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Nonpublic Company Disclosure Checklist Update Information

Current through July 31

The nonpublic company disclosure checklists in our products are revised periodically to ensurethat they are as up-to-date as possible. As part of that process, our editorial staff continuallymonitors the development of literature by the FASB, GASB, and IASB. The following disclosurerequirements may have been issued after some checklists were last updated: (Page one of eachchecklist lists the latest pronouncements issued as of the checklist's publication date.)

  • Accounting Standards Updates:

    • No. 2019-01, Leases (Topic 842): Codification Improvements, [March 2019, if ASU 2016-02 has not been early adopted, the effective dates and transition requirements are the same for entities other than public business entities, certain not-for-profit entities, and certain employee benefit plans, as those in ASU No. 2016-02, as amended (which are for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022). If ASU 2016-02 has been early adopted, the ASU should be applied as of the date that ASU 2016-02 was applied.]—Paragraphs 4 (FASB ASC 842-30-45-5), 5 (FASB ASC 942-230-45-4), 6 (FASB ASC 842-10-65-1) and 7 (FASB ASC 842-10-65-4).

    RECENT DEVELOPMENT: The effective dates in the preceding ASU reflect the amendments in ASU No. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, which was issued to defer the effective dates of certain recent FASB standards due to the global concerns about the effects of the COVID 19 pandemic for financial reporting.

    • No. 2019-03, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections, (March 2019, effective for annual periods beginning after December 15, 2019, and interim periods within annual periods beginning after December 15, 2020. Early application is allowed for financial statements not yet available for issuance. The amendments should be applied prospectively.)—Paragraphs 3 (FASB ASC 360-10-15-6; 958-360-45-3 and 45-5; 958-360-50-1 and 50-6) and 5 (FASB ASC 958-360-50-7)
    • No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, (April 2019, the effective dates and transition guidance varies based on the facts and circumstances of each amendment. See the ASU for the applicable guidance.)—Paragraphs 5 (FASB ASC 326-20-45-5; 326-20-50-3A through 50-3D), 6 (FASB ASC 326-30-45-1; 326-30-50-3A through 50-3D), 8 (FASB ASC 310-10-45-2), 9 (FASB ASC 320-10-45-8B), 13 (FASB ASC 326-20-50-13), 36 (FASB ASC 815-10-50-4EE), 48 (FASB ASC 815-20-65-5), 53 (FASB ASC 320-10-50-5), 56 (FASB ASC 321-10-50-2B), 59 (FASB ASC 825-10-65-5), 62 (FASB ASC 326-20-50-6A through 50-7), and 65 (FASB ASC 326-10-65-2)
    • No. 2019-06, Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Entities (Topic 958): Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities, (May 2019, effective upon issuance. See the ASU for the applicable transition guidance for the amendments relating to not-for-profit entities.) Paragraphs 6 (FASB ASC 350-20-45-6), 7 (FASB ASC 350-20-50-4; 350-20-50-6 and 50-7), 12 (FASB ASC 805-30-50-4), and 15 (FASB ASC 958-805-50-17)
    • No. 2019-08, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer, (November 2019, for entities other than public business entities that have not adopted ASU No. 2018-07, effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. For entities that have adopted ASU No. 2018-07, effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, but not before the adoption of ASU No. 2018-07. The ASU may be adopted in the same fiscal year that ASU No. 2018-07 is adopted or in a following fiscal year. See the ASU for specific transition guidance.)—Paragraph 10 (FASB ASC 718-10-65-15)
    • No. 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, [November 2019, for entities other than public business entities (except smaller reporting companies as defined by the SEC) that have not adopted ASU No. 2016-13, effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The transition requirements are the same as those in ASU 2016-13. For entities that have adopted ASU No. 2016-13, effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, but not before the adoption of ASU No. 2016-13. For entities that have adopted ASU 2016-13, the ASU should be applied on a modified retrospective basis.]—Paragraphs 9 (FASB ASC 320-10-50-2A and 50-5C), 14 (FASB ASC 805-20-50-1), and 15 (FASB ASC 326-10-65-4)
    • No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, (December 2019, for entities other than pubic business entities, 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 financial statements not yet available for issuance. See the ASU for specific transition guidance.]—Paragraphs 6 (FASB ASC 740-10-50-17A) and 8 (FASB ASC 740-10-65-8)
    • No. 2020-01 Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815, (January 2020, for entities other than public business entities, effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted for financial statements not yet available for issuance. The ASU should be applied prospectively.)—Paragraph 6 (FASB ASC 825-10-65-6)
    • No. 2020-03, Codification Improvements to Financial Instruments, (March 2020, See the ASU for effective dates and specific transition guidance.)—Paragraphs 4 (FASB ASC 825-10-50-23A) and 14 (FASB ASC 820-10-50-2)
    • No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (March 2020, for all entities, only effective from March 12, 2020 through December 31, 2022. Refer to the ASU for detailed transition guidance.)—Paragraph 2 (FASB ASC 848-10-50-1 and 848-10-65-1)
  • Statements and Implementation Guides of the Governmental Accounting Standards Board:

