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This handy reference guide chronologically lists upcoming effective dates for FASB’s accounting standards updates (ASUs) with links to related FORsights articles.


This year’s guide is much shorter than previous editions. After several very busy years, FASB standard-setting activity has slowed down to a more manageable level after pushback from financial statement preparers on the pace and scale of accounting guidance updates. The new FASB chair undertook an invitation to comment seeking feedback on future standard setting. New guidance is likely to be more investor focused and will include projects on segments, interim reporting, and targeted income tax disclosures. Other high-priority items for 2023 include digital assets, software costs, and environmental credits. FASB also removed several long-running projects with no cost-effective path forward, including the balance sheet classification of debt and distinguishing liabilities from equity.

FASB Standard-Setting Activity

Guidance Effective in 2023 for Calendar Year-End Entities

ASU Standard & FORsights Effective Dates Reporting Periods Beginning After
    PBE (not SRC) SRC
ASC 326 Credit Losses (CECL)
An Updated Look at CECL
Already Effective December 15, 2022*
2017-04 Intangibles–Goodwill and Other (Topic 250)
Goodwill Impairment Test Simplified
Already Effective December 15, 2022*
2022-12 Targeted Improvements to the Accounting for Long-Duration Contracts
What You Need to Know: Long-Duration Insurance Contracts
December 15, 2022* December 15, 2024*
2022-05 Insurance Transition
Relief on Long-Duration Insurance Transition
December 15, 2022 December 15, 2024
2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers
New Business Combination Guidance for Contract Assets & Liabilities
December 15, 2022
2022-01 Fair Value Hedging–Portfolio Layer Method
FASB Approves Portfolio Method for Hedge Accounting
December 15, 2022
2022-04 Disclosures of Supplier Finance Program Obligations
New Disclosures for Supply Finance Arrangements
Disclosures – Annual and interim periods beginning after December 15, 2022
Rollforward – Fiscal years beginning after December 15, 2023

*as amended

ASU Standard & FORsights Effective Dates Reporting Periods Beginning After
    CECL Already Adopted All Others
ASC 326 Troubled Debt Restructurings and Vintage Disclosures
FASB Eliminates TDR Accounting
December 15, 2022 Upon adoption of CECL


Guidance Effective in 2024 for Calendar Year-End Entities

ASU Standard & FORsights Effective Dates Reporting Periods Beginning After
    PBE (not SRC) SRC
2020-06 Accounting for Convertible Instruments and Contracts in an Entity's Own Equity
Easier Rules for Debt Equity Classification
Already Effective December 15, 2023
2022-03 Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
Prepared for New Fair Value Guidance for Restricted Equity Securities?
December 15, 2023

If you have any questions or need assistance on any of these standards, please reach out to a FORVIS professional or fill out a Contact Us form. 

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