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FASB 2020 Road Map

FASB 2020 Road MapTable of ContentsOVERVIEW . 3ACCOUNTING STANDARDS UPDATES (ASU) . 3NEWLY EFFECTIVE ONLY FOR NONPUBLIC COMPANIES FOR 2019 FINANCIAL STATEMENTS .3SPECIAL EFFECTIVE DATES .8EFFECTIVE FOR 2019 FISCAL YEARS FOR PBES .8EFFECTIVE FOR 2020 FISCAL YEARS FOR PBES .13SPECIAL EFFECTIVE DATES .16EFFECTIVE FOR 2021 FISCAL YEARS FOR PBES .17EFFECTIVE FOR 2022 FISCAL YEARS FOR PBES .17PROPOSED ASUS – EXPOSURE DRAFTS . 18INVITATION TO COMMENT (ITC) OUTSTANDING . 21OTHER AGENDA ITEMS . 22ACTIVE PROJECTS .22RESEARCH PROJECTS .24CONCLUSION . 25CONTRIBUTOR . 25APPENDIX A . 26APPENDIX B . 272

FASB 2020 Road MapOverviewThis paper provides an overview of proposed and final standards issued by FASB in 2019, along with standardseffective for fiscal years beginning on or after December 15, 2018. The paper is organized by effective date andincludes a brief overview of projects on FASB’s current agenda.Accounting Standards Updates (ASU)Early adoption generally is permitted unless otherwise noted.Newly Effective Only for Nonpublic Companies for 2019 Financial StatementsRevenue Recognition (Accounting Standards Codification (ASC) 606) & Related TopicsEffective DateTopic & TitleASU 2014-09, Revenue fromContracts with CustomersResources:BKD Thoughtware – RevenueRecognitionRevenue Recognition: AnUpdated Look at the GuidanceASU 2016-08, Principal versusAgent ConsiderationsResource: Revenue AccountingUpdate for Principal VersusAgent TransactionsASU 2016-10, IdentifyingPerformance Obligations andLicensingResource: Updated RevenueGuidance for PerformanceObligations & LicensesASU 2016-12, Narrow-ScopeImprovements and PracticalExpedientsResource: Additional Relief forRevenue RulesDescription & Implementation GuidanceEliminates most existing industry-specificguidance and creates a new five-stepmodel. An entity would recognize revenuein the amount that reflects theconsideration it expects to be entitled inexchange for goods or services when (oras) it transfers control to the customer.Extensive new disclosures required.Full or modified retrospective transitionwith several practical expedients.PBEsN.A. –Effective for2018 fiscalyearsOther EntitiesAnnualreportingperiodsbeginning afterDecember 15,2018, andinterim periodsbeginning afterDecember 15,2019Clarifies the difference between principaland agency roles and how to identify theunit of account for the principal versusagent; provides several illustrativeexamples to assist financial statementpreparers in their decision process.Clarifies how companies should identifyperformance obligations and account forlicenses of intellectual property within thenew revenue recognition standard.Contains additional guidance to easeimplementation—collectibility, sales taxpresentation, noncash considerationsmeasurement and transition expedients.3

