fasb asu 2017-13

What is the FASB Accounting Standards Codification ®?
The FASB Accounting Standards Codification ® (FASB Codification) is the sole source of authoritative GAAP other than SEC issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standards Update (Update or ASU) to communicate changes to the FASB Codification, including changes to non-authoritative SEC content.
What will the FASB do during an indefinite deferral?
During that indefinite deferral, the FASB plans to reconsider implementation issues and, perhaps, classification or measurement guidance for those instruments in conjunction with the FASB’s ongoing project on liabilities and equity. 2.
Where can I find ASU taxonomy changes?
Those changes, which will be incorporated into the proposed 2018 Taxonomy, are available for public comment through ASU Taxonomy Changes provided at www.fasb.org, and finalized as part of the annual release process. Copyright 2024 by Financial Accounting Foundation, Norwalk, Connecticut.

Applicability

ASU 2017-13 The guidance in the ASU is applicable to an SEC registrant, and its significant private company equity method investees or potentially significant private company acquisitions, that is adopting: 1. The new revenue standard (ASC 606) 2. The new leases standard (ASC 842) frv.kpmg.us

Relevant Dates

The SEC relief for certain public business entities is effective immediately.The changes to the codified SEC guidance on leases and revenue are effective upon adoption of these new standards, as applicable. frv.kpmg.us

Key Impacts

The ASU: 1. Codifies the SEC Observer comment at the July 20, 2017 EITF meeting announcing that the SEC staff will not object if entities that are considered public business entities solely because their financial statements or summarized financial information are included in an SEC filing follow the adoption dates for ‘other entities’ when adoptin

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Defining Issues: SEC grants relief for private company financial information included in a public company’s filingHandbook: Revenue recognitionHandook: Leases frv.kpmg.us

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PDF	Banking & Capital Markets Accounting and Financial Reporting 19 déc. 2018 In February 2016 the FASB issued ASU 2016-02 on accounting for leases. ... ASU 2017-13

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