts
(34-
8332
5) (i
ssue
d M
ay 2
4, 2
018)
June
1, 2
018.
Fina
l Rul
e, A
men
dmen
ts to
For
ms
and
Sche
dule
s to
Rem
ove
Prov
ision
of
Cer
tain
Per
sona
lly Id
entifi
able
In
form
atio
n (3
3-10
486)
(iss
ued
April
25,
201
8)
May
14,
201
8.Ap
ril 2
5, 2
018,
US
GAA
P Pl
us n
ews
item
Fina
l Rul
e, 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.
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
23
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.
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
24
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, 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
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, 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
Amen
dmen
ts to
Ref
eren
ces
to th
e Co
ncep
tual
Fra
mew
ork
in IF
RS
Stan
dard
s (is
sued
Mar
ch 2
9,
2018
)
Annu
al re
port
ing
perio
ds b
egin
ning
on
or a
fter J
anua
ry 1
, 202
0.Ye
sM
ay 1
4, 2
018,
IFRS
in
Focu
s
Plan
Am
endm
ent,
Curt
ailm
ent o
r Se
ttlem
ent —
am
endm
ents
to IA
S 19
(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
Mar
ch 1
, 201
8, IF
RS
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
Mar
ch 1
, 201
8, IF
RS
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
26
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
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
Codification improvements
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 April 11, 2018, the FASB redeliberated the proposed amendments and directed the staff to draft a final ASU for a vote by written ballot. The final ASU is expected to be issued in the third quarter of 2018.
In May 2018, the FASB issued ASU 2018-06, which supersedes outdated guidance in ASC 942 related to bank regulatory accounting principles. The ASU became effective upon issuance.
Codification improvements: financial instruments
On March 28, 2018, the FASB directed its staff to obtain external-review feedback on potential Codification improvements related to the concept of the change in hedged risk in ASC 815-30-35-37A.
Journal Entry — Hedging — FASB Discusses Feedback on Key Implementation Issues (April 10, 2018)
Collaborative arrangements: targeted improvements
On April 26, 2018, the FASB issued a proposed ASU that would amend ASC 808 to clarify when transactions between participants in a collaborative arrangement should be accounted for as revenue transactions under ASC 606. Comments were due by June 11, 2018.
Heads Up — FASB Proposes Guidance on Collaborative Arrangements (April 30, 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)
29
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. On May 16, 2018, and June 6, 2018, the Board directed the staff to draft a final ASU that reflects the tentative decisions reached to date for a vote by written ballot. The FASB expects to issue the final ASU in the third quarter of 2018.
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 were due by April 30, 2018. On June 7, 2018, the EITF discussed the comment letters received and reached a final consensus. The FASB expects to issue a final ASU in the third quarter of 2018.
EITF Snapshot (June 2018)
Heads Up — FASB Issues Proposed ASU on Cloud Computing Arrangements (March 2, 2018)
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. On June 6, 2018, the Board discussed the direction of the project with respect to convertible instruments and indexation.
Hedging: last-of-layer method
On March 28, 2018, the FASB decided to add a narrow-scope project to address the accounting for last-of-layer basis adjustments and hedging multiple layers under the last of layer method in accordance with ASU 2017-12.
Journal Entry — Hedging — FASB Discusses Feedback on Key Implementation Issues (April 10, 2018)
30
Improvements to accounting for episodic television series (EITF Issue 18-B)
On March 28, 2018, the FASB decided to add a narrow-scope project to the EITF’s agenda to address the capitalization, amortization, and impairment of, and disclosures about, episodic television series costs. On June 7, 2018, the EITF began deliberating this Issue.
EITF Snapshot (June 2018)
Journal Entry — FASB Adds Three Projects to the Technical Agenda (April 3, 2018)
Improving the accounting for asset acquisitions and business combinations
On August 2, 2017, the FASB tentatively decided that this project should (1) address differences between the accounting for acquisitions of assets and that for acquisitions of businesses and (2) focus on the accounting for transaction costs, in-process research and development, and contingent consideration. On May 8, 2018, the FASB discussed how certain aspects of the accounting for asset acquisitions could be aligned with those for business combinations.
Inclusion of the Overnight Index Swap (OIS) Rate based on the Secured Overnight Financing Rate (SOFR)
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 were 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. Comments on the proposal were due by December 15, 2016.
On June 6, 2018, the FASB concluded its redeliberations and directed the staff to draft a final ASU that reflects the tentative decisions reached to date for a vote by written ballot. The FASB expects to issue the ASU in the third quarter of 2018. For PBEs, the ASU will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the ASU will be effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted for all entities.
Journal Entry — FASB Concludes Redeliberations on Targeted improvements to the Long-Duration Insurance Contracts Accounting Model and Authorizes Staff to Proceed to a Final ASU (June 7, 2018)
Insurance Spotlight — FASB Proposes Improvements to the Accounting for Long-Duration Contracts (October 7, 2016)
31
Leases: targeted amendments to ASC 842
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. On March 28, the FASB directed the staff to draft a final ASU for a vote by written ballot. The final ASU is expected to be issued in the third quarter of 2018. Except for early adopters of ASC 842, entities will apply the same effective date and transition requirements as those for ASC 842.
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)
Practical expedients for sales taxes and certain lessor costs paid by lessees in lease contracts
On March 28, 2018, the FASB decided to add to its agenda a project to permit lessors to analogize to certain revenue recognition guidance and directed the staff to begin drafting a proposed ASU for external review.