FASB 2020 Road MapRevenue Recognition (Accounting Standards Codification (ASC) 606) & Related TopicsEffective DateTopic & TitleASU 2016-20, TechnicalCorrections and ImprovementsDescription & Implementation GuidanceMinor changes intended to preventmisapplication of the revenue rules.Resource: Final Updates toRevenue RulesLiabilities—Extinguishments ofLiabilities (Subtopic 405-20)ASU 2016-04, Recognition ofBreakage for Certain PrepaidStored-Value ProductsResource: Breakage RulesFinalized for Prepaid CardsPBEsOther EntitiesN.A. –Effective for2018 fiscalyearsAnnualreportingperiodsbeginning afterDecember 15,2018, andinterim periodsbeginning afterDecember 15,2019N.A.N.A.Clarifies treatment of the liability existingbetween the card issuer and theconsumer before redemption andeliminates current diversity in practice.Allows entities to derecognize the liabilityfor outstanding balances when thelikelihood of customer redemptionbecomes remote.Entities may apply the amendments usinga modified or full retrospective approach.Service ConcessionArrangements (Topic 853)ASU 2017-10, Determining theCustomer of the OperationServicesResource: CustomerClarification for OperatingEntities of SCAsASU 2017-13, RevenueRecognition (Topic 605),Revenue from Contracts withCustomers (Topic 606), Leases(Topic 840), and Leases (Topic842): Amendments to SECParagraphs Pursuant to theStaff Announcement at the July20, 2017 EITF Meeting andRescission of Prior SEC StaffAnnouncements and ObserverComments (SEC Update)Clarifies that for service concessionarrangements (SCA) within the scope ofTopic 853, the grantor is the operatingentity’s customer in all cases.Special transition guidance appliesdepending on whether ASU 2014-09 hasbeen adopted.Entities that only meet the public businessentity (PBE) definition due to the inclusionof their financial statement in another SECregistrant’s filing would have additionaltime for the implementation of the newrevenue and lease standards—mostcommonly equity method investees andacquisition targets of public companies.Resource: SEC Grants MoreTime on Revenue & LeaseStandards in Limited Situations4

FASB 2020 Road MapEffective DateTopic & TitleFinancial Instruments—Overall (Subtopic 825-10)ASU 2016-01, Recognitionand Measurement ofFinancial Assets andFinancial LiabilitiesResources: BKDThoughtware – FinancialInstruments ProjectsReady for NewClassification &Measurement Rules forFinancial Instruments?Description & Implementation GuidancePBEsOther EntitiesTargeted improvements include: measurementof equity investments (except for consolidatedand equity method investments) at fair valuewith changes in fair value recognized in netincome, simplified impairment testing forequity investments without readilydeterminable fair value and elimination of entryprice use for certain fair value disclosures bypublic entities.N.A. –Effective for2018 fiscalyearsFiscal yearsbeginning afterDecember 15,2018, andinterim periodswithin fiscalyears beginningafter December15, 2019N.A.N.A.The amendments should be applied by meansof a cumulative-effect adjustment to thebalance sheet as of the beginning of the fiscalyear of adoption.FASB Tweaks Classification& Measurement GuidanceASU 2018-03, TechnicalCorrections andImprovements to FinancialInstruments—Overall(Subtopic 825-10):Recognition andMeasurement of FinancialAssets and FinancialLiabilitiesClarifications on when and how to apply themeasurement alternative to equity securitieswithout a readily determinable fair value andpresentation when the fair value option iselected.Resource: Insurers GetTransition Relief onClassification &Measurement RulesASU 2018-04,Investments—DebtSecurities (Topic 320) andRegulated Operations(Topic 980)Rescinds various SEC guidance superseded byASU 2016-01.5

