Quarterly Accounting Roundupby Magnus Orrell and Joseph Renouf, Deloitte & Touche LLP

To our clients, colleagues, and other friends:

Welcome to Quarterly Accounting Roundup: Second Quarter — 2019. In the second quarter of 2019, the FASB issued:

• Final Accounting Standards Updates (ASUs) that (1) provide targeted transition relief for entities adopting the FASB’s new credit losses standard, ASU 2016-13;1 (2) clarify certain aspects of the accounting for credit losses, hedging activities, and financial instruments; and (3) extend private-company alternatives on goodwill and certain identifiable intangible assets to not-for-profit (NFP) entities.

• Proposed ASUs that would (1) align certain FASB Codification guidance with SEC disclosure requirements, (2) simplify the accounting for income taxes, and (3) amend certain aspects of the FASB’s guidance on credit losses.

Further, in May, the SEC released proposed rules that would amend:

• The financial statement requirements for acquisitions and dispositions of businesses, including real estate operations, and related pro forma financial information. The proposed rule would, for example, (1) modify certain significance tests, (2) allow registrants to present fewer acquiree financial statement periods, and (3) simplify the criteria for pro forma adjustments.

• The definitions of “accelerated filer” and “large accelerated filer” to exclude any issuer with both annual revenues of less than $100 million and public float of less than $700 million. If finalized, this proposed rule would expand the number of issuers that qualify

1 FASB Accounting Standards Update No. 2016-13, Measurement of Credit Losses on Financial Instruments.

In This Issue• Accounting — Newly

Issued Standards

• Accounting — Exposure Drafts

• Auditing Developments

• Regulatory and Compliance Developments

• Appendix A: Significant Adoption Dates

• Appendix B: Current Status of FASB Projects

• Appendix C: New Deloitte U.S. Accounting Publications

Second Quarter — 2019

2

as nonaccelerated filers and are thus eligible to take advantage of certain reporting accommodations offered to such issuers. For instance, under the proposal, certain registrants would not be subject to the requirement related to auditor attestation on the effectiveness of ICFR.

On the international front, the IASB® released exposure drafts (EDs) of proposals that would amend (1) the IASB’s insurance contracts standard, IFRS 17,2 to address implementation concerns and challenges; (2) certain guidance in IFRS 33 to bring it up to date with the 2018 version of the IASB’s Conceptual Framework; (3) certain IFRS® Standards as part of the IASB’s annual improvements process; and (4) guidance on financial instruments in response to interest rate benchmark reforms.

We value your feedback and would appreciate any comments you may have on Quarterly Accounting Roundup. Take a moment to tell us what you think by sending us an e-mail at accountingstandards@deloitte.com.

For the latest news and publications, visit Deloitte’s US GAAP Plus Web site or subscribe to Weekly Accounting Roundup, a digest of news, developments, and Deloitte publications related to predominantly U.S. accounting topics. Also see our Twitter feed for up-to-date information on the latest news, research, events, and more. Further, see the Deloitte Accounting Research Tool (DART) for a comprehensive online library of accounting and financial disclosure literature, including Deloitte’s own interpretive guidance and publications.

Featured Deloitte Publications

In the second quarter of 2019, Deloitte released the following new and updated Roadmaps:

• A Roadmap to the Preparation of the Statement of Cash Flows (2019) — Provides Deloitte’s insights into and interpretations of the accounting guidance on the statement of cash flows, primarily that in ASC 230.4 The 2019 update reflects the amendments to ASC 230 made by ASUs 2016-155 and 2016-18,6 which clarify guidance in ASC 230 on the classification of certain cash flows. The 2019 edition also incorporates interpretations and guidance related to the new leasing standard, ASU 2016-02.7

• A Roadmap to Accounting for Noncontrolling Interests (2019) — Provides Deloitte’s insights into and interpretations of the guidance on noncontrolling interests, primarily that in ASC 810-10 and ASC 480-10-S99. The 2019 edition of this Roadmap reflects new and updated guidance and examples as well as minor clarifications.

• A Roadmap to Consolidation — Identifying a Controlling Financial Interest (2019) — Serves as a comprehensive guide to navigating the frequently complex consolidation accounting models. The 2019 edition reflects the amendments in ASU 2018-178 related to the private-company alternative as well as the alignment of certain assessments performed as part of the consolidation analysis.

• A Roadmap to Accounting and Financial Reporting for Carve-Out Transactions (2019) — Summarizes key considerations related to the preparation of “carve-out financial statements,” a general term used to describe financial statements derived from the

2 IFRS 17, Insurance Contracts.3 IFRS 3, Business Combinations.4 For titles of FASB Accounting Standards Codification (ASC) references, see Deloitte’s “Titles of Topics and Subtopics in the FASB

Accounting Standards Codification.”5 FASB Accounting Standards Update No. 2016-15, Classification of Certain Cash Receipts and Cash Payments — a consensus of the

FASB Emerging Issues Task Force.6 FASB Accounting Standards Update No. 2016-18, Restricted Cash — a consensus of the FASB Emerging Issues Task Force.7 FASB Accounting Standards Update No. 2016-02, Leases.8 FASB Accounting Standards Update No. 2018-17, Targeted Improvements to Related Party Guidance for Variable Interest Entities.

3

financial statements of a larger parent entity. In the 2019 edition, a few updates and clarifications are made in response to SEC activity and practice developments.

• A Roadmap to the Issuer’s Accounting for Convertible Debt (2019) — Provides an overview of the requirements in ASC 470-20 related to convertible debt, which are frequently complex and time-consuming to apply. Deloitte’s insights into and interpretations of how to apply these requirements in practice are accompanied by the related authoritative text and other relevant literature.

• A Roadmap to SEC Reporting Considerations for Business Combinations (2019) — Combines the SEC’s guidance on reporting for business acquisitions — including acquisitions of real estate operations and pro forma financial information — with Deloitte’s interpretations (Q&As) and examples in a comprehensive, reader-friendly format. Because the SEC made no significant changes to its guidance on reporting for business acquisitions since the issuance of last year’s Roadmap, most of the updates in the 2019 update expand on or clarify existing text. The new edition also discusses the SEC’s proposed rule that would amend the financial statement requirements for acquisitions and dispositions of businesses, including real estate operations, and related pro forma financial information.

In addition, Deloitte inaugurated an Accounting Spotlight newsletter series in the second quarter of 2019. These newsletters, published as warranted, analyze key issues related to the implementation of accounting guidance on selected topics, such as revenue recognition.

Another notable Deloitte publication issued in the second quarter of 2019 was a Heads Up addressing key themes the SEC focused on in its comment letters to registrants about their application of the accounting and disclosure requirements in the FASB’s new revenue standard, ASC 606, which became effective for calendar-year-end public business entities in the first quarter of 2018.

4

Accounting — Newly Issued StandardsCredit Losses

FASB Issues Guidance to Provide Targeted Transition Relief for Entities Adopting ASU 2016-13Affects: All entities.

Summary: On May 15, 2019, the FASB issued ASU 2019-05,9 which provides transition relief for entities adopting the Board’s credit losses standard, ASU 2016-13. Specifically, ASU 2019-05 amends ASU 2016-13 to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of the credit losses guidance in ASC 326-20, (3) are eligible for the fair value option under ASC 825-10, and (4) are not held-to-maturity debt securities.

Next Steps: For entities that have adopted ASU 2016-13, the amendments in ASU 2019-05 are effective for fiscal years beginning after December 15, 2019, including interim periods therein. An entity may early adopt the ASU in any interim period after its issuance if the entity has adopted ASU 2016-13. For all other entities, the effective date will be the same as the effective date of ASU 2016-13.

Other Resources: Deloitte’s May 15, 2019, Heads Up. Also see the press release on the FASB’s Web site.

Financial Instruments

FASB Amends Certain Aspects of ASUs Related to Financial InstrumentsAffects: All entities.

Summary: On April 25, 2019, the FASB issued ASU 2019-04,10 which clarifies certain aspects of the accounting for credit losses, hedging activities, and financial instruments (addressed by ASUs 2016-13, 2017-12,11 and 2016-01,12 respectively).

Next Steps: For effective date and transition information, see Appendix A.

Other Resources: Deloitte’s May 7, 2019, Heads Up. Also see the press release on the FASB’s Web site.

Not-for-Profit Entities

FASB Extends Private-Company Accounting Alternatives to NFP EntitiesAffects: NFP entities.

Summary: On May 30, 2019, the FASB issued ASU 2019-06,13 which extends to NFP entities the private-company accounting alternatives on goodwill and certain identifiable intangible assets that were developed by the FASB and Private Company Council in 2014. The ASU is

9 FASB Accounting Standards Update No. 2019-05, Financial Instruments — Credit Losses (Topic 326): Targeted Transition Relief.10 FASB Accounting Standards Update No. 2019-04, Codification Improvements to Topic 326, Financial Instruments — Credit Losses,

Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.11 FASB Accounting Standards Update No. 2017-12, Targeted Improvements to Accounting for Hedging Activities.12 FASB Accounting Standards Update No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities.13 FASB Accounting Standards Update No. 2019-06, Extending the Private Company Accounting Alternatives on Goodwill and Certain

Identifiable Intangible Assets to Not-for-Profit Entities.

In This Section• Credit Losses

o FASB Issues Guidance to Provide Targeted Transition Relief for Entities Adopting ASU 2016-13

• Financial Instrumentso FASB Amends Certain

Aspects of ASUs Related to Financial Instruments

• Not-for-Profit Entitieso FASB Extends Private-

Company Accounting Alternatives to NFP Entities

5

intended to enable “organizations to recognize fewer items as separate intangible assets in acquisitions and to account for goodwill in a more cost-effective manner.” Under the ASU, NFP entities are allowed to forgo testing goodwill for impairment annually at the reporting level and to instead use an accounting alternative in which:

• Goodwill is amortized “over 10 years or less, on a straight-line basis.”

• Impairment is tested “upon a triggering event.”

• An entity has “the option to elect to test for impairment at the entity level.”

ASU 2019-06 became effective upon issuance.

Other Resources: Deloitte’s June 12, 2019, Heads Up. Also see the press release on the FASB’s Web site.

6

Accounting — Exposure DraftsCredit Losses

FASB Proposes Improvements to Credit Losses StandardAffects: All entities.

Summary: On June 27, 2019, the FASB issued a proposed ASU14 that would amend certain aspects of the FASB’s guidance on credit losses, including (1) purchased credit-deteriorated financial assets, (2) transition relief for troubled debt restructurings, (3) disclosure relief for accrued interest receivable, and (4) financial assets secured by collateral maintenance provisions. The proposal would also make conforming amendments to ASC 805-20.

Next Steps: Comments on the proposed ASU are due by July 29, 2019.

Other Resources: Deloitte’s June 28, 2019, Heads Up. Also see the press release on the FASB’s Web site.

Disclosures

FASB Issues Proposed ASU to Align Certain FASB Codification Guidance With SEC Disclosure RequirementsAffects: All entities.

Summary: On May 6, 2019, the FASB issued a proposed ASU15 in response to the SEC’s disclosure update and simplification initiative. The proposal would “clarify or improve disclosure and presentation requirements of a variety of Codification Topics” by aligning “the requirements in the Codification with SEC’s regulations.”

Next Steps: Comments on the proposed ASU were due by June 28, 2019.

Income Taxes

FASB Proposes Simplifications to Accounting for Income TaxesAffects: All entities.

Summary: On May 14, 2019, the FASB issued a proposed ASU16 that is intended to simplify the accounting for income taxes to reduce its cost and complexity. Specifically, the proposed ASU (which is part of the Board’s simplification initiative) would (1) remove certain exceptions to the general principles in ASC 740 and (2) simplify certain aspects of income-tax-related GAAP for financial statement preparers. The proposal would not create new accounting requirements in ASC 740.

