Nonpublic Company Disclosure Checklist Update Information

Current through December 8, 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 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)
    • 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 interim or annual periods where financial statements have not yet been issued or 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)
  • Statements and Implementation Guides of the Governmental Accounting Standards Board:

    • Implementation Guide No. 2023-1: Implementation Guidance Update-2023. June 2023, Questions 4.1-4.9 and 5.1 are effective for fiscal years beginning after June 15, 2023, and reporting periods thereafter. Earlier application is encouraged if the related pronouncement is implemented. Question 4.10 is effective simultaneously with the requirements of GASB No. 100. If GASB No. 100 has been previously implemented, the Question is effective for fiscal years beginning after June 15, 2023, and all reporting periods thereafter, with earlier application encouraged.
      Paragraphs 6 and 7
  • 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