FASB 2020 Road MapEffective DateTopic & TitleStatement of Cash Flows(Topic 230)ASU 2016-15, Classificationof Certain Cash Receiptsand Cash PaymentsResource: Update toClassification Requirementsof Certain Cash Receipts &PaymentsIncome Taxes (Topic 740)ASU 2016-16, Intra-EntityTransfers of Assets OtherThan InventoryResource: Changes to TaxAccounting for Intra-EntityAsset TransfersStatement of Cash Flows(Topic 230)ASU 2016-18, RestrictedCashResource: Clarification tothe Presentation &Disclosure of RestrictedCashBusiness Combinations(Topic 805)ASU 2017-01, Clarifying theDefinition of a BusinessResource: New BusinessDefinitionDescription & Implementation GuidanceClarifies presentation and classificationrequirements on seven cash flow transactiontypes. New guidance on when an entity shouldseparate and classify cash receipts and cashpayments into multiple cash flows classesversus aggregating them into one class basedon predominance.PBEsOther EntitiesN.A. –Effective for2018 fiscalyearsFiscal yearsbeginning afterDecember 15,2018, andinterim periodsbeginning afterDecember 15,2019N.A. –Effective for2018 fiscalyearsAnnualreportingperiodsbeginning afterDecember 15,2018, andinterim periodsbeginning afterDecember 15,2019N.A. –Effective for2018 fiscalyearsFiscal yearsbeginning afterDecember 15,2018, andinterim periodsbeginning afterDecember 15,2019N.A. –Effective for2018 fiscalyearsAnnual periodsbeginning afterDecember 15,2018, andinterim periodsbeginning afterDecember 15,2019Retrospective transition method to each periodpresented. If it is impracticable for some issues,the amendments for those issues would beapplied prospectively as of the earliest datepracticable.Requires companies to recognize the incometax consequences of an intra-entity assettransfer—other than inventory—when thetransfer occurs. Aligns intra-entity salestransactions with the principle ofcomprehensive recognition of current anddeferred income taxes in Topic 740.Entities should apply the amendments on amodified retrospective basis.Requires entities to include restricted cash andrestricted cash equivalents with cash and cashequivalents when reconciling beginning-ofperiod and end-of-period total amounts in thestatement of cash flows. The ASU does notdefine restricted cash or restricted cashequivalents.Retrospective application to each periodpresented.Adds guidance to assist entities with evaluatingwhether transactions should be accounted foras acquisitions (or disposals) of assets orbusinesses.Prospective application.6

FASB 2020 Road MapEffective DateTopic & TitleOther Income—Gains andLosses from theDerecognition ofNonfinancial Assets(Subtopic 610-20)ASU 2017-05, Clarifying theScope of AssetDerecognition Guidanceand Accounting for PartialSales of Nonfinancial AssetsResource: New AccountingRules for Nonfinancial AssetSalesDescription & Implementation GuidanceReduces complexity for all entities that sell ortransfer nonfinancial assets by decreasing thenumber of derecognition models. Changesinclude:PBEsOther EntitiesN.A. –Effective for2018 fiscalyearsAnnual periodsbeginning afterDecember 15,2018, andinterim periodsbeginning afterDecember 15,2019N.A. –Effective for2018 fiscalyearsAnnual periodsbeginning afterDecember 15,2018, andinterim periodsafter December15, 2019 Entities would no longer have to consider if abusiness also is an in-substance nonfinancialasset Codified definition of an “in-substancenonfinancial asset” will improve consistency inapplying the appropriate guidance Updating ASC 845, NonmonetaryTransactions, to exclude exchanges of anonfinancial asset for a noncontrollingownership interest An equity method investment would nolonger meet the definition of an in-substancenonfinancial assetFull or modified retrospective applicationpermitted.Compensation—Retirement Benefits(Subtopic 715)ASU 2017-07, Improving thePresentation of Net PeriodicPension Cost and NetPeriodic PostretirementBenefit CostEmployers are required to report the servicecost component in the same line item as othercompensation costs for employee servicesrendered during the period; other componentsof net benefit cost would be separatelypresented in the income statement from theservice cost component and outside a subtotalof income from operations, if one is presented.Retrospective application.7

FASB 2020 Road MapSpecial Effective DatesTopic & TitleNot-for-Profit Entities(Topic 958)ASU 2018-08, Clarifyingthe Scope and theAccounting Guidance forContributions Receivedand Contributions MadeEffective DateDescription & ImplementationGuidanceClarify existing guidance to determinea contribution versus an exchangetransaction. Organizations wouldevaluate if the resource provider isreceiving commensurate value andwhether contributions are conditionalor unconditional.Resources: New GrantVersus Contract Guidancefor NFPsPBEsOther butionsreceived beginningafter June 15,2018, includinginterim periodsContributionsreceived beginningafter December 15,2018, and interimperiods beginningafter December 15,2019ResourceProvidersNew NFP Guidance –Contribution or ExchangeTransaction?Resource ProvidersContributionsmade beginningafter December 15,2018, includinginterim periodsContributionsreceived beginningafter December 15,2019, and interimperiods beginningafter December 15,2020Effective for 2019 Fiscal Years for PBEsACS 842 – LeasesEffective DateTopic & TitleASU 2016-02, LeasesResources:Lease Accounting ResourceCenterLeases: A ComprehensiveReviewASU 2018-01, LandEasement PracticalExpedient for Transition toTopic 842Resource:Land Easement TransitionRelief FinalizedDescriptionAll leases with terms greater than 12months will appear on the balance sheetas lease liabilities with a correspondingright-of-use asset.Modified retrospective approach withseveral optional practical expedients.Creates an optional practical expedient. Ifelected, an entity would not apply ASC842 to existing or expired land easementsthat are not currently accounted for underexisting guidance in ASC 840. An entitywould continue to apply its currentaccounting policy. Only new or modifiedland easements would be assessed underASC 842 to determine whether it is orcontains a lease.PBEsEffective PBEs,certain not-forprofits (NFP)and employeebenefit plans forfiscal yearsbeginning afterDecember 15,2018, includinginterim periodsOther EntitiesFiscal yearsbeginning afterDecember 15,2020, andinterim periodsbeginning afterDecember 15,2021(as amended)(no change)8

