Effective dates for new FASB guidance

The following images and detailed tables summarize the effective dates for the FASB's recently released guidance. Separate tables are provided for public and nonpublic companies.

Since the issuance of ASU 2013-12, Definition of a Public Business Entity—An Addition to the Master Glossary, the term public business entity (PBE) has been used to establish effective dates and to scale disclosure requirements for new ASUs. Therefore, all companies need to consider whether or not they meet the definition of a PBE when adopting new standards.

While the guidance generally refers to PBEs, and sometimes the effective date for PBEs excludes smaller reporting companies (as defined by the SEC), we have used the “short hand” of “public” and “nonpublic” to refer to the earlier and later effective date buckets.

Download the effective date tables here:

Public companies Nonpublic companies

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Guidance effective in 2020 for calendar year-end public companies

ASU No. Standard name Effective date Early adoptable PwC resources
ASU 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

SEC filers, excluding SRCs: As amended by ASU 2019-10, fiscal years beginning after December 15, 2019, including interim periods within those fiscal years

SRCs: As amended by ASU 2019-10, fiscal years beginning after December 15, 2022, including interim periods within those fiscal years

Yes Loans and investments guide
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 Yes Pensions guide
ASU 2018-19 Codification Improvements to Topic 326, Financial Instruments—Credit Losses
The same as the effective date for ASU 2016-13
Not applicable Loans and investments guide
ASU 2019-05 Financial Instruments—Credit Losses (Topic 326) Targeted Transition Relief

For entities that have not yet adopted ASU 2016-13, the same as ASU 2016-13

For entities that have adopted ASU 2016-13, fiscal years beginning after December 15, 2019, including interim periods within those fiscal years

Early adoption is permitted if ASU 2016-13 has already been adopted

Loans and investments guide


Podcast


Podcast

ASU 2019-11

Codification Improvements to Topic 326, Financial Instruments—Credit Losses

For entities that have not yet adopted ASU 2016-13, the same as ASU 2016-13

For entities that have adopted ASU 2016-13, fiscal years beginning after December 15, 2019, including interim periods within those fiscal years

Early adoption is permitted if ASU 2016-13 has already been adopted Loans and investments guide
ASU 2017-04 Intangibles—Goodwill and Other (Topic 350)

SEC filers, excluding SRCs: As amended by ASU 2019-10, annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019

SRCs: As amended by ASU 2019-10, annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2022

Yes, for any goodwill impairment tests performed after January 1, 2017

Business combinations guide

In depth

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 Yes Fair value guide
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 Yes Property, plant, equipment and other assets guide
ASU 2018-17 Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years  Yes Consolidation guide
ASU 2018-18
Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606
Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years Yes, but no earlier than the adoption date of Topic 606 Revenue guide
ASU 2019-02 Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (Subtopic 920-350) Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years
Yes  
ASU 2019-03 Not-for-Profit Entities (Topic 958): Updating the Definition of Collections Fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020 Yes  
ASU 2019-04 Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments

Topics 1, 2 and 5 (Amendments to Topic 326):

  • For entities that have not yet adopted ASU 2016-13, the same as ASU 2016-13
  • For entities that have adopted ASU 2016-13, fiscal years and interim periods beginning after December 15, 2019

Topic 3 (Amendments to Topic 815):

  • For entities that have not yet adopted ASU 2017-12, the same as ASU 2017-12
  • For entities that have adopted ASU 2017-12, the beginning of the first annual period beginning after April 25, 2019

Topic 4 (Amendments to Topic 825):

  • Fiscal years and interim periods beginning after December 15, 2019

Topics 1, 2 and 5: Yes if ASU 2016-13 has been adopted

Topic 3: Yes if ASU 2017-12 has been adopted

Topic 4: Yes if ASU 2016-01 has been adopted

Loans and investments guide


Podcast


Podcast

ASU 2019-08 Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer Effective in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years Yes, but only after adoption of ASU 2018- 07

Stock-based compensation guide

Revenue from contracts with customers, global edition guide

ASU 2019-10 Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates

Credit losses & goodwill impairment:

SEC filers, excluding SRCs: fiscal years beginning after December 15, 2019, including interim periods within those fiscal years

SRCs: fiscal years beginning after December 15, 2022, including interim periods within those fiscal years

Not applicable

 

 

Leases guide

Loans and investments guide

Business combinations guide

In depth

ASU 2020-02 Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842) Upon issuance Not applicable

Loans and investments guide

Leases guide

ASU 2020-03 Codification Improvements to Financial Instruments

Issues 1,2,4 and 5

  • Upon issuance

Issue 3:

  • Fiscal years beginning after December 15, 2019, including interim periods within those fiscal years

Issues 6 and 7

  • For entities that have not yet adopted the amendments related to ASU 2016-13, the same as ASU 2016-13
  • For entities that have adopted ASU 2016-13, fiscal years beginning after December 15, 2019, including interim periods within those fiscal years
Not applicable Loans and investments guide
ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Upon issuance (March 12, 2020) through December 31, 2022 Not applicable

