Nonpublic Company Disclosure Checklist Update Information

(Current through January 31, 2019)

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. 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. 2016-13, 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, 2021 including interim periods within those fiscal years. 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. (The effective date reflects the amendment in ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, which was issued in November 2018.)
  • No. 2017-15, Codification Improvements to Topic 995, U.S. Steamship Entities: Elimination of Topic 995 (December 2017, effective for fiscal years and first interim periods beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. The ASU should be applied using a modified retrospective basis.)—Paragraph 5 (FASB ASC 740-10-65-6)
  • No. 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 [January 2018, effective dates and transition requirements are the same as those in ASU No. 2016-02 (see previous).]—Paragraph 3 (FASB ASC 842-10-65-1)
  • No. 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (February 2018, effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is allowed, including adoption in any interim period, for reporting periods for which financial statements have not yet been made available for issuance. The ASU should be applied either in the period of adoption or retrospectively to periods in which the effect of the change in the federal corporate income tax rate due to the Tax Cuts and Jobs Act is recognized.)—Paragraphs 3 (FASB ASC 220-10-50-1 through 50-3) and 5 (FASB ASC 220-10-65-4)
  • No. 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, (February 2018, for entities other than public business entities, the effective date is the same as in ASU No. 2016-01 (see previous). Early adoption is permitted for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, if ASU No. 2016-01 has been adopted.)—Paragraphs 10 (FASB ASC 815-15-45-2), 13 (FASB ASC 825-10-45-5A), and 17 (FASB ASC 825-10-65-3)
  • No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, (June 2018, 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, but no earlier than the adoption date of FASB ASC 606. See the ASU for additional information about specific transition provisions.)— Paragraphs 22 (FASB ASC 718-10-50-1 and 50-2), 41 (FASB ASC 718-10-65-11), 44 (FASB ASC 718-10-65-12), and 48 (FASB ASC 718-10-65-13)
  • No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, [June 2018, for transactions in which an entity is neither a public business entity nor a not-for-profit entity that has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an over-the-counter market and serve as the resource recipient, the ASU is effective for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. For transactions in which an entity is neither a public business entity nor a not-for-profit entity that has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an over-the-counter market and serves as the resource provider, the ASU is effective for annual periods beginning after December 15, 2019, and interim periods within annual periods beginning after December 15, 2020. Early application is permitted. The amendments should be applied on a modified prospective basis with retrospective application permitted.]—Paragraph 7 (FASB ASC 958-10-65-2)
  • No. 2018-09, Codification Improvements, (July 2018, the effective dates and transition guidance varies based on the facts and circumstances of each amendment. However, some of the amendments were effective upon issuance of the ASU. See the ASU for the applicable guidance.)—Paragraphs 7 (FASB ASC 320-10-50-1A and 50-13), 44 (FASB ASC 820-10-50-2), 48 (FASB ASC 820-10-50-2E), 58 (FASB ASC 942-505-50-1), and 74 (FASB ASC 105-10-65-4 and 65-5)
  • No. 2018-11, Leases (Topic 842): Targeted Improvements, [July 2018, the effective dates are generally the same as those in ASU No. 2016-02 (see previous). However, the ASU provides an additional and optional transition method for the adoption of ASU No. 2016-02, which allows the initial application of the guidance at the adoption date with recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. In addition, for amendments in the ASU providing lessors a practical expedient to not separate nonlease components from lease components, entities that have not yet adopted ASU No. 2016-02 should use the same effective date and transition requirements (as amended) as those in ASU No. 2016-02. For entities that have previously adopted ASU No. 2016-02, the practical expedient can be elected in the first reporting period after the issuance of ASU No. 2018-11, or at the original effective date of ASU No. 2016-02. Additionally, if ASU No. 2016-02 has previously been adopted, the practical expedient may be applied either retrospectively or prospectively.]—Paragraphs 5 (FASB ASC 842-10-65-1) and 9 (FASB ASC 842-30-50-3 and 50-3A)
  • No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, (August 2018, effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period, for periods in which financial statements have not yet been made available for issuance. The ASU allows entities to early adopt the amendments for removed or modified disclosures and adopt the additional disclosures on the effective date of the ASU. Certain of the amendments are required to be applied prospectively, while others should be applied retrospectively.)—Paragraph 2 (FASB ASC 820-10-50-1 through 50-2; 820-10-50-2C; 820-10-50-2F through 50-3; 820-10-50-6A; 820-10-50-10)
  • No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans (August 2018, effective for entities other than public business entities for fiscal years ending after December 15, 2021. Early adoption is allowed. The ASU is to be applied on a retrospective basis to all periods presented.)—Paragraphs 3 (FASB ASC 715-20-50-3); 4 (FASB ASC 715-20-50-5); 5 (FASB ASC 715-20-50-9 through 50-10) and 8 (FASB ASC 958-715-50-1)
  • No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (August 2018, effective for entities other than public business entities for annual periods beginning after December 15, 2020, and interim periods in annual periods beginning after December 15, 2021. Early application is permitted, including in any interim period, for periods for which financial statements have not yet been made available for issuance. The ASU allows retrospective application or prospective application to costs for activities performed on or after the date of adoption.)–Paragraphs 10 (FASB ASC 350-40-50-1 through 50-3) and 11 (FASB ASC 350-40-65-3)
  • No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities, (October 2018, effective for private companies for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. Early adoption is permitted, including adoption in an interim period. The ASU is to be applied retrospectively.)—Paragraphs 5 (FASB ASC 810-10-15-17AD); 7 (FASB ASC 810-10-50-2AG through 50-2AI) and 12 (FASB ASC 810-10-65-9)
  • No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, (November 2018, effective for entities other than public business entities for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. Early application is permitted, including adoption in any period, for entities that have adopted the guidance in FASB ASC 606 in periods for which financial statement have not yet been made available for issuance. The ASU is to be applied retrospectively to the date of initial application of FASB ASC 606.)—Paragraph 6 (FASB ASC 808-10-65-2)
  • No. 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors, [December 2018; for entities that have not adopted the guidance in FASB ASC 842, the ASU is effective the same dates as ASU 2016-02 (see previous). For entities that have previously adopted the guidance in FASB ASC 842, ASU 2018-20 can be adopted at either the original effective date of that guidance, in the first reporting period ending after December 19, 2018, or in the first reporting period beginning after December 19, 2018. For entities that have previously adopted the guidance in FASB ASC 842, the ASU can be applied either retrospectively to the date of application of FASB ASC 842 or prospectively.]—Paragraph 4 (FASB ASC 842-30-50-14)

