Nonpublic Company Disclosure Checklist Update Information

(Current through October 31, 2017)

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.)

Financial Accounting Standards Board

Accounting Standards Updates:

  • No. 2014-09, Revenue from Contracts with Customers (Topic 606) (May 2014, original effective dates deferred by ASU No. 2015-14, see following. Various retrospective application methods are available.) The ASU will supersede the revenue recognition requirements in FASB ASC 605, Revenue Recognition, and most industry-specific revenue recognition guidance throughout the Industry Topics of the FASB ASC. See the ASU for various disclosure amendments and requirements.
  • No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (August 2015, defers the effective date of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), for entities other than public business entities, certain not-for-profit entities, and certain employee benefit plans, by one year, to years beginning after December 15, 2018, and interim periods within years beginning after December 15, 2019. Early adoption is permitted under several options, the earliest for a year beginning after December 15, 2016, and interim periods with that year.)—Paragraph 3 (FASB ASC 606-10-65-1)
  • No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (January 2016, effective for entities other than public business entities for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Additionally, the ASU allows entities that are not public business entities the option to (a) adopt the presentation guidance in FASB 825-10-45-5 through 45-7 regarding financial liabilities for which the fair value option is elected and (b) not disclose the information regarding the fair value of financial instruments set forth in FASB ASC 825-10-50 in financial statements of fiscal years or interim periods that have not yet been made available for issuance. )–See the ASU for additional information about specific transition and disclosure amendments and requirements.
  • No. 2016-02, Leases (Topic 842) (February 2016, effective for entities other than public business entities, certain not-for-profit entities, and certain employee benefit plans for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The ASU is to be applied using a modified retrospective approach with optional practical expedients and other special transition provisions. Early adoption is permitted.)–The ASU supersedes FASB ASC 840, Leases, and adds FASB ASC 842. It also amends and supersedes a number of other paragraphs throughout the FASB ASC. See the ASU for additional information about specific transition and disclosure amendments and requirements.
  • No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients [May 2016, effective dates and transition requirements are the same as those in ASU No. 2014-09, as amended by ASU No. 2015-14 (see previous).]—Paragraph 12 (FASB ASC 606-10-65-1)
  • No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (June 2016, for entities other than public business entities that are SEC filers, effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. Entities may early adopt the provisions of the ASU, but not before fiscal years beginning after December 15, 2018, including interim periods within those years. See the ASU for disclosure and transition amendments and requirements.)
  • No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities (August 2016, effective for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018. Early application is permitted. The ASU should be applied on a retrospective basis.) See the ASU for various disclosure amendments and requirements.
  • No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (August 2016, for entities other than public business entities, effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted.)—Paragraphs 7 (FASB ASC 230-10-50-2), 17 (FASB ASC 230-10-45-21D), and 24 (FASB 230-10-65-2)
  • No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (October 2016, for entities other than public business entities, effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. Early adoption is permitted. The ASU should be applied on a modified retrospective basis.)—Paragraph 6 (FASB ASC 740-10-65-5)
  • No. 2016-17, Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control (October 2016, for entities other than public business entities, effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted. Refer to the ASU for transition requirements.)—Paragraph 3 (FASB ASC 810-10-65-8)
  • No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (November 2016, for entities other than public business entities, effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted. The ASU should be applied on a retrospective basis.)—Paragraphs 4 (FASB ASC 230-10-50-7 and 50-8) and 6 (FASB ASC 230-10-65-3)
  • No. 2016-19, Technical Corrections and Improvements (December 2016, most of the amendments were effective upon issuance; however, six amendments include specific effective date and transition requirements, although early adoption is allowed. See the ASU for specific disclosure amendments and transition requirements.)
  • No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers [December 2016, effective dates and transition requirements are the same as those in ASU No. 2014-09, as amended by ASU No. 2015-14 (see previous).]—Paragraphs 14 (FASB ASC 606-10-50-14 through 50-15), 17 (FASB ASC 606-10-50-8 and 50-12A), and 18 (FASB ASC 270-10-50-1A)
  • No. 2017-02, Not-for-Profit Entities—Consolidation (Subtopic 958-810): Clarifying When a Not-for-Profit Entity That Is a General Partner or a Limited Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity (January 2017, effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. See the ASU for additional transition requirements.)—Paragraph 8 (FASB ASC 958-810-65-2)
  • No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (January 2017, effective for entities other than public business entities for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2021. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017.)—Paragraphs 4 (FASB ASC 350-20-50-1A and 50-2) and 6 (FASB ASC 350-20-65-3)
  • No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets [February 2017, effective dates and transition requirements are the same as those in ASU No. 2014-09, as amended by ASU No. 2015-14 (see previous).]—Paragraphs 10 (FASB ASC 610-20-50-1) and 34 (FASB ASC 606-10-65-1)
  • No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, (March 2017, effective for entities other than public business entities for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. Early adoption is permitted.)—Paragraphs 4 (FASB ASC 715-20-50-5), and 6 (FASB ASC 715-20-65-3)
  • No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, (March 2017, effective for entities other than public business entities for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted including adoption in an interim period. The ASU should be applied using a modified retrospective basis.)—Paragraph 3 (FASB ASC 310-20-65-1)
  • No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting, (May 2017, effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period, for reporting periods for which financial statements have not yet been made available for issuance. The ASU should be applied prospectively for modifications of awards that occur on or after the date of adoption.)—Paragraph 3 (FASB ASC 718-10-50-2)
  • No. 2017-10, Service Concession Arrangements (Topic 853): Determining the Customer of the Operation Services, [May 2017, for entities that have not adopted FASB ASC 606, Revenue from Contracts with Customers, the effective date and transition requirements are generally the same as ASU 2014-09, as amended by ASU 2015-14 (see previous). For entities other than public business entities, certain not-for-profit entities, and certain employee benefit plans, which have adopted FASB ASC 606, the ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Earlier application is permitted for such entities. See the ASU for transition methods.]—Paragraph 3 (FASB ASC 853-10-65-2)
  • No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, (August 2017, effective for entities other than public business entities for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, including in an interim period. See the ASU for transition requirements and elections.)—Paragraphs 6 (FASB ASC 815-10-50-1B, 50-3, 50-4A, 50-4C through 50-4F, 50-4CC through 50-4CCC, 50-4EE through 50-4EEEE, and 50-5A through 50-5B), 13 (FASB ASC 815-20-65-3), 17 (FASB ASC 815-25-50-1), 23 (FASB ASC 815-30-50-1, 50-2, and 50-4 through 50-6), 28 (FASB ASC 815-35-50-2)
  • No. 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception, (July 2017, for Part I amendments, effective for entities other than public business entities for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted including adoption in an interim period. The ASU generally requires retrospective application. Part II amendments have no transition requirements as the amendments have no accounting effect.)—Paragraphs 10 (FASB ASC 260-10-65-4) and 11(FASB ASC 505-10-50-3 and 50-3A)

