Early adoption is permitted upon issuance of this Update. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted for all entities. The Financial Accounting Standards Board has issued Accounting Standards Update No. Early application of the amendments is permitted. Disclosures of the nature of and reason for the change in accounting principle are required in the first interim and annual periods of adoption. 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. 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. For entities other than public business entities that already have adopted the amendments in ASU 2017-12. All other entities should apply the amendments to annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. Head office: Columbus Building, 7 Westferry Circus, Canary Wharf, London E14 4HD, UK. 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. The transition and effective date provisions for this Update apply to Issue 1 and Issue 2 in the Update. The FASB documents listed below are included on this page during the time the amendments are being applied, considering all possible fiscal periods. The amendments in this Update affect the amendments in Update 2016-02, which are not yet effective but can be early adopted. Early application is not permitted. For entities that have not yet adopted the amendments in Update 2018-07, the amendments in this Update are effective for (1) public business entities in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, and (2) other than public business entities in fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted. New standards 8. An entity may not adopt the amendments earlier than its adoption date of Topic 606. Early application of the amendments is permitted. The amendments related to Issues 1 through 5 are effective for fiscal years beginning after December 15, 2019, and for interim periods within fiscal years beginning after December 15, 2020. Copyright © by Financial Accounting Foundation. Early adoption is permitted, including early adoption in an 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. For more information, please see this update. The amendments in this Update affect the amendments in Update 2016-02, which are not yet effective, but for which early adoption upon issuance is permitted. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The practical expedient may be elected either in the first reporting period following the issuance of this Update or at the original effective date of Topic 842 for that entity. For all other entities, the effective date is the same as the effective date in Update 2016-01. For other entities, the amendments in this Update are effective for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. Click below for more information : Code of Ethics for Professional Accountants (November 2018) New and Revised Auditor Reporting. Preparing for the Introduction of New Accounting Standards 2020 3 Disclaimer This document is provided to assist councils in transitioning to the new accounting standards – it is not intended to be a complete guide of all steps required nor does it address issues to be considered. Revenue Recognition. 19 October 2020. Jun 2020: Annual Improvements to NZ IFRS 2018–2020: Jan 2022: Amending standard. The following table shows the leasing standard’s effective dates (1) as originally issued, (2) as amended by ASU 2019-10, and (3) as amended by ASU 2020-05: Public Entities7. 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. Entities that are not public business entities are not required to apply the fair value of financial instruments disclosure guidance in the General Subsection of Section 825-10-50. The Stan­dard in­cludes re­quire­ments for recog­ni­tion and mea­sure­ment, im­pair­ment, … For public business entities that meet the definition of an U.S. Securities and Exchange(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 beginning after December 15, 2019, including interim periods within those fiscal years. All entities are required to apply the amendments in this Update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. For entities that have not yet issued financial statements or made financial statements available for issuance as of June 3, 2020, those entities may elect to adopt the revenue guidance for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The amendments in this Update amend the mandatory effective dates and early application requirements of Accounting Standards Update No. Changes in the economy are signaling that the “new normal” may significantly reshape business leasing strategy and, therefore, lease accounting. For entities that have not yet adopted the amendments in Update 2017-12 as of April 25, 2019 (the issuance date of Update 2019-04), the effective dates and transition requirements for the amendments to Topic 815 are the same as the effective dates and transition requirements in Update 2017-12. BDO is continuously finding new ways to help your organization thrive. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The revised standards—the issuance of the global lease accounting standard, IAS 16, of the International Accounting Standards Board and the Financial Accounting Standards Board’s Accounting Standards Update (ASU) 842—will take effect on January 1, 2019, or … Programme Outline Major new/revised standards effective in 2018. The Board specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. An employee benefit plan that files financial statements with the U.S. Securities and Exchange Commission (SEC). The amendments are effective upon issuance of this Update. INT FRS 122; FRS 109 Financial instruments; FRS 115 Revenue from contracts with customers Head office: Columbus Building, 7 Westferry Circus, Canary Wharf, London E14 4HD, UK. For entities that elect early application, the transition date may be the beginning of the prior period