Effective dates for new FASB guidance

The FASB's active standard setting means it is more important than ever to know which standards are effective when. Below we have provided all of the FASB's recently released guidance separately for public companies and nonpublic companies, since that designation results in a different effective date in most instances. Standards that can be early adopted are indicated by an asterisk (*). You can read each new standard by accessing the Accounting Standards Updates Issued list on the FASB website.

Download the 'Effective dates for new FASB guidance' tables

Public companies Nonpublic companies

The FASB’s recently released standards are grouped below into two categories — those that are effective in 2018 for calendar year-end public companies, and those that are effective in subsequent fiscal years. Standards that are not applicable to public companies have been omitted.

Standards effective in 2018 or earlier for calendar year-end public companies

ASU No. Standard Name Effective Date** PwC Resources

ASU 2014-09

Revenue from Contracts with Customers (Topic 606), as amended by ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date

Annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period*1

Revenue recognition insights

ASU 2016-08

Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)

Should be adopted concurrent with adoption of ASU 2014-09*1

Revenue recognition insights

ASU 2016-10

Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing

Should be adopted concurrent with adoption of ASU 2014-09*1

Revenue recognition insights

ASU 2016-12

Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients

Should be adopted concurrent with adoption of ASU 2014-09*1

Revenue recognition insights

ASU 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

Should be adopted concurrent with adoption of ASU 2014-09*

Business combinations insights

ASU 2016-01

Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

Fiscal years beginning after December 15, 2017, including interim periods within those fiscal years* (for certain amendments) Financial instruments insights
ASU 2016-04

Liabilities—Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products (a consensus of the FASB Emerging Issues Task Force)

Financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years* Revenue recognition insights

ASU 2016-15

Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments

Fiscal years beginning after December 15, 2017, and interim periods within those fiscal years*

Financial statement presentation guide

ASU 2016-16

Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory

Annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods*

Income tax insights

ASU 2016-18

Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)

Fiscal years beginning after December 15, 2017, and interim periods within those fiscal years*

Financial statement presentation guide

ASU 2017-01

Business Combinations (Topic 805): Clarifying the Definition of a Business

Annual periods beginning after December 15, 2017, including interim periods within those periods*

Business combinations insights
ASU 2017-07 Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Annual periods beginning after December 15, 2017, including interim periods within those annual periods* Pension accounting insights
ASU 2017-09 Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting Annual periods, and interim periods within those annual periods, beginning after December 15, 2017* Stock compensation insights
ASU 2017-10 Service Concession Arrangements (Topic 853): Determining the Customer of the Operation Services (a consensus of the FASB Emerging Issues Task Force)

Entities that have not adopted Topic 606: The amendments in this Update should be adopted at the same time as adoption of Topic 606. Entities may also adopt the amendments earlier, including within an interim period*

Entities that have adopted Topic 606: Fiscal years beginning after December 15, 2017, including interim periods within those fiscal years*

Revenue recognition insights
ASU 2017-13 Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments Certain public business entities (PBEs) may elect to use the non-PBE effective dates to adopt standards ASC 606 and ASC 842 Lease accounting insights
ASU 2018-03 Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

Fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018.

PBEs with fiscal years beginning between December 15, 2017, and June 15, 2018, are not required to adopt these amendments until the interim period beginning after June 15, 2018, and PBEs with fiscal years beginning between June 15, 2018, and December 15, 2018, are not required to adopt these amendments before adopting the amendments in Update 2016-01***

Financial instruments insights
ASU 2018-06 Codification Improvements to Topic 942, Financial Services—Depository and Lending Effective immediately  

*early adoption permitted

**Recent amendments require separate effective dates for public business entities (PBEs) and all other entities. The effective dates shown in this table are applicable to PBEs. Certain recent amendments further specify separate effective dates for PBEs that are U.S. Securities and Exchange Commission (SEC) filers and PBEs that are not SEC filers. The separate effective dates for PBEs that are SEC filers and PBEs that are not SEC filers are noted in the tables. 

***Early adoption permitted for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, after adoption of Update 2016-01

1In accordance with ASU 2017-13, certain public business entities (PBEs) may elect to use the non-PBE effective dates to adopt this standard.