    RECENT DEVELOPMENT: On May 8, 2020, the GASB issued Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance, which provides temporary relief from certain newer accounting and financial reporting requirements to governments due to the COVID-19 pandemic. The effective date of certain Statements and Implementation Guides—through GASB Statement No. 93, Replacement of Interbank Offered Rates, and Implementation Guide No. 2019-03, Leases—that first became effective or were scheduled to become effective for periods beginning after June 15, 2018, and later are deferred by either one year or eighteen months. See the Statement for the specific listing of deferrals. When using disclosure checklists dated before the issuance of GASB Statement No. 95, practitioners should consider the effect of the deferred effective dates in GASB Statement No. 95. Where applicable, the effective dates for the following GASB pronouncements have been amended to reflect the deferrals in Statement No. 95.

    • No. 92, Omnibus 2020, (January 2020. See the Standard and GASB Statement 95 for the effective dates.)—Paragraph 16.
    • No. 93, Replacement of Interbank Offered Rates, (March 2020, effective for reporting periods beginning after June 15, 2020, except for the removal of LIBOR as an appropriate benchmark interest rate which is effective for reporting periods ending after December 31, 2021, and Paragraphs 13 and 14 (leases) which are effective for fiscal years beginning after June 15, 2021, and all reporting periods thereafter. Earlier application is encouraged.)—Paragraph 16.
    • No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements, (March 2020, effective for fiscal years beginning after June 15, 2022, and all reporting periods thereafter. Earlier application is encouraged.)—Paragraphs 35 through 36, 57 through 59, and 85.
    • No. 96, Subscription-Based Information Technology Arrangements, (May 2020, effective for fiscal years beginning after June 15, 2022 and all reporting periods thereafter. Earlier application is encouraged.)—Paragraphs 60–61 and 63
    • No. 97, Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans—an amendment of GASB Statements No. 14 and No. 84, and a supersession of GASB Statement No. 32, (June 2020. See pronouncement for effective dates.)—Paragraph 15
    • Implementation Guide No. 2019-1, Implementation Guidance Update—2019 (April 2019, effective for reporting periods beginning after June 15, 2020. Earlier application is encouraged if the pronouncement addressed by the question and answer has been implemented.)
    • Implementation Guide No. 2019-2, Fiduciary Activities (June 2019, effective for financial reporting periods beginning after December 15, 2019. Earlier application is encouraged if GASB Statement No. 84 has been implemented.)—Paragraph 7.
    • Implementation Guide No. 2019-3, Leases (August 2019, effective for fiscal years beginning after June 15, 2021, and all reporting periods thereafter. Earlier application is encouraged if GASB Statement No. 87 has been implemented.)—Paragraph 6
    • Implementation Guide No. 2020-1, Implementation Guidance Update—2020, (April 2020.  See pronouncement for effective dates.)—Paragraph 8
  • Statements and Interpretations of the International Accounting Standards Board:

    • Definition of a Business (Amendments to IFRS 3) (October 2018, effective for business combinations for which the acquisition date is on or after the beginning of the first annual period beginning on or after January 1, 2020 and for asset acquisitions occurring on or after the beginning of that period. Earlier application is permitted.)—Paragraph 64P
    • Definition of Material—Amendments to IAS 1and IAS 8 (October 2018, effective for annual periods beginning on or after January 1, 2020. Earlier application is permitted.)—IAS 1, paragraph 139T and IAS 8, paragraph 54H
    • Classification of Liabilities as Current or Non-current Amendments to IAS 1 (January 2020, effective for annual reporting periods beginning on or after January 1, 2023. Earlier application is permitted.)—IAS 1, Paragraphs, 75A, 76 and 139U
    • Property, Plant and Equipment-Proceeds before Intended Use (Amendments to IAS 16), (May 2020, effective for annual reporting periods beginning on or after January 1, 2022. Earlier application is permitted. The effective date reflects the deferral as indicated in Classification of Liabilities as Current or Non-current (Amendments to IAS 1)-Deferral of Effective Date issued in July 2020 to provide companies with additional time to implement the classification changes in the standard.  If the classification standard is applied in an earlier period, disclosure should be made of that fact.)—IAS 16, Paragraphs 74, 74A and 81N
    • Onerous Contracts-Cost of Fulfilling a Contract (Amendments to IAS 37), (May 2020, effective for annual reporting periods beginning on or after January 1, 2022. Earlier application is permitted.)—IAS 37, Paragraph 105
    • Annual Improvements to IFRS Standards 2018-2020, (May 2020, effective for annual reporting periods beginning on or after January 1, 2022. Earlier application is permitted.)—IFRS 1, Paragraph 39AG; IFRS 9, Paragraph 7.1.9
    • Covid-19-Related Rent Concessions (Amendment to IFRS 16), (May 2020, effective for annual reporting periods beginning on or after June 1, 2020.  Earlier application is permitted, including in financial statements not authorized for issue at May 28, 2020.)—IAS 16, Paragraph 60A