FASB 2020 Road MapACS 842 – LeasesEffective DateTopic & TitleASU 2018-11, TargetedImprovementsResource:Additional Relief Finalizedfor LeasesASU 2018-10, CodificationImprovementsResource:Lease Update – Help on theWayASU 2019-01, CodificationImprovementsResource:New Lease Relief FinalizedDescriptionNew transition relief in two areas:1. Comparative reporting for initialadoption2. Separating lease and nonleasecomponentsThe amendments provide clarity on anumber of technical items to preventpossible diversity in practice.Effective PBEs,certain not-forprofits (NFP)and employeebenefit plans forfiscal yearsbeginning afterDecember 15,2018, includinginterim periodsOther EntitiesFiscal yearsbeginning afterDecember 15,2020, andinterim periodsbeginning afterDecember 15,2021(as amended)(no change)Restores current specialized accounting: Determining the fair value for lessorsthat are not manufacturers or dealers(financial institutions and captivefinance companies) Statement of cash flows – Sales-typeand direct financing leases(depository and lending entities)Clarifies interim disclosures under Topic250, Accounting Changes and ErrorCorrections, are not required in the year ofadoption of ASC 842.ASU 2019-10, EffectiveDatesPBEsProvides extra time for Leases, CECL andHedging ASUs.Fiscal yearsbeginning afterDecember 15,2019, andinterim periodstherein(no change)Fiscal yearsbeginning afterDecember 15,2020, andinterim periodswithin fiscalyears beginningafter December15, 2021(as amended)Effective upon issuanceResource: FASB FinalizesNew Effective Dates forLeases, CECL, Hedging &Insurance9

FASB 2020 Road MapEffective DateTopic & TitleDescriptionPlan Accounting: DefinedBenefit Pension Plans(Topic 960), DefinedContribution PensionPlans (Topic 962), Healthand Welfare Benefit Plans(Topic 965)Clarifies presentation requirements for aplan’s interest in a master trust and changesin its interest; requires more detaileddisclosures of the master trust’sinvestments and the plan’s interest in theinvestments while eliminating a redundancyrelating to 401(h) account disclosures.ASU 2017-06, EmployeeBenefit Plan Master TrustReportingRetrospective application to all periodspresented, beginning in a reporting entity’sfiscal year of adoption.PBEsOther EntitiesFiscal years beginning afterDecember 15, 2018, and interimperiods thereinResource: Updates to EBPMaster Trust Reporting &DisclosuresReceivables—Nonrefundable Fees andOther Costs (Subtopic310-20)ASU 2017-08, PremiumAmortization onPurchased Callable DebtSecuritiesShortens the amortization period to theearliest call date for certain callable debtsecurities.Modified retrospective application.Fiscal yearsbeginning afterDecember 15,2018, includinginterim periodsFiscal yearsbeginning afterDecember 15,2019, andinterim periodsbeginning afterDecember 15,2020Fiscal yearsbeginning afterDecember 15,2018, andinterim periodsthereinFiscal yearsbeginning afterDecember 15,2019, andinterim periodsbeginning afterDecember 15,2020Resource: Relief for EarlyCalls on DebtEarnings Per Share (Topic260)ASU 2017-11,Distinguishing Liabilitiesfrom Equity (Topic 480);Derivatives and Hedging(Topic 815): (Part I)Accounting for CertainFinancial Instruments withDown Round Features,(Part II) Replacement ofthe Indefinite Deferral forMandatorily RedeemableFinancial Instruments ofCertain Nonpublic Entitiesand Certain MandatorilyRedeemableNoncontrolling Interestswith a Scope ExceptionA financial instrument with a down-roundfeature would no longer be classified as aliability solely because of that feature’sexistence. The ASU relies on existingguidance for subsequent measurement,depending on whether the instrument isclassified as equity or a liability. A smallnumber of instruments with down-roundfeatures will continue to be classified as aliability; bifurcation would no longer berequired, and accounting would begoverned by existing complicated guidanceon beneficial conversion features.Full or modified retrospective application.Resource: Down-RoundTreatment Simplified10