Next Steps: Comments on the proposed ASU are due by June 28, 2019.

Other Resources: Deloitte’s May 29, 2019, Heads Up. Also see the press release on the FASB’s Web site.

14 FASB Proposed Accounting Standards Update, Codification Improvements to Topic 326, Financial Instruments — Credit Losses.15 FASB Proposed Accounting Standards Update, Disclosure Improvements — Codification Amendments in Response to the SEC’s Disclosure

Update and Simplification Initiative.16 FASB Proposed Accounting Standards Update, Simplifying the Accounting for Income Taxes.

In This Section• Credit Losses

o FASB Proposes Improvements to Credit Losses Standard

• Disclosureso FASB Issues Proposed

ASU to Align Certain FASB Codification Guidance With SEC Disclosure Requirements

• Income Taxes o FASB Proposes

Simplifications to Accounting for Income Taxes

• Internationalo IASB Publishes

Proposed Amendments to IFRS 17

o IASB Proposes IFRS 3 Amendments Related to the Conceptual Framework

o IASB Proposes Amendments as Part of Annual Improvements Process

o IASB Releases Proposal Related to Reform of Interest Rate Benchmarks

7

International

IASB Publishes Proposed Amendments to IFRS 17Affects: Entities reporting under IFRS Standards.

Summary: On June 27, 2019, the IASB published an ED17 to address concerns and implementation challenges with the IASB’s insurance contracts standard, IFRS 17, which was published in 2017. Revisions made by the proposed amendments would include:

• Deferral of the date of initial application of IFRS 17 by one year to annual periods beginning on or after January 1, 2022, and change in the fixed expiry date for the temporary exemption in IFRS 418 from applying IFRS 919 so that entities would be required to apply IFRS 9 for annual periods beginning on or after January 1, 2022.

• Optional scope exclusion for loan contracts that transfer significant insurance risk and related transition requirements to enable entities issuing such contracts to account for those contracts by applying either IFRS 17 or IFRS 9.

• Scope exclusion for credit card contracts that provide insurance coverage.

• Amendments related to allocation, recognition, recoverability assessment, and disclosure of insurance acquisition cash flows associated with expected contract renewals.

• Amendments related to the contractual service margin allocation.

• Extension of the risk mitigation option to reinsurance contracts held.

• Requirement for entities to recognize a gain on reinsurance contracts held when, at initial recognition, such entities also recognized losses on onerous insurance contracts issued.

• Simplified presentation of insurance contracts in the statement of financial position.

• Transition relief related to business combinations.

• Transition relief related to the date of application of the risk mitigation option and the use of the fair value transition approach.

Next Steps: Comments on the ED are due by September 25, 2019.

Other Resources: For more information, see the press release and snapshot on the IASB’s Web site.

IASB Proposes IFRS 3 Amendments Related to the Conceptual FrameworkAffects: Entities reporting under IFRS Standards.

Summary: On May 30, 2019, the IASB published an ED20 that would:

• Update Conceptual Framework references in IFRS 3 to align the standard with the 2018 version of the framework instead of the 1989 version; these updates would not change the accounting requirements for business combinations.

17 IASB Exposure Draft, Amendments to IFRS 17.18 IFRS 4, Insurance Contracts.19 IFRS 9, Financial Instruments.20 IASB Exposure Draft, Reference to the Conceptual Framework — proposed amendments to IFRS 3.

8

• Require that — for transactions and other events within the scope of IAS 3721 or IFRIC 2122 — an acquirer should apply IAS 37 or IFRIC 21 (instead of the Conceptual Framework) to identify the liabilities it has assumed in a business combination.

• Explicitly state that an acquirer should not recognize contingent assets acquired in a business combination.

Next Steps: Comments on the ED are due by September 27, 2019.

Other Resources: For more information, see the press release on the IASB’s Web site.

IASB Proposes Amendments as Part of Annual Improvements ProcessAffects: Entities reporting under IFRS Standards.

Summary: On May 21, 2019, the IASB published an ED23 that would amend certain IFRS Standards as part of its annual improvements process (i.e., a project to make necessary, but nonurgent, amendments to IFRS Standards that will not be made as part of another major project). Specifically, the ED would make revisions to the following standards:

• IFRS 1, First-time Adoption of International Financial Reporting Standards.

• IFRS 9, Financial Instruments.

• IFRS 16, Leases (just the accompanying illustrative examples).

• IAS 41, Agriculture.

Next Steps: Comments on the ED are due by August 20, 2019.

Other Resources: Deloitte’s May 22, 2019, IFRS in Focus. Also see the press release on the IASB’s Web site.

IASB Releases Proposal Related to Reform of Interest Rate BenchmarksAffects: Entities reporting under IFRS Standards.

Summary: On May 3, 2019, the IASB published an ED24 that would amend IFRS 925 and IAS 3926 “in light of the reform of interest rate benchmarks” (e.g., interbank offered rates). The purpose of the proposed amendments is to “provide relief from specific hedge accounting requirements that could have resulted in the discontinuation of hedge accounting solely due to the uncertainty arising from interest rate benchmark reform.”

Comments on the ED were due by June 17, 2019.

Other Resources: Deloitte’s May 8, 2019, IFRS in Focus. Also see the press release and snapshot on the IASB’s Web site.

21 IAS 37, Provisions, Contingent Liabilities and Contingent Assets.22 IFRIC Interpretation 21, Levies.23 IASB Exposure Draft, Annual Improvements to IFRS Standards 2018–2020.24 IASB Exposure Draft, Interest Rate Benchmark Reform — proposed amendments to IFRS 9 and IAS 39.25 IFRS 9, Financial Instruments.26 IAS 39, Financial Instruments: Recognition and Measurement.

9

AICPA

AICPA Issues Proposed SAS on Audit EvidenceAffects: Auditors.

Summary: On June 20, 2019, the AICPA issued a proposed SAS27 that would supersede certain guidance on audit evidence in SAS 122.28 The proposed SAS addresses “the evolving nature of business and audit services and issues that have arisen during the standard-setting activities of the [Auditing Standards Board, including] use of emerging technologies by both preparers and auditors, audit data analytics (ADA), the application of professional skepticism, the expanding use of external information sources as audit evidence, and more broadly, the accuracy, completeness, and reliability of audit evidence.”

Next Steps: Comments on the proposed SAS are due by September 18, 2019.

AICPA Proposes Amendments Related to the Definition of MaterialityAffects: Auditors.

Summary: On June 5, 2019, the AICPA’s Auditing Standards Board issued an ED29 of a proposed SAS and a proposed Statement on Standards for Attestation Engagements (SSAE) that would “align the materiality concepts discussed in AICPA Professional Standards with the definition of materiality used by the U.S. judicial system, the auditing standards of the PCAOB, the [SEC], and the [FASB].”

Next Steps: Comments on the proposed SAS and proposed SSAE are due by August 5, 2019.

AICPA Issues New Statements on Auditing StandardsAffects: Auditors.

Summary: On May 8, 2019, the AICPA issued the following SASs:

• SAS 13430 — “[A]ddresses the auditor’s responsibility to form an opinion on the financial statements and the form and content of the auditor’s report issued as a result of an audit of financial statements.” This SAS also discusses “the auditor’s responsibilities, and the form and content of the auditor’s report, when the auditor concludes that a modification to the auditor’s opinion on the financial statements is necessary, and when additional communications are necessary in the auditor’s report.”

• SAS 13531 — The primary purpose of this SAS is “to more closely align [AICPA] guidance with the PCAOB’s standards” by amending AU-C Sections 260,32 550,33 and 240.34

Other Resources: For more information, see the press release on the AICPA’s Web site.

27 AICPA Proposed Statement on Auditing Standards (SAS), Audit Evidence.28 AICPA Statement on Auditing Standards No. 122, Statements on Auditing Standards: Clarification and Recodification.29 AICPA Exposure Draft, Amendments to the Description of the Concept of Materiality.30 AICPA Statement on Auditing Standards No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in

the Audit of Financial Statements.31 AICPA Statement on Auditing Standards No. 135, Omnibus Statement on Auditing Standards — 2019.32 AICPA Professional Standards, AU-C Section 260, “The Auditor’s Communication With Those Charged With Governance.”33 AICPA Professional Standards, AU-C Section 550, “Related Parties.”34 AICPA Professional Standards, AU-C Section 240, “Consideration of Fraud in a Financial Statement Audit.”

In This Section• AICPA

o AICPA Issues Proposed SAS on Audit Evidence

o AICPA Proposes Amendments Related to the Definition of Materiality

o AICPA Issues New Statements on Auditing Standards

• CAQo CAQ Issues

Publication on Emerging Technology

o CAQ Updates Publication on ICFR

o CAQ Releases Publication on Credit Losses

o CAQ Updates Publication on Assessing External Auditors

• PCAOB o PCAOB Issues

Staff Guidance on Communications With Audit Committees Concerning Independence

o PCAOB Issues Staff Guidance on Implementing CAM Requirements

o PCAOB Releases Staff Inspection Brief

Auditing Developments

10

CAQ

CAQ Issues Publication on Emerging TechnologyAffects: All entities.

Summary: On May 16, 2019, the CAQ released a publication on emerging technology35 that “explores financial reporting implications of the evolving use of technology such as artificial intelligence, the internet of things, and smart contracts.”

CAQ Updates Publication on ICFRAffects: All entities.

Summary: On May 9, 2019, the CAQ released an updated version of its guide36 on internal control over financial reporting (ICFR). The publication provides an overview of ICFR and focuses on “key ICFR concepts” such as the control environment, control activities, reasonable assurance, and the hierarchy of ICFR deficiencies. The 2019 edition includes “additional information highlighting the significant body of research demonstrating the importance of ICFR to enhancing investor confidence and strengthening the financial reporting process.”

CAQ Releases Publication on Credit Losses Affects: Audit committees.

Summary: On May 7, 2019, the CAQ released a publication37 designed to help audit committees with overseeing entities’ implementation of the FASB’s new credit losses standard, ASC 326, which becomes effective on January 1, 2020, for most calendar-year-end entities that are SEC filers. The publication contains key questions for audit committees to consider and is divided into four sections addressing the following topics:

• Understanding the credit losses standard.

• Evaluating the entity’s impact assessment.

• Evaluating the implementation plan.

• Other important implementation considerations.

Other Resources: For more information, see the press release on the CAQ’s Web site.

CAQ Updates Publication on Assessing External AuditorsAffects: Audit committees.

Summary: On April 2, 2019, the CAQ released an updated version of its publication38 for audit committees on assessing external auditors. The purpose of the publication is to “assist audit committees in carrying out their responsibilities of appointing, overseeing, and determining compensation for the external auditor.”

35 CAQ Publication, Emerging Technologies, Risk, and the Auditor’s Focus: A Resource for Auditors, Audit Committees, and Management.36 CAQ Guide, Guide to Internal Control Over Financial Reporting.37 CAQ Publication, Preparing for the New Credit Losses Standard.38 CAQ Publication, External Auditor Assessment Tool : A Reference for US Audit Committees.

11

PCAOB

PCAOB Issues Staff Guidance on Communications With Audit Committees Concerning IndependenceAffects: Auditors.

Summary: On May 31, 2019, the PCAOB issued staff guidance39 that discusses “questions that have arisen in practice regarding application of Rule 3526(b),” which addresses communications with audit committees concerning independence. The staff guidance “(1) provides a summary of Rule 3526(b) and background information; (2) addresses the purpose of the guidance; and (3) provides specific direction to registered public accounting firms on how to comply with their Rule 3526(b) obligations.”

PCAOB Issues Staff Guidance on Implementing CAM Requirements Affects: Auditors.