Governmental Accounting Standards Board

Statements and Implementation Guides of the Governmental Accounting Standards Board:

  • No. 83, Certain Asset Retirement Obligations (November 2016, effective for reporting periods beginning after June 15, 2018. Earlier application is encouraged.)—(Paragraphs 25, 27 through 29, and 31)
  • No. 84, Fiduciary Activities (January 2017, effective for reporting periods beginning after December 15, 2018. Earlier application is encouraged.)—( Paragraph 28. See the standard for revised reporting requirements.)
  • No. 85, Omnibus 2017 (March 2017, effective for reporting periods beginning after June 15, 2017. Early application in encouraged and permitted by topic to the extent all requirements of that topic are implemented simultaneously.)— (Paragraphs 4, 13, 14, 23 through 25, 28 through 30)
  • No. 86, Certain Debt Extinguishment Issues (May 2017, effective for reporting periods beginning after June 15, 2017. Early application is encouraged.)—Paragraphs 7, 8, 10, 11, 13)
  • No. 87, Leases (June 2017, effective for reporting periods beginning after December 15, 2019. Earlier application is encouraged.)—(Paragraphs 37–39, 41, 43, 57–60, 81, 85, 87, 90, 93. See Appendix C for Codification Instructions.)
  • Implementation Guide No. 2017-1, Implementation Guidance Update—2017 (April 2017, effective for reporting periods beginning after June 15, 2017. Earlier application is encouraged where the pronouncement addressed by the question and answer has been implemented.)
  • Implementation Guide No. 2017-2, Financial Reporting for Postemployment Benefit Plans Other Than Pensions (April 2017, except as noted in the following sentence, effective for reporting periods beginning after December 15, 2016. For questions 4.80, 4.144, and 4.151, effective for reporting periods beginning after June 15, 2017. Earlier application is encouraged if Statement Nos. 74 and 85 have been implemented.)