In the loop

Podcast

ASU 2020-05

Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities

Upon issuance (June 3, 2020)

Defers the effective date of Topic 842 to fiscal years beginning after December 15, 2019 for public not-for-profit entities that have not yet issued financial statements (or made available for issuance) as of June 3, 2020

Not applicable In depth

Guidance effective after 2020 for calendar year-end public companies

ASU No. Standard name Effective date Early adoptable PwC resources
ASU 2018-12 Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts

SEC filers, excluding SRCs: As amended by ASU 2020-11, fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022

SRCs: As amended by ASU 2020-11, fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025

Yes

Insurance contracts guide

In brief

ASU 2019-09 Financial Services—Insurance (Topic 944): Effective Date

SEC filers, excluding SRCs: As amended by ASU 2020-11, fiscal years beginning after December 15, 2022, and interim periods within those fiscal years

SRCs: As amended by ASU 2020-11, fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025

Not applicable

 

Insurance contracts guide

In brief

ASU 2020-11 Financial Services—Insurance (Topic 944): Effective Date and Early Application

SEC filers, excluding SRCs: Fiscal years beginning after December 15, 2022, and interim periods within those fiscal years

SRCs: Fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025

Yes - early transition relief available

Insurance contracts guide

In brief

 

ASU 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
Fiscal years beginning after December 15, 2020, and interim periods within those fiscal years
Yes In depth
ASU 2020-01 Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) Fiscal years beginning after December 15, 2020, and interim periods within those fiscal years Yes  
ASU 2020-06 Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

SEC filers, excluding SRCs: Fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. 

SRCs: Fiscal years beginning after December 15, 2023, and interim periods within those fiscal years

Yes, but only as of the beginning of a fiscal year beginning after December 15, 2020.

In depth

Podcast

ASU 2020-07 Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets Fiscal years beginning after June 15, 2021, and interim periods within annual periods beginning after June 15, 2022
Yes  
ASU 2020-08 Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs

Fiscal years beginning after December 15, 2020, and interim periods within those fiscal years

No  
ASU 2020-09

Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762

Effective on January 4, 2021, pursuant to SEC Release No. 33-10762
Yes  
ASU 2020-10

Codification Improvements

Fiscal years beginning after December 15, 2020, and interim periods within those fiscal years
Yes  

Guidance effective in 2020 for calendar year-end nonpublic companies

ASU No. Standard name Effective date Early adoptable PwC resources
ASU 2019-01 Leases (Topic 842): Codification Improvements Issue 1 and Issue 2: Fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020 Not applicable Leases guide
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 Yes  
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

Yes Financial statement presentation guide
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. Yes after adoption of ASU 2014-09 Stock-based compensation guide
ASU 2019-08 Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer

For entities that have adopted ASU 2018-07, fiscal years beginning after December 15, 2019, and interim periods within those fiscal years

For entities that have not yet adopted ASU 2018-07, fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020

Yes, but only after adoption of ASU 2018-07

Stock-based compensation guide

Revenue guide

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 Yes Fair value guide
ASU 2019-03 Not-for-Profit Entities (Topic 958): Updating the Definition of Collections Fiscal years beginning after December 15, 2019 and interim periods within fiscal years beginning after December 15, 2020 Yes  
ASU 2019-04 Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments

Topics 1, 2 and 5 (Amendments to Topic 326):

- For entities that have not yet adopted ASU 2016-13, the  same as ASU 2016-13

- For entities that have adopted ASU 2016-13, for fiscal years and interim periods beginning after December 15, 2019

Topic 3 (Amendments to Topic 815):

- For entities that have not yet adopted ASU 2017-12, the same as ASU 2017-12

- For entities that have adopted ASU 2017-12, the beginning of the first annual reporting period beginning after April 25, 2019

Topic 4 (Amendments to Topic 825):

- Fiscal years and interim periods beginning after December 15, 2019

Topics 1, 2 and 5: Yes if ASU 2016-13 has been adopted

Topic 3: Yes if ASU 2017-12 has been adopted

Topic 4: Yes if ASU 2016-01 has been adopted

Loans and investments guide

Podcast

ASU 2020-03 Codification Improvements to Financial Instruments

Issues 1,2,4 and 5:

Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years beginning after December 15, 2020. 

Issue 3: 

Fiscal years beginning after December 15, 2019, including interim periods within those fiscal years

Issues 6 and 7

For entities that have not yet adopted the amendments related to ASU 2016-13, the same as ASU 2016-13.

For entities that have adopted the guidance in ASU 2016-13, fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.

Issues 1, 2, 4, and 5: Yes Loans and investments guide
ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Upon issuance (March 12, 2020) through December 31, 2022. Not applicable

In the loop

Podcast

ASU 2020-05 Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities

Upon issuance (June 3, 2020). 