Summary: On May 22, 2019, the PCAOB issued staff guidance40 on implementing its new requirements related to critical audit matters (CAMs). The staff guidance provides answers to a number of FAQs that address “questions that may arise when the auditor is communicating CAMs” in accordance with Auditing Standard 3101.41

PCAOB Releases Staff Inspection BriefAffects: Auditors.

Summary: On May 6, 2019, the PCAOB published a staff inspection brief that previews its 2018 inspection observations. Topics covered in the inspection brief include (1) observations and good practices related to efforts to improve audit quality; (2) common audit deficiencies observed in 2018; and (3) observations on technology, implementation of new accounting and auditing standards and rules, and audit committee communications.

39 PCAOB Staff Guidance, Rule 3526(b) Communications With Audit Committees Concerning Independence.40 PCAOB Staff Guidance, Implementation of Critical Audit Matters: A Deeper Dive on the Communication of CAMs.41 PCAOB Auditing Standard No. 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified

Opinion.

12

SEC

SEC Issues Final Rule Related to Capital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Broker-DealersAffects: SEC registrants.

Summary: On June 21, 2019, the SEC issued a final rule42 containing new and amended requirements related to its capital, margin, and segregation regulations for security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs). Specifically, the final rule, which is being issued in response to a mandate of the Dodd-Frank Wall Street Reform and Consumer Protection Act, addresses (1) capital rules for nonbank SBSDs and MSBSPs, (2) margin requirements for nonbank SBSDs and nonbank MSBSPs, (3) segregation requirements for broker-dealers and SBSDs, and (4) cross-border application.

Next Steps: The final rule will become effective 60 days after the date of its publication in the Federal Register.

Other Resources: For more information, see the press release on the SEC’s Web site.

SEC Amends Auditor Independence Rules Affects: Auditors.

Summary: On June 18, 2019, the SEC issued a final rule43 to amend its auditor independence rules. Specifically, the amendments refocus “the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with certain shareholders of an audit client at any time during an audit or professional engagement period.”

Next Steps: The final rule will become effective 90 days after the date of its publication in the Federal Register.

Other Resources: For more information, see the press release on the SEC’s Web site.

SEC Requests Feedback on How to Improve Private Securities Offering ExemptionsAffects: SEC registrants.

Summary: On June 18, 2019, the SEC issued for public comment a concept release44 that requests feedback on “several exemptions from registration under the Securities Act of 1933 that facilitate capital raising.” Specifically, the Commission is looking for potential ways “to simplify, harmonize, and improve the exempt offering framework to promote capital formation and expand investment opportunities while maintaining appropriate investor protections.”

Next Steps: Comments on the concept release are due by September 24, 2019.

Other Resources: For more information, see the press release on the SEC’s Web site.

42 SEC Final Rule Release No. 34-86175, Capital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants and Capital and Segregation Requirements for Broker-Dealers.

43 SEC Final Rule Release No. 33-10648, Auditor Independence With Respect to Certain Loans or Debtor-Creditor Relationships.44 SEC Release No. 33-10649, Concept Release on Harmonization of Securities Offering Exemptions.

Regulatory and Compliance DevelopmentsIn This Section• SEC

o SEC Issues Final Rule Related to Capital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Broker-Dealers

o SEC Amends Auditor Independence Rules

o SEC Requests Feedback on How to Improve Private Securities Offering Exemptions

o SEC Amends the Single Issuer Exemption for Broker-Dealers

o SEC Issues Guidance Related to Retail Investors’ Relationships With Financial Professionals

o CAQ Releases Highlights of CAQ SEC Regulations Committee’s March 2019 Joint Meeting With the SEC Staff

o SEC Proposes to Ease Qualifications for Nonaccelerated Filer Status

o SEC Proposes Improvements to Disclosures for Business Acquisitions and Dispositions

o SEC Staff Issues Guidance on Investment Contract Analysis of Digital Assets

o SEC Releases Announcement About Exhibits Containing Immaterial, Competitively Harmful Information

13

SEC Amends the Single Issuer Exemption for Broker-DealersAffects: Broker-dealers.

Summary: On June 10, 2019, the SEC issued a final rule45 that clarifies the scope of an existing exemption under which a broker-dealer is not required to “engage an independent public accountant to certify the broker-dealer’s annual reports filed with the Commission if, among other things, the securities business of the broker-dealer has been limited to acting as broker (agent) for a single issuer in soliciting subscriptions for securities of that issuer.”

Next Steps: The final rule will become effective on August 13, 2019.

SEC Issues Guidance Related to Retail Investors’ Relationships With Financial ProfessionalsAffects: Investment advisers and broker-dealers.

Summary: On June 5, 2019, the SEC released a package of rules and interpretations that are “designed to enhance the quality and transparency of retail investors’ relationships with investment advisers and broker-dealers, bringing the legal requirements and mandated disclosures in line with reasonable investor expectations, while preserving access (in terms of choice and cost) to a variety of investment services and products.” The package includes:

• Final rule46 on standard of conduct for broker-dealers — Establishes a “new standard of conduct specifically for broker-dealers that substantially enhances the broker-dealer standard of conduct beyond existing suitability obligations.”

• Final rule47 on relationship summaries — Requires investment advisers and broker-dealers “to deliver a relationship summary to retail investors at the beginning of their relationship.”

• Interpretation48 on standard of conduct for investment advisers — Reaffirms and clarifies “the Commission’s views of the fiduciary duty that investment advisers owe to their clients under the Advisers Act.”

• Interpretation49 on the “solely incidental” exclusion — Discusses the provision of the Investment Advisers Act of 1940 that “excludes from the definition of ‘investment adviser’ any broker or dealer that provides advisory services when such services are ‘solely incidental’ to the conduct of the broker or dealer’s business and when such incidental advisory services are provided for no special compensation.”

Next Steps: The rules will become effective 60 days after the date of their publication in the Federal Register, while the interpretations will become effective on the date of their publication in the Federal Register.

Other Resources: For more information, see the press release on the SEC’s Web site.

45 SEC Final Rule Release No. 34-86073, Amendment to Single Issuer Exemption for Broker-Dealers.46 SEC Final Rule Release No. 34-86031, Regulation Best Interest: The Broker-Dealer Standard of Conduct.47 SEC Final Rule Release No. 34-86032, Form CRS Relationship Summary: Amendments to Form ADV.48 SEC Interpretive Release No. IA-5248, Commission Interpretation Regarding Standard of Conduct for Investment Advisers.49 SEC Interpretive Release No. IA-5249, Commission Interpretation Regarding the Solely Incidental Prong of the Broker-Dealer Exclusion

From the Definition of Investment Adviser.

14

CAQ Releases Highlights of CAQ SEC Regulations Committee’s March 2019 Joint Meeting With the SEC StaffAffects: SEC registrants.

Summary: In May 2019, the CAQ published highlights of the March 20, 2019, CAQ SEC Regulations Committee joint meeting with the SEC staff. Topics discussed at the meeting included:

• Individually tailored non-GAAP financial measures.

• Emerging growth company (EGC) transition requirements for new accounting standards.

• Presentation of the contractual obligations table upon adoption of the new leasing standard, ASC 842.

• Presentation of earnings before interest, tax, depreciation, and amortization (EBITDA) after the adoption of ASC 842.

• The requirements in Regulation S-X, Rule 3-05,50 for EGCs submitting a draft registration statement for an IPO.

• Impact of ASC 842 on significance tests under Rule 3-05.

• Financial statement schedules for an investee under Regulation S-X, Rule 3-09.51

• The requirement to file a Form 8-K under Item 2.01 when a waiver for Rule 3-05 financial statements has been obtained.

SEC Proposes to Ease Qualifications for Nonaccelerated Filer StatusAffects: SEC registrants.

Summary: On May 9, 2019, the SEC issued a proposed rule52 that would amend the definitions of “accelerated filer” and “large accelerated filer” to exclude any issuer with both annual revenues of less than $100 million and public float of less than $700 million. The proposed amendments, which are intended to promote capital formation while maintaining investor protection, would expand the number of issuers that qualify as nonaccelerated filers and are thus eligible to take advantage of certain reporting accommodations offered to such issuers. The most significant of these accommodations is the elimination of the requirement that an issuer obtain an audit report on ICFR from its independent auditor, as currently required under Section 404(b) of the Sarbanes-Oxley Act of 2002.

Next Steps: Comments on the proposed rule are due by July 29, 2019.

Other Resources: Deloitte’s May 14, 2019, Heads Up. Also see the press release on the SEC’s Web site.

SEC Proposes Improvements to Disclosures for Business Acquisitions and DispositionsAffects: SEC registrants.

Summary: On May 3, 2019, the SEC issued a proposed rule53 that would amend the financial statement requirements for acquisitions and dispositions of businesses, including real estate operations, and related pro forma financial information. In addition, the proposed rule would

50 SEC Regulation S-X, Rule 3-05, “Financial Statements of Businesses Acquired or to Be Acquired.”51 SEC Regulation S-X, Rule 3-09, “Separate Financial Statements of Subsidiaries Not Consolidated and 50 Percent or Less Owned

Persons.52 SEC Proposed Rule Release No. 34-85814, Amendments to the Accelerated Filer and Large Accelerated Filer Definitions.53 SEC Proposed Rule Release No. 33-10635, Amendments to Financial Disclosures About Acquired and Disposed Businesses.

15

amend the financial disclosure requirements for smaller reporting companies (SRCs) and investment companies. The proposal is intended to improve the information investors receive regarding acquired or disposed businesses, reduce the complexity and costs of preparing the required disclosures, and facilitate timely access to capital.

The proposed rule would:

• Change the investment test to require use of the aggregate worldwide market value of the registrant’s common equity.

• Change the income test to require use of the lower of (1) income from continuing operations after taxes or (2) revenue.

• Reduce required acquiree annual financial statement periods to a maximum of the two most recent fiscal years.

• Result in fewer circumstances in which acquiree financial statements would be required for an IPO and for individually insignificant acquirees.

• Permit the use of abbreviated financial statements for an acquiree in certain circumstances without a request for SEC staff permission.

• Allow the use of, or reconciliation to, IFRS Standards in certain circumstances.

• Amend the pro forma financial disclosure requirements related to (1) transaction accounting adjustments and (2) management’s adjustments (e.g., reasonably estimable synergies and other impacts of an acquisition).

• Align certain requirements for a real estate acquiree with those in Rule 3-05.

• Raise the significance threshold for reporting dispositions of a business from 10 percent to 20 percent to conform the threshold with that of a significant acquisition.

• Make other changes specific to SRCs and investment companies.

The changes summarized above could be significant for some registrants. However, many elements of Rule 3-05 would be retained under the proposed rule. For example, although some significance tests would be modified, the proposed rule would not change certain bright-line significance thresholds since, as explained in the proposal, such tests can allow registrants to evaluate significance more quickly than judgment-based models can.

Next Steps: Comments on the proposed rule are due by July 29, 2019.

Other Resources: Deloitte’s May 9, 2019, Heads Up. Also see the press release on the SEC’s Web site.

SEC Staff Issues Guidance on Investment Contract Analysis of Digital AssetsAffects: SEC registrants.

Summary: On April 3, 2019, the SEC staff issued guidance54 that contains a “framework for analyzing whether a digital asset has the characteristics of one particular type of security – an ‘investment contract.’ ” In a public statement about the guidance, the staff noted that “[t]he framework is not intended to be an exhaustive overview of the law, but rather, an analytical tool to help market participants assess whether the federal securities laws apply to the offer, sale, or resale of a particular digital asset.”

54 SEC Staff Guidance, Framework for “Investment Contract” Analysis of Digital Assets.

16

SEC Releases Announcement About Exhibits Containing Immaterial, Competitively Harmful InformationAffects: SEC registrants.