FASB 2020 Road MapEffective DateTopic & TitleDerivatives and Hedging(Topic 815)ASU 2017-12, TargetedImprovements toAccounting for HedgingActivitiesResource: A Deep Diveinto HedgingIncome Statement—Reporting ComprehensiveIncome (Topic 220)ASU 2018-02,Reclassification of CertainTax Effects fromAccumulated OtherComprehensive IncomeResource: FASB FinalizesTax Relief & AddsFlexibilityDescriptionComprehensive changes to ease an entity’sability to qualify and stay qualified forhedge accounting treatment and improvealignment with its risk strategy; includesnew disclosures to highlight hedgeaccounting’s effect on individual incomestatement line items.Fiscal yearsbeginning afterDecember 15,2018, includinginterim periodsModified retrospective application for theelimination of hedging ineffectiveness.Prospective application of presentation anddisclosure requirements.Entities have an option to reclassify thestranded tax effects in accumulated othercomprehensive income; disclosure isrequired if not elected.Other EntitiesFiscal yearsbeginning afterDecember 15,2020, andinterim periodsbeginning afterDecember 15,2021(as amended)Annual reporting periods beginningafter December 15, 2018Entities can adopt retrospectively or in theperiod of adoption.Under early adoption provisions, entitiescan align the timing of the stranded taxreclassification in their 2017 financialstatements.ASU 2018-05,Amendments to SECParagraphs Pursuant toSEC Staff AccountingBulletin No. 118 (SECUpdate)Updates SEC guidance related to ASU 201802.Compensation—StockCompensation (Topic718)Expands Topic 718’s scope to include sharebased payment transactions for acquiringgoods and services from nonemployees. Anentity would apply Topic 718 tononemployee awards except for specificguidance on inputs to an option pricingmodel and the attribution of cost.ASU 2018-07,Improvements toNonemployee ShareBased PaymentAccountingPBEsFiscal yearsbeginning afterDecember 15,2018, includinginterim periodsFiscal yearsbeginning afterDecember 15,2019, andinterim periodsbeginning afterDecember 15,2020Resource:Simplified Accounting forNonemployee ShareBased Payments11

