Nonpublic Company Disclosure Checklist Update Information

Current through June 5, 2023

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 2022-03, 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)
    • ASU 2022-05, Financial Services—Insurance (Topic 944): Transition for Sold Contracts (December 2022, effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. Early application is permitted.  See the ASU for transition information.)  Paragraph 2 (FASB ASC 944-40-65-2)
    • ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (December 2022, effective December 21, 2022.) Paragraph 2 (FASB ASC 848-10-65-1)
    • ASU 2023-01, Leases (Topic 842): Common Control Arrangements (March 2023, effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023.  Early adoption is permitted in any period for which financial statements have not yet been made available for issuance. Refer to the ASU for transition provisions.) Paragraphs 6 (FASB ASC 842-10-65-7), 10 (FASB ASC 842-20-50-7A), and 11 (FASB ASC 842-10-65-8)
    • ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (March 2023, effective for entities other than public business entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years.  Early adoption is permitted. Refer to the ASU for transition provisions.) Paragraphs 2 (FASB ASC 323-740-50-1 through 50-2) and 3 (FASB ASC 323-740-65-2)

  • 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

  • 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
    • Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) (May 2023, IAS 7 amendments are effective for annual reporting periods beginning on or after January 1, 2024. Earlier application is permitted. IFRS 7 amendments are effective when IAS 7 amendments are applied.) Paragraphs 44H and 62-63
    • International Tax Reform-Pillar Two Model Rules (Amendments to IAS 12) (May 2023, paragraphs 4A and 88A are effective immediately; paragraph 88B through 88D are effective for annual reporting periods beginning on or after January 1, 2023. Disclosures in paragraphs 88B through 88D are not required in interim periods ending on or before December 31, 2023.) Paragraphs 88A and 88B through 88D

     

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