 

Standards effective after 2018 for calendar year-end public companies

ASU No. Standard Name Effective Date** PwC Resources
ASU 2016-02 Leases (Topic 842) Calendar year-end public companies beginning after December 15, 2018*1 Lease accounting insights
ASU 2018-01 Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 The effective date and transition requirements for the amendments are the same as the effective date and transition requirements in Update 2016-02. An entity that early adopted Topic 842 should apply the amendments in this Update upon issuance Lease accounting insights
ASU 2018-10 Codification Improvements to Topic 842, Leases

For entities that early adopted Topic 842, the amendments are effective upon issuance of this Update

For entities that have not adopted Topic 842, the effective date will be the same as the effective date in Topic 842

Lease accounting insights
ASU 2018-11 Leases (Topic 842): Targeted Improvements

For entities that have not adopted Topic 842, the effective date for the new lessor practical expedient is the same as the effective date for Topic 842

Entities that have already adopted Topic 842 may apply the new lessor practical expedient (1) to the first reporting period following the issuance of the practical expedient or (2) at the original effective date of Topic 842

Lease accounting insights
ASU 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Fiscal years beginning after December 15, 2019 for SEC filers (December 15, 2020 for all other public business entities), including interim periods within those fiscal years* Financial instruments insights
ASU 2017-04 Intangibles—Goodwill and Other (Topic 350)

SEC filers: Annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019*

Non-SEC filers: Annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2020*

Business combinations insights
ASU 2017-06 Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting (a consensus of the Emerging Issues Task Force)  Fiscal years beginning after December 15, 2018* Pension accounting insights
ASU 2017-08 Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018* Financing transactions guide
ASU 2017-11 Earnings Per Share (Topic 260) Distinguishing Liabilities from Equity (Topic 480) Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features, 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. Part 1: Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018*

Part 2: No transition guidance required
Financial instruments insights
ASU 2017-12 Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities Fiscal years beginning after December 15, 2018, and interim periods within those fiscal years* Derivatives and hedging insights
ASU 2017-15 Codification Improvements to Topic 995, U.S. Steamship Entities: Elimination of Topic 995 Fiscal years and first interim periods beginning after December 15, 2018. Early adoption is permitted for all entities, including adoption in an interim period*  
ASU 2018-02 Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Fiscal years beginning after December 15, 2018, and interim periods within those fiscal years* Income tax insights
ASU 2018-07 Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Fiscal years beginning after December 15, 2018, including interim periods within that fiscal year**** Stock compensation insights
ASU 2018-08

Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made

For transactions in which an entity is either a public business entity or an NFP 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 a resource recipient, the entity should apply the amendments in this Update on contributions received to annual periods beginning after June 15, 2018, including interim periods within those annual periods*

- serves as a resource provider, the entity should apply the amendments in this Update on contributions made to annual periods beginning after December 15, 2018, including interim periods within those annual periods*

 

Not-for-profit accounting insights
ASU 2018-12 Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020* Insurance contracts insights
ASU 2018-13 Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019* Fair value measurement insights
ASU 2018-14
Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20) Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans Fiscal years ending after December 15, 2020* Pension accounting insights
ASU 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 Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019* Business combinations insights

*Early adoption permitted

**Recent amendments require separate effective dates for public business entities (PBEs) and all other entities. The effective dates shown in this table are applicable to PBEs. Certain recent amendments further specify separate effective dates for PBEs that are U.S. Securities and Exchange Commission (SEC) filers and PBEs that are not SEC filers. The separate effective dates for PBEs that are SEC filers and PBEs that are not SEC filers are noted in the tables.

****Early adoption permitted after adoption of Update 2014-09

1In accordance with ASU 2017-13, certain public business entities (PBEs) may elect to use the non-PBE effective dates to adopt this standard.

 

The FASB’s recently released standards are grouped below by effective date — those that are effective in 2018 for calendar year-end nonpublic companies, and those that are effective in subsequent fiscal years.

Standards effective in 2018 for calendar year-end nonpublic companies

ASU No. Standard Name Effective Date** PwC Resources
ASU 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes Annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018* Income tax insights
ASU 2016-05 Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (a consensus of the FASB Emerging Issues Task Force) Financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018* Derivatives and hedging insights

ASU 2016-06

Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments (a consensus of the FASB Emerging Issues Task Force)

Financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018*

Derivatives and hedging insights

ASU 2016-09

Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting

Annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018*

Stock compensation insights

ASU 2016-14

Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-profit Entities

Annual financial statements issued for fiscal years beginning after December 15, 2017, and for interim periods within fiscal years beginning after December 15, 2018*

Not-for-profit accounting insights

ASU 2017-09

Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting

Annual periods, and interim periods within those annual periods, beginning after December 15, 2017*

Stock compensation insights
ASU 2018-06 Codification Improvements to Topic 942, Financial Services—Depository and Lending Effective immediately  

*early adoption permitted

**Recent amendments require separate effective dates for public business entities (PBEs) and all other entities. The effective dates shown in this table are applicable to all other entities not considered PBEs.

