Nonpublic (Unlisted) Company Disclosure Checklist Update Information

Current through June 18, 2024

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 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. (August 2023, effective prospectively for all joint-venture formations on or after January 1, 2025. Joint ventures formed before January 1, 2025, can elect to apply the amendments retroactively when sufficient information is available. Early adoption is permitted in financial statements that have not yet been made available for issuance.) Paragraphs 5 (FASB ASC 805-60-50-1 through 50-3; 805-60-65-1), 9 (FASB ASC 350-20-50-4 and 50-7), and 10 (FASB ASC 350-30-50-1)
    • ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative [October 2023, effective for entities other than those that are subject to the SEC’s existing disclosure requirements, prospectively two years after the effective date of the removal of related guidance in Regulation S-X or Regulation S-K by the SEC. As of the date of this update, the SEC had not removed the related guidance; thus, the effective date has not yet been defined. (If the SEC does not remove the guidance by June 30, 2027, the amendments in the ASU will not become effective.)] Paragraphs 5 (FASB ASC 230-10-50-9), 6 (FASB ASC 250-10-50-6), 9 (FASB ASC 440-10-50-1), 10 (FASB ASC 470-10-50-6), 11 (FASB ASC 505-10-50-4), 12 (FASB ASC 815-10-50-8C), 13 (FASB ASC 860-30-50-9 through 12), 15 (FASB ASC 946-20-50-11), and 16 (FASB ASC 974-10-50-1)
    • ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (December 2023, effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted for financial statements that have not yet been made available for issuance.) Paragraphs 2 (FASB ASC 350-60-50-1 through 50-7) and 4 (FASB ASC 270-10-50-7)
    • ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (December 2023, for entities other than public business entities, effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not been made available for issuance.) Paragraphs 3 (FASB ASC 740-10-50-1A, 50-8, 50-10A through 50-11A, 50-13, 50-15, 50-22, and 50-23), 6 (FASB ASC 740-30-50-2), and 7 (FASB ASC 230-10-50-2A)
    • ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (March 2024, for entities other than public business entities, effective for years beginning after December 15, 2025, and interim periods with those years.  Early adoption is permitted for financial statements that have not been made available for issuance.) Paragraph 5 (FASB ASC 718-10-65-17)
    • ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements (March 2024, for entities other than public business entities, effective for fiscal years beginning after December 15, 2025, including interim periods within those years. Early adoption is permitted for any fiscal year or interim period for which financial statements have not yet been made available for issuance.) Paragraph 36 (FASB ASC 105-10-65-9)

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

    • GASB Statement No. 102, Certain Risk Disclosures (December 2023, effective for fiscal years beginning after June 15, 2024, and reporting periods thereafter. Earlier application is encouraged.) Paragraphs 7 through 9
    • GASB Statement No. 103, Financial Reporting Model Improvements (April 2024, effective for fiscal years beginning after June 15, 2025, and reporting periods thereafter.  Earlier application is encouraged.) Paragraph 10

  • Statements and Interpretations of the International Accounting Standards Board:

    • Amendments to IAS 21: Lack of Exchangeability. (August 2023, IAS 21 amendments are effective for annual reporting periods beginning on or after January 1, 2025. Earlier application is permitted with disclosure. IFRS 1 amendments are effective when IAS 21, as amended, is applied.) IAS 21, Paragraphs 57A, 60L, A18, A19, A20; IFRS 1, Paragraph 31C
    • International Tax Reform—Pillar Two Model Rules—Amendments to the IFRS for SMEs Standard. (September 2023, the amendments are effective immediately and disclosures are required to be applied retrospectively for annual reporting periods beginning on or after January 1, 2023.) IFRS for SMEs section 29
    • IFRS 18, Presentation and Disclosure in Financial Statements (April 2024, effective for annual reporting periods beginning on or after January 1, 2027.  Earlier application is permitted with disclosure of that fact.) Refer to the Statement for the required disclosures and amendments to other IFRS.
    • IFRS 19, Subsidiaries without Public Accountability: Disclosures (May 2024, qualifying entities may elect to apply the Standard for reporting periods beginning on or after January 1, 2027.  Earlier application is permitted with disclosure of that fact.)  Refer to the Statement for the required disclosures and amendments to other IFRS. 
    • Amendments to the Classification and Measurement of Financial Instruments—Amendments to IFRS 9 and IFRS 7 (May 2024, IFRS 9 and IFRS 19 amendments are effective for annual reporting periods beginning on or after January 1, 2026. Earlier application is permitted. IFRS 7 amendments are effective when the amendments to IFRS 9 are applied.) IFRS 9, Paragraphs 7.1.13, 7.2.49; IFRS 7, Paragraphs 11A, 11B, 20B, 20C, 20D, 44LL, 44MM; IFRS 19, Paragraphs 56A, 56B, 56C

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