Summary: On April 1, 2019, the SEC posted to its Web site an announcement55 on the new rules and procedures in the Commission’s recently issued final rule56 on modernization and simplification of Regulation S-K, specifically those related to exhibits containing immaterial and competitively harmful information. Topics discussed in the announcement include (1) new rule requirements related to the identification of where information has been omitted from a filed exhibit, (2) the process of reviewing registrants’ filings for compliance, and (3) transition issues.

55 SEC Announcement, New Rules and Procedures for Exhibits Containing Immaterial, Competitively Harmful Information.56 SEC Final Rule Release No. 33-10618, FAST Act Modernization and Simplification of Regulation S-K.

17

Appe

ndix

A: S

igni

fican

t Ado

ptio

n D

ates

The

char

t bel

ow d

escr

ibes

sig

nific

ant a

dopt

ion

date

s fo

r FAS

B/EI

TF, A

ICPA

, SEC

, PCA

OB,

and

IASB

/IFRI

C st

anda

rds.

Con

tent

rece

ntly

add

ed o

r rev

ised

is

high

light

ed in

gre

en.

FASB

/EIT

FEff

ecti

ve D

ate

for

PBEs

Effec

tive

Dat

e fo

r N

on-P

BEs

Earl

y A

dopt

ion

Allo

wed

(Yes

/No)

Del

oitt

e Re

sour

ces

Fina

l Gui

danc

e

ASU

201

9-06

, Ext

endi

ng th

e Pr

ivat

e Co

mpa

ny A

ccou

ntin

g Al

tern

ativ

es o

n G

oodw

ill a

nd

Cert

ain

Iden

tifiab

le In

tang

ible

As

sets

to N

ot-fo

r-Pr

ofit E

ntiti

es

(issu

ed M

ay 3

0, 2

019)

N/A

The

amen

dmen

ts b

ecam

e eff

ectiv

e up

on is

suan

ce.

N/A

June

12,

201

9, H

eads

U

p

ASU

201

9-05

, Fin

anci

al

Inst

rum

ents

— C

redi

t Los

ses

(Top

ic

326)

: Tar

gete

d Tr

ansit

ion

Relie

f (is

sued

May

15,

201

9)

The

amen

dmen

ts a

re e

ffect

ive

(1) f

or

entit

ies

that

hav

e no

t yet

ado

pted

AS

U 2

016-

13 a

t the

sam

e tim

e as

AS

U 2

016-

13 a

nd (2

) for

ent

ities

that

ha

ve a

dopt

ed A

SU 2

016-

13 fo

r fisc

al

year

s be

ginn

ing

afte

r Dec

embe

r 15

, 201

9, in

clud

ing

inte

rim p

erio

ds

with

in th

ose

fisca

l yea

rs.

The

amen

dmen

ts a

re e

ffect

ive

(1) f

or

entit

ies

that

hav

e no

t yet

ado

pted

AS

U 2

016-

13 a

t the

sam

e tim

e as

AS

U 2

016-

13 a

nd (2

) for

ent

ities

that

ha

ve a

dopt

ed A

SU 2

016-

13 fo

r fisc

al

year

s be

ginn

ing

afte

r Dec

embe

r 15

, 201

9, in

clud

ing

inte

rim p

erio

ds

with

in th

ose

fisca

l yea

rs.

Yes

May

15,

201

9, H

eads

U

p

ASU

201

9-04

, Cod

ifica

tion

Impr

ovem

ents

to T

opic

326

, Fi

nanc

ial I

nstr

umen

ts —

Cre

dit

Loss

es, T

opic

815

, Der

ivat

ives

an

d H

edgi

ng, a

nd T

opic

825

, Fi

nanc

ial I

nstr

umen

ts (i

ssue

d Ap

ril 2

5, 2

019)

The

amen

dmen

ts to

ASU

201

6-01

ar

e eff

ectiv

e fo

r fisc

al y

ears

and

in

terim

per

iods

beg

inni

ng a

fter

Dec

embe

r 15,

201

9.

The

amen

dmen

ts to

ASU

201

6-13

ar

e eff

ectiv

e (1

) for

ent

ities

that

hav

e no

t yet

ado

pted

ASU

201

6-13

at

the

sam

e tim

e as

ASU

201

6-13

and

(2

) for

ent

ities

that

hav

e ad

opte

d AS

U 2

016-

13 fo

r fisc

al y

ears

and

in

terim

per

iods

beg

inni

ng a

fter

Dec

embe

r 15,

201

9.

The

amen

dmen

ts to

ASU

201

7-12

ar

e eff

ectiv

e (1

) for

ent

ities

that

hav

e no

t yet

ado

pted

ASU

201

7-12

as

of

April

25,

201

9, a

nd (2

) for

ent

ities

th

at h

ave

adop

ted

ASU

201

7-12

as

of th

e be

ginn

ing

of th

e fir

st a

nnua

l re

port

ing

perio

d be

ginn

ing

afte

r Ap

ril 2

5, 2

019.

The

amen

dmen

ts to

ASU

201

6-01

ar

e eff

ectiv

e fo

r fisc

al y

ears

and

in

terim

per

iods

beg

inni

ng a

fter

Dec

embe

r 15,

201

9.

The

amen

dmen

ts to

ASU

201

6-13

ar

e eff

ectiv

e (1

) for

ent

ities

that

hav

e no

t yet

ado

pted

ASU

201

6-13

at

the

sam

e tim

e as

ASU

201

6-13

and

(2

) for

ent

ities

that

hav

e ad

opte

d AS

U 2

016-

13 fo

r fisc

al y

ears

and

in

terim

per

iods

beg

inni

ng a

fter

Dec

embe

r 15,

201

9.

The

amen

dmen

ts to

ASU

201

7-12

ar

e eff

ectiv

e (1

) for

ent

ities

that

hav

e no

t yet

ado

pted

ASU

201

7-12

as

of

April

25,

201

9, a

nd (2

) for

ent

ities

th

at h

ave

adop

ted

ASU

201

7-12

as

of th

e be

ginn

ing

of th

e fir

st a

nnua

l re

port

ing

perio

d be

ginn

ing

afte

r Ap

ril 2

5, 2

019.

Yes

May

7, 2

019,

Hea

ds

Up

18

ASU

201

9-03

, Upd

atin

g th

e D

efini

tion

of C

olle

ctio

ns (i

ssue

d M

arch

21,

201

9)

The

amen

dmen

ts in

this

ASU

are

eff

ectiv

e fo

r fisc

al y

ears

beg

inni

ng

afte

r Dec

embe

r 15,

201

9, a

nd

inte

rim p

erio

ds w

ithin

fisc

al y

ears

be

ginn

ing

afte

r Dec

embe

r 15,

202

0.

The

amen

dmen

ts in

this

ASU

are

eff

ectiv

e fo

r fisc

al y

ears

beg

inni

ng

afte

r Dec

embe

r 15,

201

9, a

nd

inte

rim p

erio

ds w

ithin

fisc

al y

ears

be

ginn

ing

afte

r Dec

embe

r 15,

202

0.

Yes

Mar

ch 2

1, 2

019,

US

GAA

P Pl

us n

ews

item

ASU

201

9-02

, Im

prov

emen

ts to

Ac

coun

ting

for C

osts

of F

ilms

and

Lice

nse

Agre

emen

ts fo

r Pro

gram

M

ater

ials

(issu

ed M

arch

6, 2

019)

The

amen

dmen

ts in

this

ASU

are

eff

ectiv

e fo

r fisc

al y

ears

beg

inni

ng

afte

r Dec

embe

r 15,

201

9, a

nd

inte

rim p

erio

ds w

ithin

thos

e fis

cal

year

s.

The

amen

dmen

ts in

this

ASU

are

eff

ectiv

e fo

r fisc

al y

ears

beg

inni

ng

afte

r Dec

embe

r 15,

202

0, a

nd

inte

rim p

erio

ds w

ithin

thos

e fis

cal

year

s.

Yes

Mar

ch 6

, 201

9, U

S G

AAP

Plus

new

s ite

m

ASU

201

9-01

, Lea

ses

(Top

ic 8

42):

Codi

ficat

ion

Impr

ovem

ents

(iss

ued

Mar

ch 5

, 201

9)

See

effec

tive

date

info

rmat

ion

for

ASU

201

6-02

bel

ow.

See

effec

tive

date

info

rmat

ion

for

ASU

201

6-02

bel

ow.

Yes

Mar

ch 7

, 201

9,

jour

nal e

ntry

ASU

201

8-20

, Nar

row

-Sco

pe

Impr

ovem

ents

for L

esso

rs (i

ssue

d D

ecem

ber 1

0, 2

018)

For e

ntiti

es th

at h

ave

not a

dopt

ed

ASC

842,

the

effec

tive

date

is th

e sa

me

as th

e eff

ectiv

e da

te in

ASU

20

16-0

2.

An e

ntity

that

has

ado

pted

ASC

842

ca

n ap

ply

the

amen

dmen

ts a

s of

th

e or

igin

al e

ffect

ive

date

of A

SC

842

for t

he e

ntity

. Alte

rnat

ivel

y, th

e en

tity

has

the

optio

n of

app

lyin

g th

e am

endm

ents

in e

ither

the

first

re

port

ing

perio

d en

ding

afte

r the

is

suan

ce o

f thi

s AS

U (e

.g.,

Dec

embe

r 31

, 201

8) o

r in

the

first

repo

rtin

g pe

riod

begi

nnin

g af

ter t

he is

suan

ce

of th

is A

SU (e

.g.,

Janu

ary

1, 2

019)

.

For e

ntiti

es th

at h

ave

not a

dopt

ed

ASC

842,

the

effec

tive

date

is th

e sa

me

as th

e eff

ectiv

e da

te in

ASU

20

16-0

2.

An e

ntity

that

has

ado

pted

ASC

842

ca

n ap

ply

the

amen

dmen

ts a

s of

th

e or

igin

al e

ffect

ive

date

of A

SC

842

for t

he e

ntity

. Alte

rnat

ivel

y, th

e en

tity

has

the

optio

n of

app

lyin

g th

e am

endm

ents

in e

ither

the

first

re

port

ing

perio

d en

ding

afte

r the

is

suan

ce o

f thi

s AS

U (e

.g.,

Dec

embe

r 31

, 201

8) o

r in

the

first

repo

rtin

g pe

riod

begi

nnin

g af

ter t

he is

suan

ce

of th

is A

SU (e

.g.,

Janu

ary

1, 2

019)

.

No

Dec

embe

r 14,

201

8,

Hea

ds U

p

ASU

201

8-19

, Cod

ifica

tion

Impr

ovem

ents

to T

opic

326

: Fi

nanc

ial I

nstr

umen

ts —

Cre

dit

Loss

es (i

ssue

d N

ovem

ber 1

5,

2018

)

See

effec

tive

date

info

rmat

ion

for

ASU

201

6-13

bel

ow.

See

effec

tive

date

info

rmat

ion

for

ASU

201

6-13

bel

ow.

Yes,

as

of fi

scal

yea

rs b

egin

ning

af

ter D

ecem

ber 1

5, 2

018,

incl

udin

g in

terim

per

iods

with

in th

ose

fisca

l ye

ars.

Nov

embe

r 15,

201

8,

US

GAA

P Pl

us n

ews

item

ASU

201

8-18

, Cla

rifyi

ng th

e In

tera

ctio

n Be

twee

n To

pic

808

and

Topi

c 60

6 (is

sued

Nov

embe

r 5,

2018

)

The

amen

dmen

ts in

this

ASU

are

eff

ectiv

e fo

r fisc

al y

ears

beg

inni

ng

afte

r Dec

embe

r 15,

201

9, a

nd

inte

rim p

erio

ds w

ithin

thos

e fis

cal

year

s.