FASB 2020 Road MapEffective DateTopic & TitleDerivatives and Hedging(Topic 815)ASU 2018-16, Inclusion ofthe Secured OvernightFinancing Rate (SOFR)Overnight Index Swap(OIS) Rate as a BenchmarkInterest Rate for HedgeAccounting PurposesResource:SOFR Approved as aHedging Benchmark RateIntangibles—Goodwilland Other (Topic 350),Business Combinations(Topic 805), and Not-forProfit Entities (Topic 958)ASU 2019-06, Extendingthe Private CompanyAccounting Alternativeson Goodwill and CertainIdentifiable IntangibleAssets to Not-for-ProfitEntitiesDescriptionAdds an additional benchmark rate for fairvalue hedging of fixed-rate securities—theovernight index swap rate based on theSOFR.Prospective application for qualifying newor redesignated hedging relationshipsentered into on or after the adoption date.Special transition guidance appliesdepending on whether ASU 2017-12 hasbeen adopted.Creates two accounting policy elections forNFPs that would permit: Goodwill amortization over 10 years orless, on a straight-line basis Impairment testing only upon atriggering event Entity-level impairment assessmentPBEsFiscal yearsbeginning afterDecember 15,2018, includinginterim periodsOther EntitiesFiscal yearsbeginning afterDecember 15,2019, andinterim periodsbeginning afterDecember 15,2020Effective immediatelyAbility to subsume certain customer-relatedintangible assets and all noncompeteagreements into goodwill.Resource: NFP Relief onGoodwill AccountingASU 2019-07,CodificationUpdates to SEC Sections—Amendments to SECParagraphs Pursuant toSEC Final Rule ReleasesNo. 33-10532, DisclosureUpdate and Simplification,and Nos. 33-10231 and33-10442, InvestmentCompany ReportingModernization, andMiscellaneous Updates(SEC Updates)Updates to conform FASB codifications withrecent SEC updates.Effective upon issuance12

FASB 2020 Road MapEffective for 2020 Fiscal Years for PBEsFinancial Instruments—Credit Losses (Topic 326) – CECLImplementation GuidanceTopic & TitleDescriptionPBEsASU 2016-13, Measurementof Credit Losses on FinancialInstrumentsApplies to all entities holding financialassets not accounted for at fair valuethrough net income. At inception andeach reporting date, entities willrecognize an allowance for lifetimeexpected credit losses.PBE SEC filers,not SRCs – fiscalyears beginningafter December15, 2019,including interimperiodsResources: FinancialInstruments ProjectsCECL Resource CenterA Comprehensive Look at theCECL ModelModified retrospective application.Early adoption for fiscal yearsbeginning after December 15, 2018.ASU 2018-19, CodificationImprovements to Topic 326,Financial Instruments—Credit LossesExcludes operating lease receivablesfrom Subtopic 326-20.Topic 326, FinancialInstruments—Credit Losses,Topic 815, Derivatives andHedging, and Topic 825,Financial InstrumentsClarifies and improves areas ofguidance related to the following threeASUs: ASU 2016-01, ASU 2016-13 andASU 2017-12.ASU 2019-04, CodificationImprovementsResource:CECL Model to IncludeReinsurance ReceivablesASU 2019-05, TargetedTransition ReliefResource: Limited CECL FVONow AvailableASU 2019-10, Effective DatesResource: FASB FinalizesNew Effective Dates forLeases, CECL, Hedging &InsuranceOther EntitiesFiscal yearsbeginning afterDecember 15,2022, includinginterim periods(as amended)(as amended)In general, adoption date andtransition follow the respective ASU’sguidance. Special transition guidance isprovided for entities that have earlyadopted any of the ASUs.This narrowly focused transition reliefwould permit a one-time irrevocableelection to apply the fair value option(FVO) to certain existing loans andwould not apply to held-to-maturitydebt securities. This change would helpsome companies avoid having twodifferent accounting models for similarasset portfolios (CECL and fair value).Provides extra time forimplementation.Effective upon issuance13