Standards effective after 2018 for calendar year-end nonpublic companies

ASU No. Standard Name Effective Date** PwC Resources
ASU 2014-09 Revenue from Contracts with Customers (Topic 606) Annual reporting periods beginning after December 15, 2018, and interim periods beginning after December 15, 2019*
Revenue recognition insights
ASU 2015-14 Revenue from Contracts with Customers—Deferral of the Effective Date Annual reporting periods beginning after December 15, 2018, and interim periods beginning after December 15, 2019* Revenue recognition insights
ASU 2016-08 Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Should be adopted concurrent with adoption of ASU 2014-09* Revenue recognition insights
ASU 2016-10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing Should be adopted concurrent with adoption of ASU 2014-09* Revenue recognition insights
ASU 2016-12 Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients Should be adopted concurrent with adoption of ASU 2014-09* Revenue recognition insights
ASU 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 Should be adopted concurrent with adoption of ASU 2014-09* Business combinations insights
ASU 2016-01 Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities Fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019 Financial instruments insights
ASU 2018-03
Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The effective date is the same as the effective date in Update 2016-01***

Financial instruments insights

ASU 2016-02 Leases (Topic 842) Fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020* Lease accounting insights
ASU 2018-01 Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 The effective date and transition requirements for the amendments are the same as the effective date and transition requirements in Update 2016-02. An entity that early adopted Topic 842 should apply the amendments in this Update upon issuance Lease accounting insights
ASU 2018-10 Codification Improvements to Topic 842, Leases

For entities that early adopted Topic 842, the amendments are effective upon issuance of this Update

For entities that have not adopted Topic 842, the effective date will be the same as the effective date in Topic 842

Lease accounting insights
ASU 2018-11
Leases (Topic 842): Targeted Improvements

For entities that have not adopted Topic 842, the effective date for the new lessor practical expedient is the same as the effective date for Topic 842

Entities that have already adopted Topic 842 may apply the new lessor practical expedient (1) to the first reporting period following the issuance of the practical expedient or (2) at the original effective date of Topic 842

Lease accounting insights
ASU 2016-04 Liabilities—Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products (a consensus of the FASB Emerging Issues Task Force) Financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019* Revenue recognition insights
ASU 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after
December 15, 2021*
Financial instruments insights
ASU 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments Fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019* Financial statement presentation guide
ASU 2016-16 Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory Annual reporting periods beginning after December
15, 2018, and interim reporting periods within annual periods beginning after December 15, 2019*
Income tax insights
ASU 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) Fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019* Financial statement presentation guide
ASU 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business Annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019*   Business combinations insights
ASU 2017-04 Intangibles—Goodwill and Other (Topic 350) Annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2021* Business combinations insights
ASU 2017-06 Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting (a consensus of the Emerging Issues Task Force)  Fiscal years beginning after December 15, 2018* Pension accounting insights
ASU 2017-07 Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019* Pension accounting insights
ASU 2017-08 Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities Fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020* Financing transactions guide
ASU 2017-10 Service Concession Arrangements (Topic 853): Determining the Customer of the Operation Services (a consensus of the FASB Emerging Issues Task Force) Entities that have not adopted Topic 606: The amendments in this Update should be adopted at the same time as adoption of Topic 606. Entities may also adopt the amendments earlier, including within an interim period*

Entities that have adopted Topic 606: Fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019*
Revenue recognition insights
ASU 2017-11 Earnings Per Share (Topic 260) Distinguishing Liabilities from Equity (Topic 480) Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features, 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. Part 1: Fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020*

Part 2: No transition guidance required
Financial instruments insights
ASU 2017-12 Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities Fiscal years beginning after December 15, 2019, and interim periods beginning after December 15, 2020*
Derivatives and hedging insights
ASU 2017-15 Codification Improvements to Topic 995, U.S. Steamship Entities: Elimination of Topic 995 Fiscal years and first interim periods beginning after December 15, 2018. Early adoption is permitted for all entities, including adoption in an interim period*  
ASU 2018-02 Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Fiscal years beginning after December 15, 2018, and interim periods within those fiscal years* Income tax insights
ASU 2018-07 Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020**** Stock compensation insights
ASU 2018-08 Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made

Apply the amendments for transactions in which an entity:

- serves as a resource recipient, the entity should apply the amendments in this Update on contributions received to annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019*

- serves as a resource provider, the entity should apply the amendments in this Update on contributions made to annual periods beginning after December 15, 2019, and interim periods within annual periods beginning after December 15, 2020*

Not-for-profit accounting insights
ASU 2018-12 Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts Fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022* Insurance contracts insights
ASU 2018-13 Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019* Fair value measurement insights
ASU 2018-14
Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20) Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans
Fiscal years ending after December 15, 2021* Pension accounting insights
ASU 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 Fiscal years beginning after December 15, 2020, and all interim periods beginning after December 15, 2021* Business combinations insights

*Early adoption permitted

**Recent amendments require separate effective dates for public business entities (PBEs) and all other entities. The effective dates shown in this table are applicable to all other entities not considered PBEs. 

***Early adoption permitted for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, after adoption of Update 2016-01

****Early adoption permitted after adoption of Update 2014-09

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