The

amen

dmen

ts in

this

ASU

are

eff

ectiv

e fo

r fisc

al y

ears

beg

inni

ng

afte

r Dec

embe

r 15,

202

0, a

nd

inte

rim p

erio

ds w

ithin

fisc

al y

ears

be

ginn

ing

afte

r Dec

embe

r 15,

202

1.

Yes

Nov

embe

r 13,

201

8,

Hea

ds U

p

ASU

201

8-17

, Tar

gete

d Im

prov

emen

ts to

Rel

ated

Par

ty

Gui

danc

e fo

r Var

iabl

e In

tere

st

Entit

ies

(issu

ed O

ctob

er 3

1, 2

018)

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

9, a

nd in

terim

pe

riods

with

in th

ose

fisca

l yea

rs.

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

202

0, a

nd in

terim

pe

riods

with

in fi

scal

yea

rs b

egin

ning

af

ter D

ecem

ber 1

5, 2

021.

Yes

Nov

embe

r 19,

201

8,

Hea

ds U

p

19

ASU

201

8-16

, Inc

lusio

n of

the

Secu

red

Ove

rnig

ht F

inan

cing

Rat

e (S

OFR

) Ove

rnig

ht In

dex

Swap

(OIS

) Ra

te a

s a

Benc

hmar

k In

tere

st R

ate

for H

edge

Acc

ount

ing

Purp

oses

(is

sued

Oct

ober

25,

201

8)

For e

ntiti

es th

at h

ave

not a

lread

y ad

opte

d AS

U 2

017-

12, t

he

amen

dmen

ts in

this

ASU

mus

t be

ado

pted

con

curr

ently

with

the

amen

dmen

ts in

ASU

201

7-12

.

For e

ntiti

es th

at a

lread

y ha

ve

adop

ted

the

amen

dmen

ts in

ASU

20

17-1

2, th

e am

endm

ents

are

eff

ectiv

e fo

r fisc

al y

ears

beg

inni

ng

afte

r Dec

embe

r 15,

201

8, a

nd

inte

rim p

erio

ds w

ithin

thos

e fis

cal

year

s.

For e

ntiti

es th

at h

ave

not a

lread

y ad

opte

d AS

U 2

017-

12, t

he

amen

dmen

ts in

this

ASU

mus

t be

ado

pted

con

curr

ently

with

the

amen

dmen

ts in

ASU

201

7-12

.

For e

ntiti

es th

at a

lread

y ha

ve

adop

ted

the

amen

dmen

ts in

ASU

20

17-1

2, th

e am

endm

ents

are

eff

ectiv

e fo

r fisc

al y

ears

beg

inni

ng

afte

r Dec

embe

r 15,

201

9, a

nd

inte

rim p

erio

ds w

ithin

thos

e fis

cal

year

s.

Yes

Oct

ober

25,

201

8,

US

GAA

P Pl

us

new

s ite

m a

nd

Nov

embe

r 7, 2

018,

jo

urna

l ent

ry

ASU

201

8-15

, Cus

tom

er’s

Acco

untin

g fo

r Im

plem

enta

tion

Cost

s In

curr

ed in

a C

loud

Co

mpu

ting

Arra

ngem

ent T

hat I

s a

Serv

ice

Cont

ract

(iss

ued

Augu

st

29, 2

018)

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

9, a

nd in

terim

pe

riods

with

in th

ose

fisca

l yea

rs.

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

202

0, a

nd in

terim

pe

riods

with

in fi

scal

yea

rs b

egin

ning

af

ter D

ecem

ber 1

5, 2

021.

Yes

Sept

embe

r 11,

201

8,

Hea

ds U

p

ASU

201

8-14

, Disc

losu

re

Fram

ewor

k —

Cha

nges

to th

e D

isclo

sure

Req

uire

men

ts fo

r D

efine

d Be

nefit

Pla

ns (i

ssue

d Au

gust

28,

201

8)

Fisc

al y

ears

end

ing

afte

r Dec

embe

r 15

, 202

0.Fi

scal

yea

rs e

ndin

g af

ter D

ecem

ber

15, 2

021.

Yes

Augu

st 2

9, 2

018,

H

eads

Up

ASU

201

8-13

, Disc

losu

re

Fram

ewor

k —

Cha

nges

to th

e D

isclo

sure

Req

uire

men

ts fo

r Fai

r Va

lue

Mea

sure

men

t (is

sued

Au

gust

28,

201

8)

Fisc

al y

ears

, and

inte

rim p

erio

ds

with

in th

ose

fisca

l yea

rs, b

egin

ning

af

ter D

ecem

ber 1

5, 2

019.

Fisc

al y

ears

, and

inte

rim p

erio

ds

with

in th

ose

fisca

l yea

rs, b

egin

ning

af

ter D

ecem

ber 1

5, 2

019.

Yes

Augu

st 3

1, 2

018,

H

eads

Up

ASU

201

8-12

, Tar

gete

d Im

prov

emen

ts to

the

Acco

untin

g fo

r Lon

g-D

urat

ion

Cont

ract

s (is

sued

Aug

ust 1

5, 2

018)

Fisc

al y

ears

, and

inte

rim p

erio

ds

with

in th

ose

fisca

l yea

rs, b

egin

ning

af

ter D

ecem

ber 1

5, 2

020.

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

202

1, a

nd in

terim

pe

riods

with

in fi

scal

yea

rs b

egin

ning

af

ter D

ecem

ber 1

5, 2

022.

Yes

Augu

st 2

1, 2

018,

In

sura

nce

Spot

light

20

ASU

201

8-11

, Lea

ses

(Top

ic 8

42):

Targ

eted

Impr

ovem

ents

(iss

ued

July

30,

201

8)

The

amen

dmen

ts in

this

ASU

rela

ted

to s

epar

atin

g co

mpo

nent

s of

a

cont

ract

affe

ct th

e am

endm

ents

in

ASU

201

6-02

, whi

ch a

re n

ot y

et

effec

tive

but c

an b

e ea

rly a

dopt

ed.

For e

ntiti

es th

at h

ave

not a

dopt

ed

ASC

842

befo

re th

e is

suan

ce o

f th

is A

SU, t

he e

ffect

ive

date

and

tr

ansi

tion

requ

irem

ents

for t

he

amen

dmen

ts in

this

ASU

rela

ted

to s

epar

atin

g co

mpo

nent

s of

a

cont

ract

are

the

sam

e as

the

effec

tive

date

and

tran

sitio

n re

quire

men

ts in

ASU

201

6-02

.

The

amen

dmen

ts in

this

ASU

rela

ted

to s

epar

atin

g co

mpo

nent

s of

a

cont

ract

affe

ct th

e am

endm

ents

in

ASU

201

6-02

, whi

ch a

re n

ot y

et

effec

tive

but c

an b

e ea

rly a

dopt

ed.

For e

ntiti

es th

at h

ave

not a

dopt

ed

ASC

842

befo

re th

e is

suan

ce o

f th

is A

SU, t

he e

ffect

ive

date

and

tr

ansi

tion

requ

irem

ents

for t

he

amen

dmen

ts in

this

ASU

rela

ted

to s

epar

atin

g co

mpo

nent

s of

a

cont

ract

are

the

sam

e as

the

effec

tive

date

and

tran

sitio

n re

quire

men

ts in

ASU

201

6-02

.

Yes

Augu

st 7

, 201

8,

Hea

ds U

p

ASU

201

8-10

, Cod

ifica

tion

Impr

ovem

ents

to T

opic

842

, Le

ases

(iss

ued

July

18,

201

8)

The

amen

dmen

ts in

this

ASU

affe

ct

the

amen

dmen

ts in

ASU

201

6-02

, w

hich

are

not

yet

effe

ctiv

e, b

ut fo

r w

hich

ear

ly a

dopt

ion

upon

issu

ance

is

per

mitt

ed. F

or e

ntiti

es th

at e

arly

ad

opte

d AS

C 84

2, th

e am

endm

ents

ar

e eff

ectiv

e up

on is

suan

ce

of th

is A

SU, a

nd th

e tr

ansi

tion

requ

irem

ents

are

the

sam

e as

thos

e in

ASC

842

. For

ent

ities

that

hav

e no

t ad

opte

d AS

C 84

2, th

e eff

ectiv

e da

te

and

tran

sitio

n re

quire

men

ts w

ill b

e th

e sa

me

as th

e eff

ectiv

e da

te a

nd

tran

sitio

n re

quire

men

ts in

ASC

842

.

The

amen

dmen

ts in

this

ASU

affe

ct

the

amen

dmen

ts in

ASU

201

6-02

, w

hich

are

not

yet

effe

ctiv

e, b

ut fo

r w

hich

ear

ly a

dopt

ion

upon

issu

ance

is

per

mitt

ed. F

or e

ntiti

es th

at e

arly

ad

opte

d AS

C 84

2, th

e am

endm

ents

ar

e eff

ectiv

e up

on is

suan

ce

of th

is A

SU, a

nd th

e tr

ansi

tion

requ

irem

ents

are

the

sam

e as

thos

e in

ASC

842

. For

ent

ities

that

hav

e no

t ad

opte

d AS

C 84

2, th

e eff

ectiv

e da

te

and

tran

sitio

n re

quire

men

ts w

ill b

e th

e sa

me

as th

e eff

ectiv

e da

te a

nd

tran

sitio

n re

quire

men

ts in

ASC

842

.

Yes

July

18,

201

8, U

S G

AAP

Plus

new

s ite

m

ASU

201

8-09

, Cod

ifica

tion

Impr

ovem

ents

(iss

ued

July

16,

20

18)

The

tran

sitio

n an

d eff

ectiv

e da

te

guid

ance

is b

ased

on

the

fact

s an

d ci

rcum

stan

ces

of e

ach

amen

dmen

t. So

me

of th

e am

endm

ents

in th

is

ASU

do

not r

equi

re tr

ansi

tion

guid

ance

and

will

be

effec

tive

upon

is

suan

ce o

f thi

s AS

U. H

owev

er, m

any

of th

e am

endm

ents

in th

is A

SU

do h

ave

tran

sitio

n gu

idan

ce w

ith

effec

tive

date

s fo

r ann

ual p

erio

ds

begi

nnin

g af

ter D

ecem

ber 1

5, 2

018,

fo

r PBE

s.

The

tran

sitio

n an

d eff

ectiv

e da

te

guid

ance

is b

ased

on

the

fact

s an

d ci

rcum

stan

ces

of e

ach

amen

dmen

t. So

me

of th

e am

endm

ents

in th

is

ASU

do

not r

equi

re tr

ansi

tion

guid

ance

and

will

be

effec

tive

upon

is

suan

ce o

f thi

s AS

U.

Yes

July

17,

201

8, U

S G

AAP

Plus

new

s ite

m

21

ASU

201

8-08

, Cla

rifyi

ng th

e Sc

ope

and

the

Acco

untin

g G

uida

nce

for C

ontr

ibut

ions

Rec

eive

d an

d Co

ntrib

utio

ns M

ade

(issu

ed Ju

ne

21, 2

018)

For e

ntiti

es th

at s

erve

as

a re

sour

ce

reci

pien

t, th

e am

endm

ents

sho

uld

be a

pplie

d to

con

trib

utio

ns re

ceiv

ed

for a

nnua

l per

iods

beg

inni

ng a

fter

June

15,

201

8, a

nd in

terim

per

iods

w

ithin

thos

e fis

cal y

ears

.

For e

ntiti

es th

at s

erve

as

a re

sour

ce

prov

ider

, the

am

endm

ents

sho

uld

be a

pplie

d to

con

trib

utio

ns m

ade

for a

nnua

l per

iods

beg

inni

ng a

fter

Dec

embe

r 15,

201

8, a

nd in

terim

pe

riods

with

in th

ose

fisca

l yea

rs.

