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FASB Effective Dates – Private Companies & Nonprofits

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

Guidance Effective in 2023 for Calendar Year-End Entities

ASUStandard & FORsights™Effective Dates
Reporting Periods Beginning After
  PBE (not SRC)All Other Entities
ASC 326Credit Losses (CECL)
An Updated Look at CECL
Already EffectiveDecember 15, 2022*
2017‐04Intangibles—Goodwill and Other (Topic 350)
Goodwill Impairment Test Simplified
Already EffectiveDecember 15, 2022*
2022‐04Disclosure 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
  CECL AdoptedAll Other Entities
2022‐02Troubled Debt Restructurings and Vintage Disclosures
FASB Eliminates TDR Accounting
December 15, 2022Upon adoption of

*as amended

Guidance Effective in 2024 for Calendar Year-End Entities

ASUStandard & FORsightsEffective Dates
Reporting Periods Beginning After
  PBEAll Other Entities
2020-06Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
Easier Rules for Debt Equity Classification
Already EffectiveDecember 15, 2023
2021-08Business Combinations (Topic 805): Accounting for Contract Assets and
Contract Liabilities from Contracts with Customers

New Business Combination Guidance for Contract Assets & Liabilities
December 15, 2022December 15, 2023
2022-01Fair Value Hedging—Portfolio Layer Method
FASB Approves Portfolio Method for Hedge Accounting
December 15, 2022December 15, 2023

Guidance Effective in 2025 for Calendar Year-End Entities

ASUStandard & FORsightsEffective Dates
Reporting Periods Beginning After
  PBE (not SRC)All Other Entities

Targeted Improvements to the Accounting for Long‐Duration Contracts What You Need to Know: Long‐Duration Insurance Contracts

December 15, 2022December 15, 2024*
2022-05Financial Services—Insurance (Topic 944): Transition for Sold Contracts Relief on Long‐Duration Insurance TransitionDecember 15, 2022December 15, 2024
2022-03Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
Prepared for New Fair Value Guidance for Restricted Equity Securities?
December 15, 2022December 15, 2024

If you have any questions or need assistance on any of these standards, please use the form.

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