Nonemployee share-based payment accounting improvements
On June 20, 2018, the FASB issued ASU 2018-07, which aligns the accounting guidance on share-based payments to nonemployees with that for employees. The ASU is effective for PBEs for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For non-PBEs, the ASU is 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.
Heads Up — FASB Simplifies the Accounting for Share-Based Payment Arrangements With Nonemployees (June 21, 2018)
Recognition under ASC 805 for an assumed liability in a revenue contract (EITF Issue 18-A)
On March 28, 2018, the FASB decided to add a project to the EITF’s agenda to address the recognition of an assumed liability in a revenue contract acquired in a business combination. On June 7, 2018, the EITF reached a consensus-for-exposure. The FASB expects to issue the proposed ASU in the third quarter of 2018.
EITF Snapshot (June 2018)
Journal Entry — FASB Adds Three Projects to the Technical Agenda (April 3, 2018)
Revenue recognition of grants and contracts by NFPs
On June 21, 2018, the FASB issued ASU 2018-08, which clarifies whether grants and certain other transactions should be accounted for as either a contribution under ASC 958-605 or an exchange transaction under ASC 606 or other GAAP.
Technical corrections and improvements: leases
On September 27, 2017, the FASB issued a proposed ASU that would make technical corrections and improvements related to leases (ASU 2016-02). Comments were due by November 13, 2017. On January 24, 2018, the Board discussed feedback received and directed the staff to draft a final ASU for a vote by written ballot. The FASB expects to issue the final ASU in the third quarter of 2018.
Heads Up — FASB Proposes Amendments to New Leasing Standard (October 3, 2017)
32
Updating the definition of collections
On June 26, 2018, the FASB issued a proposed ASU that would update the definition of collections (i.e., works of art, historical treasures, or similar assets that meet specific criteria) in the ASC master glossary. Comments are due by August 10, 2018.
Journal Entry — FASB Adds Three Projects to the Technical Agenda (April 3, 2018)
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 final ASU is expected to be issued in the third quarter of 2018. 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 final ASU is expected to be issued in the third quarter of 2018. 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)
33
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.”
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. On April 5, 2018, the Board directed the staff to perform additional research.
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. On March 28, 2018, the FASB directed its staff to perform additional outreach.
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. On June 13, 2018, the FASB discussed a plan to perform extended outreach.
A Roadmap to Segment Reporting
34
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 third 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)
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.
35
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 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 that reflects the tentative decisions reached for a vote by written ballot. On May 17, 2018, Board members discussed their views on the draft.
Heads Up — FASB Proposes Decision Process for Determining Disclosures to Require in Notes to Financial Statements (March 6, 2014)
Disclosure framework: entity’s decision process
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 March 21, 2018, the Board directed the staff to draft the final amendments to Chapter 3 for a vote by written ballot.
36
Appendix C: New Deloitte U.S. Accounting PublicationsRoadmap SeriesA Roadmap to Accounting for Environmental Obligations and Asset Retirement Obligations (June 2018)
A Roadmap to SEC Reporting Considerations for Equity Method Investees (May 2018)
A Roadmap to Applying the New Leasing Standard (April 2018)
Heads Up NewslettersFASB Simplifies the Accounting for Share-Based Payment Arrangements With Nonemployees (June 21, 2018)
FASB Proposes Guidance on Collaborative Arrangements (April 30, 2018)
What Private Companies Should Know About the New Revenue Recognition Standard (April 11, 2018)
EITF Snapshot NewsletterJune 2018
TRG Snapshot NewsletterJune 2018 TRG Meeting on Credit Losses
Audit & Assurance Update NewsletterA Summary of the June 5–6 Meeting of the PCAOB’s Standing Advisory Group (June 18, 2018)
Industry Spotlight SeriesReal Estate Spotlight — “Failed Sales” of Nonfinancial Assets Require Reassessment Upon Adoption of ASC 606 and ASC 610-20 (April 17, 2018)
Power & Utilities Spotlight — “Failed Sales” of Nonfinancial Assets Require Reassessment Upon Adoption of ASC 606 and ASC 610-20 (April 13, 2018)
Financial Reporting AlertFinancial Reporting Alert 18-1 — Frequently Asked Questions About Tax Reform (January 3, 2018; last updated on June 20, 2018)
Financial Reporting Alert 18-7 — Emerging Growth Companies — Common-Stock Repurchase Transactions (June 6, 2018)
Financial Reporting Alert 18-6 — Financial Statement Implications of the New Partnership Audit Rules (April 16, 2018)
Financial Reporting Alert 18-5 — Application of ASU 2016-15 to the Sale of Trade Receivables to Multi-Seller Commercial Paper Conduit Structures (April 9, 2018)
Deloitte Accounting Journal EntriesFASB Concludes Redeliberations on Targeted Improvements to the Long-Duration Insurance Contracts Accounting Model and Authorizes Staff to Proceed to a Final ASU (June 7, 2018)
CAQ SEC Regulations Committee Releases Highlights of March 13, 2018, Joint Meeting With the SEC Staff (May 22, 2018)
Hedging — FASB Discusses Feedback on Key Implementation Issues (April 10, 2018)
37
FASB Adds Three Projects to the Technical Agenda (April 3, 2018)
FASB Votes to Finalize ASU on Practical Expedient for Lessor’s Separation of Lease and Nonlease Components (March 30, 2018)
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