Nonpublic Company Disclosure Checklist Update Information

Current through September 15, 2022

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

  • Accounting Standards Updates:       

    • No. 2021-05, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments, (July 2021, effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Earlier application is permitted. See ASU for transition methods.) Paragraph 4 (FASB ASC 842-10-65-5)
    • No. 2021-07, Compensation—Stock Compensation (Topic 718): Determining the Current Price of an Underlying Share for Equity-Classified Share-Based Awards, (October 2021, effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted, including application in an interim period, for financial statements that have not been made available for issuance as of October 25, 2021. The ASU should be applied prospectively.) Paragraph 3 (FASB ASC 718-10-50-2)
    • No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, (October 2021, effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023. Early adoption is permitted, including any interim period, for periods for which financial statements have not yet been made available for issuance. The ASU should be applied prospectively to business combinations that occur after the effective date.) Paragraph 5 (FASB ASC 805-20-50-5)
    • No. 2021-09, Leases (Topic 842): Discount Rate for Lessees That Are Not Public Business Entities, (November 2021, for entities that have not adopted FASB ASC 842 as of November 11, 2021, effective when the entity first adopts FASB ASC 842.  For entities that have adopted FASB ASC 842, effective for financial statements issued for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application is permitted. See the ASU for transition methods.) Paragraphs 3 (FASB 842-20-50-10) and 5 (FASB 842-10-65-6)
    • No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, (November 2021, effective for financial statements issued for years beginning after December 15, 2021.  Early adoption is permitted. See the ASU for transition methods.) Paragraph 2 (FASB ASC 832-10-50-1 through 50-5)
    •  ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method, (March 2022, effective for fiscal years beginning after December 15, 2023, and interim periods within those years. Early application is permitted on any date on or after March 28, 2022 for any entity that has adopted ASU 2017-12 for the corresponding period.  See the ASU for transition details.) Paragraphs 9 (FASB ASC 815-10-50-4EEE, 50-5B and 50-5C) and 19 (FASB ASC 815-20-65-6)
    •  ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (March 2022, for entities that have adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, effective for fiscal years beginning after December 15, 2022, including interim periods with those years.  If ASU 2016-13 has not been adopted, the ASU is effective as of the same dates as ASU 2016-13. Early application is permitted if ASU 2016-13 has been adopted. See the ASU for transition details.) Paragraphs 5 (FASB ASC 310-10-50-11, 50-31 through 50-34; 50-36 through 50-48), 7 (FASB ASC 310-40-50-1 through 50-7) and 9 (FASB ASC 326-10-65-5)
    • ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (June 2022, effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years.  Early application is permitted, including application in an interim period, for financial statements that have not been issued or made available for issuance. Except for investment companies, the ASU should be applied prospectively with any adjustments from the application recognized in earnings and disclosed.) Paragraph 3 (FASB ASC 820-10-50-6B) and 4 (FASB ASC 820-10-65-13) 
  • Statements and Implementation Guides of the Governmental Accounting Standards Board:

    • GASB No. 98, The Annual Comprehensive Financial Report, (October 2021, effective for fiscal years ending after December 15, 2021.  Earlier application is encouraged.) Paragraph 4
    • GASB No. 99, Omnibus 2022 (April 2022, varying effective dates; see the Statement for effective dates) Paragraphs 7, 8, 28, 31, 37, and 38
    • GASB No. 100, Accounting Changes and Error Corrections (an amendment of GASB Statement No. 62 (June 2022, effective for fiscal years beginning after June 15, 2023. Earlier application is encouraged.) Paragraphs 15 through 18, 20, 21, 23, 24, 27 through 31, and 32 through 34
    • GASB No. 101, Compensated Absences (June 2022, effective for fiscal years beginning after December 15, 2023. Earlier application is encouraged.) Paragraphs 30, 31, and 33
    • Implementation Guide No. 2021-1, Implementation Guidance Update—2021 (May 2021. See pronouncement for effective dates.) Paragraph 7
  • Statements and Interpretations of the International Accounting Standards Board:

    • Recent standards are included in relevant disclosure checklists