Nonpublic Company Disclosure Checklist Update Information

Current through December 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:       

    •  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)

    • ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations (September 2022, effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for certain disclosures on rollfoward information, which are effective for fiscal years beginning after December 15, 2023. Early application is permitted. The ASU should be applied retrospectively for each period in which a balance sheet is presented, except for rollfoward disclosures, which are to be presented prospectively.) Paragraph 3 (FASB ASC 405-50-50-1 through 50-4)

  • Statements and Implementation Guides of the Governmental Accounting Standards Board:

    • 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:

    • Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) (September 2022, effective for seller-lessees for annual reporting periods beginning on or after January 1, 2024. Earlier application is permitted.) IFRS 16, Paragraph C1D

    • Non-current Liabilities with Covenants (Amendments to IAS 1) (October 2022, effective immediately for the amendment in paragraph 139U of IAS 1. Other amendments are effective for annual reporting periods beginning on or after January 1, 2024 on a retrospective basis. Earlier application is permitted.) IAS 1, Paragraphs 76ZA, 139U, and 139W

explore ppc