FASB 2020 Road MapFinancial Instruments—Credit Losses (Topic 326) – CECLImplementation GuidanceTopic & TitleASU 2019-11, CodificationImprovementsIssued June 27, 2019Resource: Latest Round ofCECL Fixes IssuedDescriptionPBEsThis ASU covers the following issues: Negative allowances on purchasedcredit-deteriorated assets Transition relief for troubled debtrestructuringsMinor technical corrections – Accruedinterest receivable disclosure relief andthe collateral maintenance practicalexpedient.Other EntitiesIf ASU 2016-13 is not adopted,effective dates and transition are thesame as ASU 2016-13.If CECL is already adopted, thesechanges are effective for fiscal yearsbeginning after December 15, 2019,including interim periods within thosefiscal years.Effective DatesTopic & TitleIntangibles—Goodwill andOther (Topic 350)ASU 2017-04, Simplifying theTest for Goodwill ImpairmentResources:Goodwill Impairment TestSimplifiedDescriptionPBEsRemoves Step 2 from theimpairment test; the same one-stepimpairment test applies to allreporting units, including thosewith zero or negative carryingamounts.PBE SEC filers,not SRCs – anyinterim orannual goodwillimpairmenttests in fiscalyears beginningafter December15, 2019Prospective application.Considerations for EarlyAdoption of GoodwillImpairmentInterim or annualgoodwill impairmenttesting in fiscal yearsbeginning afterDecember 15, 2022(as amended)(as amended)Fair Value Measurement(Topic 820)Eliminates some disclosures andstrengthens remaining disclosures.ASU 2018-13, DisclosureFramework—Changes to theDisclosure Requirements forFair Value MeasurementAn entity can early adopt anyremoved or modified disclosuresand delay adoption of the newdisclosures until their effective datein 2020.Resource:FASB Updates Fair ValueDisclosuresOther EntitiesAnnual and interim reporting periodsbeginning after December 15, 201914

FASB 2020 Road MapEffective DatesTopic & TitleIntangibles—Goodwill andOther—Internal-UseSoftware (Subtopic 350-40)ASU 2018-15, Customer’sAccounting forImplementation CostsIncurred in a CloudComputing ArrangementThat Is a Service Contract;Disclosures forImplementation CostsIncurred for Internal-UseSoftware and CloudComputing ArrangementsDescriptionAligns cost capitalization guidancefor hosting arrangements that areservice contracts, hostingarrangements that include asoftware license and the costsincurred to develop or obtaininternal-use software.PBEsOther EntitiesFiscal yearsbeginning afterDecember 15,2019, and interimperiods thereinFiscal yearsbeginning afterDecember 15, 2020,and interim periodsbeginning afterDecember 15, 2021Fiscal yearsbeginning afterDecember 15,2019, includinginterim periodsFiscal yearsbeginning afterDecember 15, 2020,and interim periodsbeginning afterDecember 15, 2021Fiscal yearsbeginning afterDecember 15,2019, and interimperiods thereinFiscal yearsbeginning afterDecember 15, 2020,and interim periodsthereinProspective or retrospectivetransition permitted.Resource: New CloudComputing AccountingGuidanceCollaborative Arrangements(Topic 808)ASU 2018-18, Clarifying theInteraction between Topic808 and Topic 606Resource: New CollaborativeArrangement GuidanceEntertainment—Films—Other Assets—Film Costs(Subtopic 926-20) odwill and Other(Subtopic 920-350)ASU 2019-02Improvements to Accountingfor Costs of Films and LicenseAgreements for ProgramMaterialsClarifies when transactionsbetween participants in acollaborative arrangement arewithin the scope of revenueguidance, ASC 606.The ASU should be appliedretrospectively to the date of initialapplication of ASC 606.The ASU aligns the accounting forproduction costs of an episodictelevision series with theaccounting for production costs offilms by removing the contentdistinction for capitalization.The ASU addresses presentation,requires new disclosures aboutcontent that is either produced orlicensed and addresses cash flowclassification for licenseagreements.15

FASB 2020 Road MapEffective DatesTopic & TitleNot-for-Profit Entities (Topic958)ASU 2019-03Updating the Definition ofCollectionsResource: FASB Updates‘Collection’ DefinitionCompensation—StockCompensation (Topic 718)and Revenue from Contractswith Customers (Topic 606)ASU 2019-08Codification Improvements—Share-Based ConsiderationPayable to a CustomerResource: AccountingClarified for Share-BasedPayments to CustomersDescriptionThe amendments align FASB’scollection definition with thedefinition used by one of theindustry’s governing bodies—theAmerican Alliance of Museums.PBEsOther EntitiesFiscal years beginning

FASB 2020 Road Map . 4 . Revenue Recognition (Accounting Standards Codification (ASC) 606) & Related Topics Topic & Title Description & Implementation Guidance Effective Date PBEs Other Entities ASU 2016-20, Technical Corrections and Improvements . Resource:

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