Disclosure Checklist Update Information

(Current through September 30, 2016)

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. 2015-10, Technical Corrections and Improvements (June 2015, for amendments requiring transition guidance, effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. All other amendments became effective upon issuance of the ASU.)—Paragraphs 24 (FASB ASC 310-20-50-4), 69 (FASB ASC 805-10-50-6), 70 (FASB ASC 805-20-50-4A), and 86 (FASB ASC 820-10-50-2)
  • No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (July 2015, effective for entities other than public business entities for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017, to be applied prospectively. Early adoption is permitted.)—Paragraphs 4 (FASB ASC 330-10-50-2), 6 (FASB ASC 330-10-65-1)
  • No. 2015-13, Derivatives and Hedging (Topic 815): Application of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts within Nodal Energy Markets (August 2015, effective upon issuance and is to be applied on prospective basis.)—Paragraph 3 (FASB ASC 815-10-65-7)
  • 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. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments (September 2015, effective for entities other than public business entities for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017, to be applied prospectively to adjustments to provisional amounts that occur after the effective date. Earlier application is permitted for financial statements that have not yet been made available for issuance.)—Paragraphs 4 (FASB ASC 805-10-65-3) and 5 (FASB ASC 805-20-50-4A)
  • No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (November 2015, effective for entities other than public business entities for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Application can be made either prospectively or retrospectively. Earlier application is permitted as of the beginning of an interim or annual reporting period.)—Paragraphs 2 (FASB ASC 740-10-45-4 through 45-6) and 4 (FASB ASC 740-10-65-4)
  • 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. 2016-03, Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance (March 2016, effective immediately. The ASU makes the guidance in ASU Nos. 2014-02, Intangibles—Goodwill and Other (Topic 350): Accounting for Goodwill; 2014-03, Derivatives and Hedging (Topic 815): Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps—Simplified Hedge Accounting Approach; 2014-07, Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements; and 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination; effective immediately by removing their effective dates and extends the transition guidance in such ASUs indefinitely.)—Paragraphs 9 (FASB ASC 810-10-65-4) and 10 (FASB ASC 815-10-65-6)
  • No. 2016-04, Liabilities—Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products (March 2016, effective for entities other than public business entities, certain not-for-profit entities, and certain employee benefit plans for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Earlier application is permitted, including adoption in an interim period. The ASU should be applied by either a modified retrospective or retrospective approach.)— Paragraphs 4 (FASB ASC 405-20-50-2), 5 (FASB ASC 405-20-65-1), and 6 (FASB ASC 825-10-50-8)
  • No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (March 2016, effective for entities other than public business entities for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018. The ASU should be applied by either a prospective or modified retrospective approach. Early adoption is permitted, including adoption in an interim period.)—Paragraph 5 (FASB ASC 815-20-65-2)
  • No. 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments (March 2016, effective for entities other than public business entities for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018. The ASU is to be applied using a modified retrospective approach, with other special transition provisions. Early adoption is permitted, including adoption in an interim period.)—Paragraph 4 (FASB ASC 815-15-65-3)
  • No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (March 2016, effective for entities other than public business entities for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018. Early application is permitted for reporting periods where financial statements have not yet been made available for issuance. The ASU requires different transition methods and disclosures based on the type of amendment included in theASU.)—Paragraphs 7 and 33 (FASB ASC 718-10-50-2 and 50-2A), 21 (FASB ASC 718-10-65-4), 25 (FASB ASC 718-10-65-5), 39 (FASB ASC 718-10-65-6), 42 (FASB ASC 718-10-65-7), 46 (FASB ASC 718-10-65-8), 50 (FASB ASC 718-10-65-9), and 53 (FASB ASC 718-10-65-10)
  • 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)

Governmental Accounting Standards Board

Statements of the Governmental Accounting Standards Board:

  • No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans (June 2015, effective for fiscal years beginning after June 15, 2016. Early application is encouraged.) —Paragraphs 34 through 38 and 60 through 62.
  • No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (June 2015, effective for fiscal years beginning after June 15, 2017. Early application is encouraged.)—Paragraphs 47 through 58, 89 through 98, 127 through 137, 142, 162 through 171, 185 through 192, 213 through 221, 229, 233, 239 and 240, 242, and 244
  • No. 78, Pensions Provided through Certain Multiple-Employer Defined Benefit Pension Plans (December 2015, effective for reporting periods beginning after December 15, 2015. Earlier application is encouraged.)—Paragraphs 8, 10, 12, and 13.
  • No. 79, Certain External Investment Pools and Pool Participants (December 2015, effective for reporting periods beginning after June 15, 2015, except for certain provisions on portfolio quality, custodial credit risk, and shadow pricing. Such provisions are effective for reporting periods beginning after December 15, 2015. Earlier application is encouraged.)—Paragraphs 42 and 43
  • No. 80, Blending Requirements for Certain Component Units–an amendment of GASB Statement No. 14 (January 2016, effective for reporting periods beginning after June 15, 2016. The Statement should be applied retroactively, if practical. Earlier application is encouraged.)—Paragraph 7
  • No. 81, Irrevocable Split-Interest Agreements (March 2016, effective for periods beginning after December 15, 2016. Earlier application is encouraged.)—Paragraph 36
  • No. 82, Pension Issues — an amendment of GASB Statements No. 67, No. 68, and No. 73 — (March 2016, effective for reporting periods beginning after June 15, 2016, with certain exceptions. Earlier application is encouraged.)—Paragraphs 10 and 12

International Accounting Standards Board

Statements 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.
  • 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