For e

ntiti

es th

at s

erve

as

a re

sour

ce

reci

pien

t, th

e am

endm

ents

sho

uld

be a

pplie

d to

ann

ual p

erio

ds

begi

nnin

g af

ter D

ecem

ber 1

5, 2

018,

an

d in

terim

per

iods

with

in fi

scal

ye

ars

begi

nnin

g af

ter D

ecem

ber 1

5,

2019

.

For e

ntiti

es th

at s

erve

as

a re

sour

ce

prov

ider

, the

am

endm

ents

sho

uld

be a

pplie

d to

ann

ual p

erio

ds

begi

nnin

g af

ter D

ecem

ber 1

5, 2

019,

an

d in

terim

per

iods

with

in fi

scal

ye

ars

begi

nnin

g af

ter D

ecem

ber 1

5,

2020

.

Yes

June

22,

201

8, U

S G

AAP

Plus

new

s ite

m

ASU

201

8-07

, Im

prov

emen

ts

to N

onem

ploy

ee S

hare

-Bas

ed

Paym

ent A

ccou

ntin

g (is

sued

June

20

, 201

8)

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

8, a

nd in

terim

pe

riods

with

in th

ose

fisca

l yea

rs.

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

9, a

nd in

terim

pe

riods

with

in fi

scal

yea

rs b

egin

ning

af

ter D

ecem

ber 1

5, 2

020.

Yes,

but

no

earli

er th

an th

e da

te o

n w

hich

an

entit

y ad

opts

ASC

606

.Ju

ne 2

1, 2

018,

Hea

ds

Up

ASU

201

8-06

, Cod

ifica

tion

Impr

ovem

ents

to T

opic

942

, Fi

nanc

ial S

ervi

ces

— D

epos

itory

an

d Le

ndin

g (is

sued

May

7, 2

018)

Effec

tive

upon

issu

ance

.Eff

ectiv

e up

on is

suan

ce.

N/A

May

8, 2

018,

US

GAA

P Pl

us n

ews

item

ASU

201

8-05

, Inc

ome

Taxe

s (T

opic

740

): Am

endm

ents

to S

EC

Para

grap

hs P

ursu

ant t

o SE

C St

aff A

ccou

ntin

g Bu

lletin

No.

118

(is

sued

Mar

ch 1

3, 2

018)

Effec

tive

upon

issu

ance

.Eff

ectiv

e up

on is

suan

ce.

N/A

Mar

ch 1

3, 2

018,

US

GAA

P Pl

us n

ews

item

, and

Janu

ary

3, 2

018,

Fin

anci

al

Repo

rtin

g Al

ert

(upd

ated

Aug

ust 3

0,

2018

)

ASU

201

8-04

, Inv

estm

ents

—

Deb

t Sec

uriti

es (T

opic

320

) and

Re

gula

ted

Ope

ratio

ns (T

opic

980

): Am

endm

ents

to S

EC P

arag

raph

s Pu

rsua

nt to

SEC

Sta

ff Ac

coun

ting

Bulle

tin N

o. 1

17 a

nd S

EC R

elea

se

No.

33-

9273

(iss

ued

Mar

ch 9

, 20

18)

The

effec

tive

date

for t

he

amen

dmen

ts to

ASC

320

is th

e sa

me

as th

e eff

ectiv

e da

te o

f ASU

20

16-0

1. O

ther

am

endm

ents

are

eff

ectiv

e up

on is

suan

ce.

The

effec

tive

date

for t

he

amen

dmen

ts to

ASC

320

is th

e sa

me

as th

e eff

ectiv

e da

te o

f ASU

20

16-0

1. O

ther

am

endm

ents

are

eff

ectiv

e up

on is

suan

ce.

N/A

Mar

ch 9

, 201

8, U

S G

AAP

Plus

new

s ite

m

22

ASU

201

8-03

, Tec

hnic

al

Corr

ectio

ns a

nd Im

prov

emen

ts to

Fi

nanc

ial I

nstr

umen

ts —

Ove

rall

(Sub

topi

c 82

5-10

): Re

cogn

ition

an

d M

easu

rem

ent o

f Fin

anci

al

Asse

ts a

nd F

inan

cial

Lia

bilit

ies

(issu

ed F

ebru

ary

28, 2

018)

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

7, a

nd in

terim

pe

riods

with

in th

ose

fisca

l yea

rs

begi

nnin

g af

ter J

une

15, 2

018.

Entit

ies

with

fisc

al y

ears

beg

inni

ng

betw

een

Dec

embe

r 15,

201

7, a

nd

June

15,

201

8, a

re n

ot re

quire

d to

ad

opt t

hese

am

endm

ents

unt

il th

e in

terim

per

iod

begi

nnin

g af

ter J

une

15, 2

018,

and

ent

ities

with

fisc

al

year

s be

ginn

ing

betw

een

June

15,

20

18, a

nd D

ecem

ber 1

5, 2

018,

ar

e no

t req

uire

d to

ado

pt th

ese

amen

dmen

ts b

efor

e ad

optin

g th

e am

endm

ents

in A

SU 2

016-

01.

For a

ll ot

her e

ntiti

es, t

he e

ffect

ive

date

is th

e sa

me

as th

e eff

ectiv

e da

te in

ASU

201

6-01

.

The

effec

tive

date

is th

e sa

me

as th

e eff

ectiv

e da

te in

ASU

201

6-01

.Ye

s, if

the

entit

y ha

s ad

opte

d AS

U

2016

-01.

Mar

ch 2

, 201

8,

jour

nal e

ntry

ASU

201

8-02

, Inc

ome

Stat

emen

t —

Repo

rtin

g Co

mpr

ehen

sive

Inco

me

(Top

ic 2

20):

Recl

assifi

catio

n of

Cer

tain

Tax

Effe

cts

From

Ac

cum

ulat

ed O

ther

Com

preh

ensiv

e In

com

e (is

sued

Feb

ruar

y 14

, 20

18)

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

8, a

nd in

terim

pe

riods

with

in th

ose

fisca

l yea

rs.

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

8, a

nd in

terim

pe

riods

with

in th

ose

fisca

l yea

rs.

Yes

Janu

ary

3, 2

018,

Fi

nanc

ial R

epor

ting

Aler

t (up

date

d Au

gust

30,

201

8) a

nd

Febr

uary

15,

201

8,

US

GAA

P Pl

us n

ews

item

ASU

201

8-01

, Lan

d Ea

sem

ent

Prac

tical

Exp

edie

nt fo

r Tra

nsiti

on

to T

opic

842

(iss

ued

Janu

ary

25,

2018

)

See

effec

tive

date

info

rmat

ion

for

ASU

201

6-02

bel

ow.

See

effec

tive

date

info

rmat

ion

for

ASU

201

6-02

bel

ow.

Yes

Janu

ary

25, 2

018,

U

S G

AAP

Plus

new

s ite

m

ASU

201

7-15

, Cod

ifica

tion

Impr

ovem

ents

to T

opic

995

, U.S

. St

eam

ship

Ent

ities

: Elim

inat

ion

of

Topi

c 99

5 (is

sued

Dec

embe

r 5,

2017

)

Fisc

al y

ears

and

firs

t int

erim

per

iods

be

ginn

ing

afte

r Dec

embe

r 15,

201

8.Fi

scal

yea

rs a

nd fi

rst i

nter

im p

erio

ds

begi

nnin

g af

ter D

ecem

ber 1

5, 2

018.

Yes

Dec

embe

r 6, 2

017,

U

S G

AAP

Plus

new

s ite

m

ASU

201

7-14

, Inc

ome

Stat

emen

t —

Repo

rtin

g Co

mpr

ehen

sive

Inco

me

(Top

ic 2

20),

Reve

nue

Reco

gniti

on

(Top

ic 6

05),

and

Reve

nue

From

Co

ntra

cts

With

Cus

tom

ers

(Top

ic 6

06):

Amen

dmen

ts to

SEC

Pa

ragr

aphs

Pur

suan

t to

Staff

Ac

coun

ting

Bulle

tin N

o. 1

16 a

nd

SEC

Rele

ase

No.

33-

1040

3 (is

sued

N

ovem

ber 2

2, 2

017)

See

effec

tive

date

info

rmat

ion

for

ASU

201

4-09

bel

ow.

See

effec

tive

date

info

rmat

ion

for

ASU

201

4-09

bel

ow.

Yes

Nov

embe

r 22,

201

7,

US

GAA

P Pl

us n

ews

item

23

ASU

201

7-13

, Rev

enue

Re

cogn

ition

(Top

ic 6

05),

Reve

nue

From

Con

trac

ts W

ith

Cust

omer

s (T

opic

606

), Le

ases

(T

opic

840

), an

d Le

ases

(Top

ic

842)

: Am

endm

ents

to S

EC

Para

grap

hs P

ursu

ant t

o th

e St

aff

Anno

unce

men

t at t

he Ju

ly 2

0,

2017

EIT

F M

eetin

g an

d Re

sciss

ion

of P

rior S

EC S

taff

Anno

unce

men

ts

and

Obs

erve

r Com

men

ts (i

ssue

d Se

ptem

ber 2

9, 2

017)

Effec

tive

upon

ado

ptio

n of

ASC

60

6, R

even

ue F

rom

Con

trac

ts W

ith

Cust

omer

s, an

d AS

C 84

2, L

ease

s.

Effec

tive

upon

ado

ptio

n of

ASC

60

6, R

even

ue F

rom

Con

trac

ts W

ith

Cust

omer

s, an

d AS

C 84

2, L

ease

s.

Yes

Oct

ober

2, 2

017,

U

S G

AAP

Plus

new

s ite

m a

nd Ju

ly 2

0,

2017

, Hea

ds U

p

ASU

201

7-12

, Tar

gete

d Im

prov

emen

ts to

Acc

ount

ing

for

Hed

ging

Act

iviti

es (i

ssue

d Au

gust

28

, 201

7)

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

8, a

nd in

terim

pe

riods

with

in th

ose

fisca

l yea

rs.

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

9, a

nd in

terim

pe

riods

beg

inni

ng a

fter D

ecem

ber

15, 2

020.

Yes

Febr

uary

20,

201

8,

jour

nal e

ntry

and

Au

gust

30,

201

7,

Hea

ds U

p

ASU

201

7-11

, (Pa

rt I)

Acc

ount

ing

for C

erta

in F

inan

cial

Inst

rum

ents

W

ith D

own

Roun

d Fe

atur

es,

(Par

t II)

Repl

acem

ent o

f the

In

defin

ite D

efer

ral f

or M

anda

toril

y Re

deem

able

Fin

anci

al In

stru

men

ts

of C

erta

in N

onpu

blic

Ent

ities

and

Ce

rtai

n M

anda

toril

y Re

deem

able

N

onco

ntro

lling

Inte

rest

s W

ith a

Sc

ope

Exce

ptio

n (is

sued

July

13,

20

17)

The

amen

dmen

ts in

Par

t I a

re

effec

tive

for fi

scal

yea

rs, a

nd in

terim

pe

riods

with

in th

ose

fisca

l yea

rs,

begi

nnin

g af

ter D

ecem

ber 1

5, 2

018.

N

o tr

ansi

tion

guid

ance

is re

quire

d fo

r the

am

endm

ents

in P

art I

I be

caus

e th

ose

amen

dmen

ts d

o no

t ha

ve a

n ac

coun

ting

effec

t.

The

amen

dmen

ts in

Par

t I a

re

effec

tive

for fi

scal

yea

rs b

egin

ning

af

ter D

ecem

ber 1

5, 2

019,

and

in

terim

per

iods

with

in fi

scal

yea

rs

begi

nnin

g af

ter D

ecem

ber 1

5, 2

020.

