For public business entities that meet the definition of an U.S. Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. 2018-12. Why are we rushing into new sectors so rapidly when MAS said auditing and accounting standards needs to be raised? Public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, For all other entities, for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All entities that are not public business entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. All other entities: The amendments in this Update were superseded by Accounting Standards Update 2020-05. In November 2019, the FASB issued ASU 2019-10,6 which amended the effective dates of certain major new accounting standards, including ASC 842, to give implementation relief to certain types of entities. Consistent with the existing private company alternatives for goodwill and certain intangible assets, not-for-profit entities electing to adopt these alternatives do not have to demonstrate preferability and should follow the transition guidance the first time they elect to adopt the alternatives. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The information below reflects developments to 7 September 2020 and will be updated through to 30 September 2020 to reflect new and revised financial reporting requirements that need to be considered for financial reporting periods ending on 30 June 2020. [Revised 07/18/18—Wording corrected in summary to reflect actual Codification wording.]. Effective date and transition requirements for the amendments in this Update are the same as the effective dates and transition requirements in Update 2016-13, as amended by this Update. The amendments are effective upon issuance of this Update. Effective for public business entities, certain not-for-profit entities, and certain employee benefit plans for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Content copyrighted by Financial Accounting Foundation may not be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the Financial Accounting Foundation. By now, most accountants, and many other financial professionals, are aware that a significant change is coming in lease accounting. Early adoption is permitted, including adoption in an interim period. The amendments in this Update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current: Extra: Mar 2020: 1 Jan 2022: 2020-2: Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities: Mar 2020: 1 … For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. New FASB Lease Accounting Standard Changes Effective 2020 December 21, 2017. Accounting Standards Update 2020-01—Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) January 2020 For all other entities, the effective date is the same as the effective date in Update 2016-01. For public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. An employee benefit plan that files financial statements with the U.S. Securities and Exchange Commission (SEC). The transition and effective date provisions for this Update apply to Issue 1 and Issue 2 in the Update. But another new FASB standard — on cloud computing costs associated with a service arrangement — became effective for public business entities in fiscal years beginning on or after Dec. 15, 2019, and will take effect for all other entities for reporting periods beginning after Dec. 15, 2020. The old standard, IAS 39, required that for lending transactions, entities apply the incurred loss approach, that is, to provide for only losses that were incurred at the reporting date. 19 October 2020. For public business entities, the amendments in Part I of this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. 2 • PwC | In depth . For more information, please see this update. Eine hinsichtlich des neusten Endorsements (Änderung des IFRS 3 bz… Head office: Columbus Building, 7 Westferry Circus, Canary Wharf, London E14 4HD, UK. Working Mother Names BDO USA, LLP as one of the 100 Best Companies. The transition and effective date guidance is based on the facts and circumstances of each amendment. The amendments address some topical issues, and maintain a necessary alignment with international standards. HKFRS 17 Insurance Contracts (new standard) Update No. Effective for annual periods beginning after December 15, 2020. HKFRS 16 Leases. For all other entities, the amendments in Part I of this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The amendments in this Update should be applied on a retrospective basis and are effective for annual periods beginning after June 15, 2021, and interim periods within annual periods beginning after June 15, 2022. All other entities should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2022. Head office: Columbus Building, 7 Westferry Circus, Canary Wharf, London E14 4HD, UK. Other organizations would apply the standard to annual reporting periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. HKFRS 17 … Public business entities 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 public business entities 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. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. But FASB proposed the delay with the idea that … Early application of the amendments is permitted. Under the new standard, contributed nonfinancial assets (gifts-in-kind) will be required to be presented separately from other cash contributions on the statement of activities. How will the new AASB 2020-2 standard affect your SMSF clients? The amendments in this Update affect the guidance in Update 2014-09, which is not yet effective. New standards 8. Early adoption is permitted, including adoption in any interim period, (1) for public business entities for periods for which financial statements have not yet been issued and (2) for all other entities for periods for which financial statements have not yet been made available for issuance. An entity that elects early adoption must adopt all of the amendments in the same period. Early adoption is permitted, including adoption in an interim period. For entities that early adopted Topic 842, the amendments are effective upon issuance of this Update, and the transition requirements are the same as those in Topic 842. For entities that have not yet adopted the amendments in Update 2016-13, the effective date and transition methodology for the amendments in this Update are the same as in Update 2016-13. Accounting Standards Update No. Accounting Standards For-profit standards Not-for-profit standards ... A mending standard. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early application of the amendments is permitted. An entity should apply the amendments at the original effective date of Topic 842 for the entity. 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