International Accounting Standards Board

Statements and Interpretations of the International Accounting Standards Board:

  • IFRS 15, Revenue from Contracts with Customers (May 2014, effective retrospectively for years beginning on or after January 1, 2018. Earlier application is permitted. If the standard is applied for an earlier period, disclosure of that fact should be made.) When effective, IFRS 15 will supersede the revenue recognition requirements in IAS 11, Construction Contracts; IAS 18, Revenue; IFRIC 13, Customer Loyalty Programmes; IFRIC 15, Agreements for the Construction of Real Estate; IFRIC 18, Transfer of Assets from Customers; and SIC–31, Revenue—Barter Transactions Involving Advertising Sales. See IFRS 15 for the various disclosure amendments and requirements as well as discussion of the deferral of the effective date of the Statement.
  • IFRS 9, Financial Instruments (July 2014, effective retrospectively for years beginning on or after January 1, 2018. Earlier application is permitted. If the amendments are applied for an earlier period, disclosure of that fact should be made.) IASB re-issued IFRS 9 in its entirety, incorporating all past amendments and including new requirements related to the classification and measurement of financial assets and impairment of financial assets due to expected credit losses. See IFRS 9 (July 2014) for various disclosure amendments and requirements.
  • Effective Date of IFRS 15 (September 2015, deferred the effective date of IFRS 15 to annual periods beginning on or after January 1, 2018. Early application is permitted.)—Paragraph C1.
  • IFRS 16, Leases (January 2016, effective for annual reporting periods beginning on or after January 1, 2019. Early application is permitted for entities that apply IFRS 15, Revenue from Contracts with Customers, at or before the initial application date of IFRS 16.) Among other things, IFRS 16 supersedes IAS 17, Leases. See IFRS 16 for additional information about specific transition and disclosure requirements and amendments.
  • IFRS 17, Insurance Contracts (May 2017, effective for annual reporting periods beginning on or after January 1, 2021. Early application is permitted for entities that apply IFRS 9, Financial Instruments, and IFRS 15, Revenue from Contracts with Customers, on or before the initial application date of IFRS 17. See IFRS 17 for additional information about transition requirements.)—Paragraphs 93–132, C1, C27–28, C32–33. See Appendix D for amendments to other IFRS standards.
  • Clarifications to IFRS 15, Revenue from Contracts with Customers (April 2016, effective for annual reporting periods beginning on or after January 1, 2018. Early application is permitted.)—Paragraphs C1B, C7A
  • Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Amendments to IFRS 4)(September 2016, effective for annual periods beginning on or after January 1, 2018)—Paragraphs 39B through 39M
  • Transfers of Investment Property—Amendments to IAS 40, (December 2016, effective for annual periods beginning on or after January 1, 2018. Early application is permitted.)—Paragraphs 84E and 85G.
  • Prepayment Features with Negative Compensation—Amendments to IFRS 9, (October 2017, effective for annual periods beginning on or after January 1, 2019. Earlier application is permitted.)—Paragraphs 7.1.7, 7.2.34
  • Long-term Interests in Associates and Joint Ventures—Amendments to IAS 28, (October 2017, effective retrospectively for annual reporting periods beginning on or after January 1, 2019. Earlier application is permitted. See the standard for transition requirements.)—Paragraphs 45G
  • IFRIC Interpretation 22, Foreign Currency Transactions and Advance Consideration (December 2016, effective for annual reporting periods beginning on or after January 1, 2018. Early application is permitted.)—Paragraph A1
  • IFRIC Interpretation 23, Uncertainty over Income Tax Treatments (June 2017, effective for annual reporting periods beginning on or before January 1, 2019. Early application is permitted.)—Paragraphs B1, A4–5