The FASB’s recently released standards are grouped below by effective date - those that are effective in 2024 for calendar year-end public companies, and those that are effective in subsequent fiscal years.
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 “shorthand” of “public” and “nonpublic” to refer to the types of companies in the earlier and later effective date buckets.
Guidance effective in 2024 for calendar year-end public companies
(a) Effective through December 31, 2024, as amended by ASU 2022-06
(b) Effective in 2024 for SRCs

Guidance effective after 2024 for calendar year-end public companies
(a) Effective in 2025 for SRCs.

Guidance effective in 2024 for calendar year-end public companies
ASU No.
Standard name
Effective date
Early adoptable
PwC resources
Reference Rate Reform (Topic 848): Scope
Upon issuance (January 7, 2021) through December 31, 2024, as amended by ASU 2022-06
Not applicable
Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848
Upon issuance (December 21, 2022) through December 31, 2024
Not applicable
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
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.
Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
Fiscal years beginning after December 15, 2023, and interim periods within those fiscal years
Yes
Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations
Amendment on rollforward information is effective for fiscal years beginning after December 15, 2023.
Yes
Leases (Topic 842): Common Control Arrangements
Fiscal years beginning after December 15, 2023, and interim periods within those fiscal years
Yes
Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method
Fiscal years beginning after December 15, 2023, and interim periods within those fiscal years
Yes
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
Fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.
Yes


Guidance effective after 2024 for calendar year-end public companies
ASU No.
Standard name
Effective date
Early adoptable
PwC resources
Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts
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
Financial Services—Insurance (Topic 944): Effective Date
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
Financial Services—Insurance (Topic 944): Effective Date and Early Application
SRCs: Fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025
Yes - early transition relief available
Financial Services—Insurance (Topic 944): Transition for Sold Contracts
SRCs: Fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025
Yes - early transition relief available
Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement
Effective prospectively for all joint venture formations with a formation date on or after January 1, 2025.
Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued (or made available for issuance), either prospectively or retrospectively.
Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets
Fiscal years beginning after December 15, 2024, including interim periods within those fiscal years.
Yes
Income Taxes (Topic 740): Improvements to Income Tax Disclosures
Fiscal years beginning after December 15, 2024.
Early adoption is permitted in any annual period in which financial statements have not yet been issued (or made available for issuance), either prospectively or retrospectively.
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