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Nonpublic Company Disclosure Checklist Update Information

Current through October 31, 2020

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 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. 2019-08, 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)
    • 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)
  • 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. 2020-1, Implementation Guidance Update—2020, (April 2020.  See pronouncement for effective dates.)—Paragraph 8
  • Statements and Interpretations of the International Accounting Standards Board:

    • Interest Rate Benchmark Reform-Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16), (August 2020, effective for annual periods beginning on or after January 1, 2021. Earlier application is permitted.)—IFRS 9, Paragraph 7.19: IAS 39, Paragraph 108H; IFRS 7, Paragraphs 24I and 24J, and 44HH; IFRS 4, Paragraph 50; IFRS 16, Paragraph C1B