Credit Losses (ASU 2016-13)
Replaces the incurred loss model with the current expected credit loss (CECL) model for financial assets, including trade receivables, debt securities, and loan receivables.
Clarifying standards:
ASU 2018-19 – Clarifies that impairment of operating lease receivables is in the scope of ASC Topic 842, “Leases,” and not the CECL model.
ASU 2019-04 – Provides specific improvements and clarifications to the guidance in Topic 326. Addresses accrued interest, transfers between classifications or categories for loans and debt securities, recoveries, vintage disclosures, and contractual extensions and renewal options.
ASU 2019-05 – Targeted transition relief provides an option to irrevocably elect the fair value option, on an instrument-by-instrument basis, for certain financial assets (excluding held-to-maturity debt securities) previously measured at amortized cost.
ASU 2019-10 - Deferral of effective dates.
ASU 2019-11 - Provides specific improvements and clarifications to the guidance in Topic 326. Addresses expected recoveries for purchased financial assets with credit deterioration, transition relief for troubled debt restructurings, disclosures related to accrued interest receivables, financial assets secured by collateral maintenance provisions, and conforming cross-references to Subtopic 805-20.
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For SEC filers, March 31, 20205
For PBEs that are not SEC filers, March 31, 2021
For ASU 2019-04 and ASU 2019-05, and ASU 2019-11, March 31, 2020, for entities that have adopted ASU 2016-13; otherwise effective dates the same as ASU 2016-13
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Permitted as of the fiscal years beginning after Dec. 15, 2018, including interim periods within
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Implementation Costs for Cloud Computing Arrangements (CCAs) (ASU 2018-15)
Aligns accounting for implementation costs of CCAs with or without a license (that is, regardless of whether the CCA is a service contract) by capitalizing implementation costs during the application development stage and amortizing the costs over the term of the arrangement.
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March 31, 2020
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Permitted, including in an interim period
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Variable Interest Entity (VIE) Model – Targeted Improvements for Related Parties (ASU 2018-17)
Revises the analysis for determining whether a decision-making fee paid by a VIE is a variable interest such that indirect interests in a VIE held through related parties in common control arrangements would be considered on a proportional basis (instead of as the equivalent to a direct interest).
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March 31, 2020
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Permitted, including in an interim period
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Collaborative Arrangements (Topic 808) (ASU 2018-18)
Requires that Topic 606 be applied to collaborative arrangements when the arrangement participant is a customer and aligns the unit-of-account guidance in Topic 808 with Topic 606. Revenue in the scope of Topic 606 should be presented separate from revenue outside its scope.
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March 31, 2020
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Permitted, including in an interim period
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