N

o tr

ansi

tion

guid

ance

is re

quire

d fo

r the

am

endm

ents

in P

art I

I be

caus

e th

ose

amen

dmen

ts d

o no

t ha

ve a

n ac

coun

ting

effec

t.

Yes

July

21,

201

7, H

eads

U

p, A

Roa

dmap

to

Acc

ount

ing

for

Cont

ract

s on

an

Entit

y’s O

wn

Equi

ty,

and

A Ro

adm

ap

to D

istin

guis

hing

Li

abili

ties

From

Equ

ity

ASU

201

7-10

, Det

erm

inin

g th

e Cu

stom

er o

f the

Ope

ratio

n Se

rvic

es —

a c

onse

nsus

of t

he

FASB

Em

ergi

ng Is

sues

Tas

k Fo

rce

(issu

ed M

ay 1

6, 2

017)

For P

BEs

that

hav

e no

t ado

pted

AS

U 2

014-

09, t

he a

men

dmen

ts

are

effec

tive

at th

e sa

me

time

ASU

20

14-0

9 is

effe

ctiv

e.

For e

ntiti

es th

at h

ave

adop

ted

ASU

20

14-0

9, th

e am

endm

ents

are

eff

ectiv

e fo

r fisc

al y

ears

beg

inni

ng

afte

r Dec

embe

r 15,

201

7, in

clud

ing

inte

rim p

erio

ds w

ithin

thos

e fis

cal

year

s, fo

r a P

BE; a

n N

FP e

ntity

th

at h

as is

sued

, or i

s a

cond

uit

bond

obl

igor

for,

secu

ritie

s th

at

are

trad

ed, l

iste

d, o

r quo

ted

on a

n ex

chan

ge o

r an

over

-the-

coun

ter

mar

ket;

and

an e

mpl

oyee

ben

efit

plan

that

file

s or

furn

ishe

s fin

anci

al

stat

emen

ts w

ith o

r to

the

SEC.

For n

on-P

BEs

that

hav

e no

t ado

pted

AS

U 2

014-

09, t

he a

men

dmen

ts

are

effec

tive

at th

e sa

me

time

ASU

20

14-0

9 is

effe

ctiv

e.

For a

ll ot

her e

ntiti

es th

at h

ave

adop

ted

ASU

201

4-09

, the

am

endm

ents

are

effe

ctiv

e fo

r fisc

al

year

s be

ginn

ing

afte

r Dec

embe

r 15

, 201

8, a

nd in

terim

per

iods

w

ithin

fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

9.

Yes

Mar

ch 2

017

EITF

Sn

apsh

ot

24

ASU

201

7-08

, Pre

miu

m

Amor

tizat

ion

on P

urch

ased

Ca

llabl

e D

ebt S

ecur

ities

(iss

ued

Mar

ch 3

0, 2

017)

Fisc

al y

ears

, and

inte

rim p

erio

ds

with

in th

ose

fisca

l yea

rs, b

egin

ning

af

ter D

ecem

ber 1

5, 2

018.

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

9, a

nd in

terim

pe

riods

with

in fi

scal

yea

rs b

egin

ning

af

ter D

ecem

ber 1

5, 2

020.

Yes

April

4, 2

017,

Hea

ds

Up

ASU

201

7-07

, Im

prov

ing

the

Pres

enta

tion

of N

et P

erio

dic

Pens

ion

Cost

and

Net

Per

iodi

c Po

stre

tirem

ent B

enefi

t Cos

t (is

sued

M

arch

10,

201

7)

Annu

al p

erio

ds b

egin

ning

afte

r D

ecem

ber 1

5, 2

017,

incl

udin

g in

terim

per

iods

with

in th

ose

annu

al

perio

ds.

Annu

al p

erio

ds b

egin

ning

afte

r D

ecem

ber 1

5, 2

018,

and

inte

rim

perio

ds w

ithin

ann

ual p

erio

ds

begi

nnin

g af

ter D

ecem

ber 1

5, 2

019.

Yes

Mar

ch 1

4, 2

017,

H

eads

Up

and

Nov

embe

r 8, 2

017,

Fi

nanc

ial R

epor

ting

Aler

t

ASU

201

7-06

, Em

ploy

ee B

enefi

t Pl

an M

aste

r Tru

st R

epor

ting

— a

co

nsen

sus

of th

e FA

SB E

mer

ging

Is

sues

Tas

k Fo

rce

(issu

ed

Febr

uary

27,

201

7)

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

8.Fi

scal

yea

rs b

egin

ning

afte

r D

ecem

ber 1

5, 2

018.

Yes

Nov

embe

r 201

6 EI

TF

Snap

shot

ASU

201

7-05

, Cla

rifyi

ng th

e Sc

ope

of A

sset

Der

ecog

nitio

n G

uida

nce

and

Acco

untin

g fo

r Par

tial S

ales

of

Non

finan

cial

Ass

ets

(issu

ed

Febr

uary

22,

201

7)

See

effec

tive

date

info

rmat

ion

for

ASU

201

4-09

bel

ow.

See

effec

tive

date

info

rmat

ion

for

ASU

201

4-09

bel

ow.

Yes

Febr

uary

28,

201

7,

Hea

ds U

p an

d A

Road

map

to A

pply

ing

the

New

Rev

enue

Re

cogn

ition

Sta

ndar

d

ASU

201

7-04

, Sim

plify

ing

the

Test

fo

r Goo

dwill

Impa

irmen

t (is

sued

Ja

nuar

y 26

, 201

7)

For P

BEs

that

are

SEC

file

rs, t

he

amen

dmen

ts in

the

ASU

are

eff

ectiv

e fo

r ann

ual a

nd in

terim

go

odw

ill im

pairm

ent t

ests

in fi

scal

ye

ars

begi

nnin

g af

ter D

ecem

ber

15, 2

019.

For

PBE

s th

at a

re n

ot

SEC

filer

s, th

e AS

U’s

amen

dmen

ts

are

effec

tive

for a

nnua

l and

inte

rim

good

will

impa

irmen

t tes

ts in

fisc

al

year

s be

ginn

ing

afte

r Dec

embe

r 15,

20

20.

Annu

al a

nd in

terim

goo

dwill

im

pairm

ent t

ests

in fi

scal

yea

rs

begi

nnin

g af

ter D

ecem

ber 1

5, 2

021.

Yes,

for i

nter

im o

r ann

ual g

oodw

ill

impa

irmen

t tes

ts p

erfo

rmed

on

test

ing

date

s af

ter J

anua

ry 1

, 201

7.

Febr

uary

1, 2

017,

H

eads

Up

ASU

201

7-01

, Cla

rifyi

ng th

e D

efini

tion

of a

Bus

ines

s (is

sued

Ja

nuar

y 5,

201

7)

Annu

al p

erio

ds b

egin

ning

afte

r D

ecem

ber 1

5, 2

017,

incl

udin

g in

terim

per

iods

with

in th

ose

annu

al

perio

ds.

Annu

al p

erio

ds b

egin

ning

afte

r D

ecem

ber 1

5, 2

018,

and

inte

rim

perio

ds w

ithin

ann

ual p

erio

ds

begi

nnin

g af

ter D

ecem

ber 1

5, 2

019.

Yes,

in c

erta

in c

ircum

stan

ces.

Janu

ary

13, 2

017,

H

eads

Up

and

A Ro

adm

ap to

Ac

coun

ting

for A

sset

Ac

quis

ition

s

ASU

201

6-20

, Tec

hnic

al

Corr

ectio

ns a

nd Im

prov

emen

ts

to T

opic

606

, Rev

enue

Fro

m

Cont

ract

s W

ith C

usto

mer

s (is

sued

Dec

embe

r 21,

201

6)

See

stat

us c

olum

n fo

r ASU

201

4-09

be

low

.Se

e st

atus

col

umn

for A

SU 2

014-

09

belo

w.

Yes

Janu

ary

5, 2

017,

jo

urna

l ent

ry

25

ASU

201

6-18

, Res

tric

ted

Cash

— a

co

nsen

sus

of th

e FA

SB E

mer

ging

Is

sues

Tas

k Fo

rce

(issu

ed

Nov

embe

r 17,

201

6)

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

7, a

nd in

terim

pe

riods

with

in th

ose

fisca

l yea

rs.

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

8, a

nd in

terim

pe

riods

with

in fi

scal

yea

rs b

egin

ning

af

ter D

ecem

ber 1

5, 2

019.

Yes

Nov

embe

r 17,

201

6,

Hea

ds U

p an

d A

Road

map

to th

e Pr

epar

atio

n of

the

Stat

emen

t of C

ash

Flow

s

ASU

201

6-16

, Int

ra-E

ntity

Tr

ansf

ers

of A

sset

s O

ther

Tha

n In

vent

ory

(issu

ed O

ctob

er 2

4,

2016

)

Annu

al re

port

ing

perio

ds b

egin

ning

af

ter D

ecem

ber 1

5, 2

017,

incl

udin

g in

terim

repo

rtin

g pe

riods

with

in

thos

e an

nual

repo

rtin

g pe

riods

.

Annu

al re

port

ing

perio

ds b

egin

ning

af

ter D

ecem

ber 1

5, 2

018,

and

in

terim

repo

rtin

g pe

riods

with

in

annu

al p

erio

ds b

egin

ning

afte

r D

ecem

ber 1

5, 2

019.

Yes

Oct

ober

25,

201

6,

Hea

ds U

p an

d A

Road

map

to

Acco

untin

g fo

r In

com

e Ta

xes

ASU

201

6-15

, Cla

ssifi

catio

n of

Ce

rtai

n Ca

sh R

ecei

pts

and

Cash

Pa

ymen

ts —

a c

onse

nsus

of t

he

FASB

Em

ergi

ng Is

sues

Tas

k Fo

rce

(issu

ed A

ugus

t 26,

201

6)

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

7, in

clud

ing

inte

rim p

erio

ds w

ithin

thos

e fis

cal

year

s.

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

8, a

nd in

terim

pe

riods

with

in fi

scal

yea

rs b

egin

ning

af

ter D

ecem

ber 1

5, 2

019.

Yes

Augu

st 3

0, 2

016,

H

eads

Up

and

A Ro

adm

ap to

the

Prep

arat

ion

of th

e St

atem

ent o

f Cas

h Fl

ows

ASU

201

6-14

, Pre

sent

atio

n of

Fi

nanc

ial S

tate

men

ts o

f Not

-for-

Profi

t Ent

ities

(iss

ued

Augu

st 1

8,

2016

)

Effec

tive

for a

nnua

l fina

ncia

l st

atem

ents

issu

ed fo

r fisc

al y

ears

be

ginn

ing

afte

r Dec

embe

r 15,

201

7,

and

for i

nter

im p

erio

ds w

ithin

fisc

al

year

s be

ginn

ing

afte

r Dec

embe

r 15,

20

18.

Effec

tive

for a

nnua

l fina

ncia

l st

atem

ents

issu

ed fo

r fisc

al y

ears

be

ginn

ing

afte

r Dec

embe

r 15,

201

7,

and

for i

nter

im p

erio

ds w

ithin

fisc

al

year

s be

ginn

ing

afte

r Dec

embe

r 15,

20

18.