Defers the effective date of Topic 606 to fiscal years beginning after December 15, 2019 and interim periods within fiscal years beginning after December 15, 2020 for all entities that have not yet issued financial statements (or made available for issuance) as of June 3, 2020 

Not applicable In depth

Guidance effective after 2020 for calendar year-end nonpublic companies

ASU No. Standard Name Effective Date Early adoptable PwC Resources
ASU 2016-02 Leases (Topic 842) As amended by ASU 2020-05, fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022
Yes

Leases guide

In depth

ASU 2018-01 Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842

Upon issuance for entities that early adopted Topic 842.

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

Not applicable Leases guide
ASU 2018-10 Codification Improvements to Topic 842, Leases

Upon issuance for entities that early adopted Topic 842.

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

Not applicable

Leases guide
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

Not applicable Leases guide
ASU 2018-20 Leases (Topic 842): Narrow-Scope Improvements for Lessors

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

Entities that have already adopted Topic 842 may apply the amendments (1) at the original effective date of Topic 842 for the entity, (2) in the first reporting period ending after the issuance of this Update or (3) in the first reporting period beginning after the issuance of this Update

Not applicable

Leases guide
ASU 2019-01 Leases (Topic 842): Codification Improvements Issue 3: The effective date is the same as the effective date in ASU 2016-02 Not applicable Leases guide
ASU 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments As amended by ASU 2019-10, fiscal years beginning after December 15, 2022, including interim periods within those fiscal years
Yes Loans and investments guide
ASU 2018-19 Codification Improvements to Topic 326, Financial Instruments—Credit Losses The effective date is the same as the effective date in ASU 2016-13 Not applicable Loans and investments guide
ASU 2019-05 Financial Instruments-Credit Losses (Topic 326) Targeted Transition Relief

For entities that have not yet adopted ASU 2016-13, the same as ASU 2016-13

For entities that have adopted ASU 2016-13, for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years

Early adoption is permitted if ASU 2016-13 has already been adopted

Loans and investments guide

Podcast

ASU 2019-11 Codification Improvements to Topic 326, Financial Instruments—Credit Losses

For entities that have not yet adopted ASU 2016-13, the same as ASU 2016-13

For entities that have adopted ASU 2016-13, fiscal years beginning after December 15, 2019, including interim periods within those fiscal years

Early adoption is permitted if ASU 2016-13 has already been adopted Loans and investments guide
ASU 2017-04 Intangibles—Goodwill and Other (Topic 350) As amended by ASU 2019-10, annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2022 Yes, for any goodwill impairment tests performed after January 1, 2017 Business combinations guide
ASU 2017-12 Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities As amended by ASU 2019-10, fiscal years beginning after December 15, 2020, and interim periods beginning after December 15, 2021 Yes

Derivatives and hedging guide

Podcast

ASU 2018-16 Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes

For entities that have not already adopted ASU 2017-12, concurrent with ASU 2017-12

For entities that already have adopted ASU 2017-12, fiscal years beginning after December 15, 2019, and interim periods within those fiscal years

Yes for entities that have already adopted ASU 2017-12 Podcast
ASU 2018-12 Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts As amended by ASU 2020-11, fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025 Yes

Insurance contracts guide

In brief

ASU 2019-09 Financial Services—Insurance (Topic 944): Effective Date As amended by ASU 2020-11, effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025 Not applicable

Insurance contracts guide

In brief

ASU 2020-11 Financial Services—Insurance (Topic 944): Effective Date and Early Application
Effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025
Yes - early transition relief available

Insurance contracts guide

In brief

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 Yes

Pension guide

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 Yes Property, plant, equipment and other assets guide
ASU 2018-17 Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities Fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021 Yes Consolidation guide
ASU 2018-18 Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606
Fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021 Yes, but no earlier than the adoption date of Topic 606 Revenue guide
ASU 2019-02 Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (Subtopic 920-350) Fiscal years beginning after December 15, 2020, and interim periods within those fiscal years Yes  
ASU 2019-10 Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates

Credit losses & goodwill impairment:

Fiscal years beginning after December 15, 2022, including interim periods within those fiscal years

Hedging & Leases:

Fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021

Not applicable

Leases guide

Loans and investments guide

Business combinations guide

In depth

ASU 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022
Yes In depth
ASU 2020-01 Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint  Ventures (Topic 323), and Derivatives and Hedging (Topic 815)

Fiscal years beginning after December 15, 2021, and interim periods within those fiscal years

Yes  
ASU  2020-05 Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities

Upon issuance (June 3, 2020). 

Defers the effective date of Topic 842 to fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022 for all entities that have not yet issued financial statements (or made available for issuance) as of June 3, 2020 

Not applicable In depth
ASU 2020-06 Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Fiscal years beginning after December 15, 2023, and interim periods within those fiscal years Yes, but only as of the beginning of a fiscal year beginning after December 15, 2020

In depth

Podcast

ASU 2020-07 Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets Fiscal years beginning after June 15, 2021, and interim periods within annual periods beginning after June 15, 2022
Yes  
ASU 2020-08 Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs Fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022
Yes, but only for fiscal years beginning after December 15, 2020
 
ASU 2020-10

Codification Improvements

Fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022
Yes  

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