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Nonpublic Company Disclosure Checklist Update Information

Current through September 15, 2021

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. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, (August 2020, for entities other than public business entities that meet the definition of an SEC filer, effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The ASU can be applied through either a modified retrospective method or fully retrospective method of transition.) Paragraphs 12 (FASB ASC 470-10-50-1), 24 (FASB ASC 470-20-50-1A through 50-1I), 30 (FASB ASC 505-10-50-12 through 50-18), 35 (FASB ASC 815-10-50-8A and 50-8B), 41 (FASB ASC 815-40-50-1 through 50-3, 815-40-50-5), 43 (FASB ASC 815-40-65-1), and 45 (FASB 825-10-50-11A)
    • No. 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets, (September 2020, effective for annual periods beginning after June 15. 2021, and interim periods within annual periods beginning after June 15, 2022. Early adoption is permitted. The ASU should be applied on a retrospective basis.) Paragraphs 3, (FASB ASC 820-10-50-2H), 4 (FASB ASC 958-10-65-4), 7 (FASB ASC 958-220-45-31) and 8 (FASB ASC 958-605-45-7A; 50-1 through 50-1B)
    • No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs, (October 2020, for entities other than public business entities, effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The ASU should be applied on a prospective basis.) Paragraph 4 (FASB ASC 310-20-65-2)
    • No. 2020-10, Codification Improvements, (October 2020, for entities other than public business entities, effective for annual periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. Early application is permitted for any annual or interim period for which financial statements are available to be issued. The ASU should be applied retrospectively.) Paragraphs 4 (FASB ASC 205-10-50-2), 6 (FASB ASC 220-10-50-4), 8 (FASB ASC 220-10-50-5), 10 (FASB ASC 220-10-50-6), 12 (FASB ASC 250-10-50-12), 14 (FASB ASC 250-10-50-7A), 16 (FASB ASC 260-10-50-1A), 18 (FASB ASC 270-10-50-1B), 20 (FASB ASC 835-30-50-1), 22 (FASB ASC 852-10-50-6A), 24 (FASB ASC 942-360-50-1), 26 (FASB ASC 946-220-50-3), 28 (FASB ASC 946-220-50-4), 30 (FASB ASC 965-205-50-6), 36 (FASB ASC 270-10-50-5), 44 (FASB ASC 830-20-50-1), and 58 (FASB ASC 105-10-65-6)
    • No. 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application, (November 2020, for entities other than public business entities that meet the definition of a SEC filer, effective for fiscal years beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025.  Early application is permitted. When early applied, the transition date should be either the beginning of the prior period presented or the beginning of the earliest period presented.  When not early applied, the transition date should be the beginning of the earliest period presented.)  Paragraph 2 (FASB ASC 944-40-65-2)
    • No. 2021-1, Reference Rate Reform (Topic 848): Scope, (January 2021, effective as of January 7, 2021 through December 31, 2022. Refer to the ASU for detailed transition information.) Paragraph 3 (FASB ASC 848-10-65-2)
    • No. 2021-2, Franchisors—Revenue from Contracts with Customers (Subtopic 952-606): Practical Expedient, (January 2021, for entities that have not adopted ASU 2014-09, ASU 2021-02 should be applied when ASU 2014-09 is first adopted.  For entities that have previously adopted ASU 2014-09, ASU 2021-02 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. In such cases, the ASU should be applied on a retrospective basis. Early application is permitted.) Paragraph 2 (FASB ASC 952-606-50-1 and 50-2; 952-606-65-1)
    • No. 2021-03, Intangibles—Goodwill and Other (Topic 350): Accounting Alternative for Evaluating Triggering Events, (March 2021, effective prospectively for fiscal years beginning after December 15, 2019. Early adoption is permitted for both interim and annual financial statements that have not yet been made available for issuance as of March 30, 2021.) Paragraph 7 (FASB ASC 350-20-50-3A and 3B) 
    • No. 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (May 2021, effective for fiscal years beginning after December 15, 2021, and interim periods within those years. Early application is permitted, including application in an interim period as of the beginning of the fiscal year that includes that interim period. The ASU should be applied prospectively.) Paragraphs 10 (FASB ASC 815-40-50-6) and 11 (FASB ASC 815-40-65-2)
    • 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)
  • Statements and Implementation Guides of the Governmental Accounting Standards Board:

    • 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:

    All recent standards have been incorporated into the applicable checklists.