presented rather than the beginning of the earliest period presented. Earlier application is permitted, including adoption in an interim period. In this publication, we’ve summarized the new accounting standards with mandatory effective dates in the first quarter of 2021 for public entities, as well as new standards that take effect in annual 2020 financial statements for nonpublic entities. Effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. Public business entities that meet the definition of an U.S. Securities and Exchange (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. AASB 2016-4 Amendments to Australian Accounting Standards -Applying … Below are effective dates for major financial accounting and reporting standards on revenue recognition, leases, credit losses, and not-for-profit financial reporting. Alternatively, the entity has the option to apply the amendments in either the first reporting period ending after the issuance of this Update (for example, December 31, 2018) or in the first reporting period beginning after the issuance of this Update (for example, January 1, 2019). An entity should apply the amendments in this Update on a retrospective basis to all periods presented. Those entities may elect to follow the original effective date of annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. 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. All rights reserved. Effective for fiscal years beginning after December 15, 2019, and for interim periods within fiscal years beginning after December 15, 2020. 211 Accounting periods beginning on or after 1 January 2021 Conceptual Framework for Financial Reporting 2018 Revised Conceptual Framework for Financial Reporting Update No. 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 … Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, Accounting Standards Updates—Effective Dates, Private Company Decision-Making Framework, Revenue Recognition Transition Resource Group, Transition Resource Group for Credit Losses, Exposure Documents & Public Comment Documents, Comparability in International Accounting Standards, FASB Special Report: The Framework of Financial Accounting Concepts and Standards. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. 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. FASB has pushed back the implementation deadline for ASC 842, the new standard for lease accounting that private companies and nonprofits must be ready to comply with, to December 2021. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. 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. 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. That is, early adoption should be within the first interim period if an employer issues interim financial statements. The amendments in this Update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. Early adoption is permitted, including early adoption in an 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. HKFRS 16 Leases. 234 Accounting periods … For entities that have not adopted Topic 842, the effective date and transition requirements will be the same as the effective date and transition requirements in Topic 842. Accounting Standards Update (ASU) No. 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. Since March 2019, the IASB has issued the following: • Amendments to IFRS 9, IAS 39, ‘Financial instruments’ and IFRS 7, ‘Financial instruments disclosure’, Interest rate benchmark reform • Amendments to IAS 1,‘Presentation of financial statements’, Classification of liabilities. What does the COVID-19 crisis mean for your business, and for you? Effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, for any of the following: For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. By now, most accountants, and many other financial professionals, are aware that a significant change is coming in lease accounting. Accounting for grant expenses—under the new accounting standards, recipients of grants that meet the ‘sufficiently specific’ requirements may accrue for revenue to be received in arrears for performance between grant milestone payments. The practical expedient may be applied either retrospectively or prospectively. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. HKFRS 9 Financial Instruments. 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, 2021, and interim periods within those fiscal years, For all other entities, for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, A not-for-profit entity that has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an over-the-counter market. BDO is here to help your business – and you – navigate the COVID-19 health crisis, prepare for recovery, and once again, thrive. in Opinion. Effective for annual periods beginning after December 15, 2020. Accounting Standard AASB 17 Insurance Contracts (AASB 17) is effective for reporting periods beginning on or after 1 January 2023. The amendments in this Update related to separating components of a contract affect the amendments in Update 2016-02, which are not yet effective but can be early adopted. Recently, on July 24, 2020, MCA notified Companies (Indian Accounting Standards) Amendment Rules, 2020, on recommendations of the ICAI, comprising critical amendments to Ind AS. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods. 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. Early application of the amendments is permitted. The amendments in this Update affect the amendments in Update 2016-02, which. Public organizations should apply the new revenue standard to annual reporting periods beginning after December 15, 2017. Eine hinsichtlich des neusten Endorsements (Änderung des IFRS 3 bz… The tax function is transforming. The amendments address some topical issues, and maintain a necessary alignment with international standards. 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