Governmental Accounting Standards Board

Statements and Implementation Guides of the Governmental Accounting Standards Board:

  • No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements (March 2018, effective for reporting periods beginning after June 15, 2018. Early application is encouraged.)—Paragraphs 4 through 7.
  • No. 90, Majority Equity Interests—an amendment of GASB Statements No. 14 and No. 61 (August 2018, effective for reporting periods beginning after December 15, 2018. Earlier application is encouraged.)—Paragraph 10
  • Implementation Guide No. 2018-1, Implementation Guidance Update—2018 (May 2018, effective for reporting periods beginning after June 15, 2018. Earlier application is encouraged if the pronouncement addressed by the question and answer has been implemented.)

International Accounting Standards Board

Statements and Interpretations of the International Accounting Standards Board:

  • Definition of a Business (Amendments to IFRS 3) (October 2018, effective for business combinations for which the acquisition date is on or after the beginning of the first annual period beginning on or after January 1, 2020 and for asset acquisitions occurring on or after the beginning of that period. Earlier application is permitted.)—Paragraph 64P
  • Definition of Material—Amendments to IAS 1and IAS 8 (October 2018, effective for annual periods beginning on or after January 1, 2020. Earlier application is permitted.)—IAS 1, paragraph 139T and IAS 8, paragraph 54H