Yes

Sept

embe

r 12,

201

6,

Hea

ds U

p

ASU

201

6-13

, Mea

sure

men

t of

Cre

dit L

osse

s on

Fin

anci

al

Inst

rum

ents

(iss

ued

June

16,

20

16) (

effec

tive

date

am

ende

d by

ASU

201

8-19

, whi

ch w

as

issu

ed o

n N

ovem

ber 1

5, 2

018)

For P

BEs

that

are

SEC

file

rs, t

he

amen

dmen

ts in

the

ASU

are

eff

ectiv

e fo

r fisc

al y

ears

beg

inni

ng

afte

r Dec

embe

r 15,

201

9, in

clud

ing

inte

rim p

erio

ds w

ithin

thos

e fis

cal y

ears

. For

all

othe

r PBE

s,

the

amen

dmen

ts in

the

ASU

are

eff

ectiv

e fo

r fisc

al y

ears

beg

inni

ng

afte

r Dec

embe

r 15,

202

0, in

clud

ing

inte

rim p

erio

ds w

ithin

thos

e fis

cal

year

s.

For a

ll ot

her e

ntiti

es, i

nclu

ding

NFP

s an

d em

ploy

ee b

enefi

t pla

ns w

ithin

th

e sc

ope

of A

SC 9

60 th

roug

h AS

C 96

5 on

pla

n ac

coun

ting,

th

e am

endm

ents

in th

e AS

U a

re

effec

tive

for fi

scal

yea

rs b

egin

ning

af

ter D

ecem

ber 1

5, 2

021,

incl

udin

g in

terim

per

iods

with

in th

ose

fisca

l ye

ars.

Yes,

as

of fi

scal

yea

rs b

egin

ning

af

ter D

ecem

ber 1

5, 2

018,

incl

udin

g in

terim

per

iods

with

in th

ose

fisca

l ye

ars.

June

17,

201

6, H

eads

U

p

ASU

201

6-12

, Rev

enue

Fro

m

Cont

ract

s W

ith C

usto

mer

s (T

opic

60

6): N

arro

w-S

cope

Impr

ovem

ents

an

d Pr

actic

al E

xped

ient

s (is

sued

M

ay 9

, 201

6)

See

effec

tive

date

info

rmat

ion

for

ASU

201

4-09

bel

ow.

See

effec

tive

date

info

rmat

ion

for

ASU

201

4-09

bel

ow.

Yes

May

11,

201

6, H

eads

U

p

26

ASU

201

6-11

, Rev

enue

Re

cogn

ition

(Top

ic 6

05) a

nd

Der

ivat

ives

and

Hed

ging

(Top

ic

815)

: Res

ciss

ion

of S

EC G

uida

nce

Beca

use

of A

ccou

ntin

g St

anda

rds

Upd

ates

201

4-09

and

201

4-16

Pu

rsua

nt to

Sta

ff An

noun

cem

ents

at

the

Mar

ch 3

, 201

6 EI

TF M

eetin

g (is

sued

May

2, 2

016)

Effec

tive

at th

e sa

me

time

as A

SU

2014

-09

and

ASU

201

4-16

.Eff

ectiv

e at

the

sam

e tim

e as

ASU

20

14-0

9 an

d AS

U 2

014-

16.

Yes

May

3, 2

016,

US

GAA

P Pl

us n

ews

item

ASU

201

6-10

, Ide

ntify

ing

Perfo

rman

ce O

blig

atio

ns a

nd

Lice

nsin

g (is

sued

Apr

il 14

, 201

6)

See

effec

tive

date

info

rmat

ion

for

ASU

201

4-09

bel

ow.

See

effec

tive

date

info

rmat

ion

for

ASU

201

4-09

bel

ow.

Yes

April

15,

201

6, H

eads

U

p

ASU

201

6-09

, Im

prov

emen

ts to

Em

ploy

ee S

hare

-Bas

ed P

aym

ent

Acco

untin

g (is

sued

Mar

ch 3

0,

2016

)

Annu

al p

erio

ds, a

nd in

terim

per

iods

w

ithin

thos

e an

nual

per

iods

, be

ginn

ing

afte

r Dec

embe

r 15,

201

6.

Annu

al p

erio

ds b

egin

ning

afte

r D

ecem

ber 1

5, 2

017,

and

inte

rim

perio

ds w

ithin

fisc

al y

ears

beg

inni

ng

afte

r Dec

embe

r 15,

201

8.

Yes

April

21,

201

6, H

eads

U

p an

d A

Road

map

to

Acc

ount

ing

for

Shar

e-Ba

sed

Paym

ent

Awar

ds

ASU

201

6-08

, Prin

cipa

l Ver

sus

Agen

t Con

sider

atio

ns (R

epor

ting

Reve

nue

Gro

ss V

ersu

s N

et) (

issu

ed

Mar

ch 1

7, 2

016)

See

effec

tive

date

info

rmat

ion

for

ASU

201

4-09

bel

ow.

See

effec

tive

date

info

rmat

ion

for

ASU

201

4-09

bel

ow.

Yes

Mar

ch 2

2, 2

016,

H

eads

Up

ASU

201

6-06

, Con

tinge

nt P

ut a

nd

Call

Opt

ions

in D

ebt I

nstr

umen

ts —

a

cons

ensu

s of

the

FASB

Em

ergi

ng Is

sues

Tas

k Fo

rce

(issu

ed M

arch

14,

201

6)

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

6, a

nd in

terim

pe

riods

with

in th

ose

fisca

l yea

rs.

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

7, a

nd in

terim

pe

riods

with

in fi

scal

yea

rs b

egin

ning

af

ter D

ecem

ber 1

5, 2

018.

Yes

Mar

ch 1

6, 2

016,

H

eads

Up

ASU

201

6-05

, Effe

ct o

f Der

ivat

ive

Cont

ract

Nov

atio

ns o

n Ex

istin

g H

edge

Acc

ount

ing

Rela

tions

hips

—

a co

nsen

sus

of th

e FA

SB

Emer

ging

Issu

es T

ask

Forc

e (is

sued

Mar

ch 1

0, 2

016)

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

6, a

nd in

terim

pe

riods

with

in th

ose

fisca

l yea

rs.

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

7, a

nd in

terim

pe

riods

with

in fi

scal

yea

rs b

egin

ning

af

ter D

ecem

ber 1

5, 2

018.

Yes

Mar

ch 1

6, 2

016,

H

eads

Up

ASU

201

6-04

, Rec

ogni

tion

of

Brea

kage

for C

erta

in P

repa

id

Stor

ed-V

alue

Pro

duct

s —

a

cons

ensu

s of

the

FASB

Em

ergi

ng

Issu

es T

ask

Forc

e (is

sued

Mar

ch

8, 2

016)

Effec

tive

for P

BEs,

cer

tain

NFP

s, a

nd

cert

ain

empl

oyee

ben

efit p

lans

for

finan

cial

sta

tem

ents

issu

ed fo

r fisc

al

year

s be

ginn

ing

afte

r Dec

embe

r 15,

20

17, a

nd in

terim

per

iods

with

in

thos

e fis

cal y

ears

.

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

8, a

nd in

terim

pe

riods

with

in fi

scal

yea

rs b

egin

ning

af

ter D

ecem

ber 1

5, 2

019.

Yes

Mar

ch 1

6, 2

016,

H

eads

Up

27

ASU

201

6-02

, Lea

ses

(issu

ed

Febr

uary

25,

201

6)Eff

ectiv

e fo

r fisc

al y

ears

beg

inni

ng

afte

r Dec

embe

r 15,

201

8, in

clud

ing

inte

rim p

erio

ds w

ithin

thos

e fis

cal

year

s, fo

r any

of t

he fo

llow

ing:

• PB

Es.

• N

FPs

that

hav

e is

sued

, or a

re

a co

ndui

t bon

d ob

ligor

for,

secu

ritie

s th

at a

re tr

aded

, lis

ted,

or q

uote

d on

an

exch

ange

or a

n ov

er-th

e-co

unte

r mar

ket.

• Em

ploy

ee b

enefi

t pla

ns th

at

file

finan

cial

sta

tem

ents

with

th

e SE

C.

For a

ll ot

her e

ntiti

es, t

he

amen

dmen

ts in

the

ASU

are

eff

ectiv

e fo

r fisc

al y

ears

beg

inni

ng

afte

r Dec

embe

r 15,

201

9, a

nd

inte

rim p

erio

ds w

ithin

fisc

al y

ears

be

ginn

ing

afte

r Dec

embe

r 15,

202

0.

Yes

Mar

ch 1

, 201

6,

(upd

ated

July

12,

20

16) a

nd A

pril

25, 2

017,

Hea

ds U

p ne

wsl

ette

rs

ASU

201

6-01

, Rec

ogni

tion

and

Mea

sure

men

t of F

inan

cial

Ass

ets

and

Fina

ncia

l Lia

bilit

ies

(issu

ed

Janu

ary

5, 2

016)

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

201

7, in

clud

ing

inte

rim p

erio

ds w

ithin

thos

e fis

cal

year

s.

For a

ll ot

her e

ntiti

es, i

nclu

ding

NFP

s an

d em

ploy

ee b

enefi

t pla

ns w

ithin

th

e sc

ope

of A

SC 9

60 th

roug

h AS

C 96

5 on

pla

n ac

coun

ting,

th

e am

endm

ents

in th

e AS

U a

re

effec

tive

for fi

scal

yea

rs b

egin

ning

af

ter D

ecem

ber 1

5, 2

018,

and

in

terim

per

iods

with

in fi

scal

yea

rs

begi

nnin

g af

ter D

ecem

ber 1

5, 2

019.

Cert

ain

prov

isio

ns o

nly.

Janu

ary

12, 2

016,

H

eads

Up

ASU

201

5-17

, Bal

ance

She

et

Clas

sifica

tion

of D

efer

red

Taxe

s (is

sued

Nov

embe

r 20,

201

5)

Annu

al p

erio

ds b

egin

ning

afte

r D

ecem

ber 1

5, 2

016,

and

inte

rim

perio

ds w

ithin

thos

e an

nual

per

iods

.

Annu

al p

erio

ds b

egin

ning

afte

r D

ecem

ber 1

5, 2

017,

and

inte

rim

perio

ds w

ithin

ann

ual p

erio

ds

begi

nnin

g af

ter D

ecem

ber 1

5, 2

018.

Yes

Nov

embe

r 30,

201

5,

Hea

ds U

p

ASU

201

5-14

, Rev

enue

Fro

m

Cont

ract

s W

ith C

usto

mer

s (T

opic

60

6): D

efer

ral o

f the

Effe

ctiv

e D

ate

(issu

ed A

ugus

t 12,

201

5)

See

effec

tive

date

info

rmat

ion

for

ASU

201

4-09

bel

ow.

See

effec

tive

date

info

rmat

ion

for

ASU

201

4-09

bel

ow.

Yes

Augu

st 1

3, 2

015,

jo

urna

l ent

ry

28

ASU

201

4-09

, Rev

enue

Fro

m

Cont

ract

s W

ith C

usto

mer

s (is

sued

on

May

28,

201

4; e

ffect

ive

date

am

ende

d by

ASU

201

5-14

, whi

ch

was

issu

ed o

n Au

gust

12,

201

5)

For P

BEs,

cer

tain

NFP

s, a

nd c

erta

in

empl

oyee

ben

efit p

lans

, the

ASU

is

effe

ctiv

e fo

r ann

ual r

epor

ting

perio

ds (i

nclu

ding

inte

rim re

port

ing

perio

ds w

ithin

thos

e pe

riods

) be

ginn

ing

afte

r Dec

embe

r 15,

201

7.

Annu

al re

port

ing

perio

ds b

egin

ning

af

ter D

ecem

ber 1

5, 2

018,

and

in

terim

repo

rtin

g pe

riods

with

in

annu

al re

port

ing

perio

ds b

egin

ning

af

ter D

ecem

ber 1

5, 2

019.

For P

BEs,

cer

tain

NFP

s, a

nd c

erta

in

empl

oyee

ben

efit p

lans

, ear

ly

appl

icat

ion

is p

erm

itted

onl

y as

of

annu

al re

port

ing

perio

ds (i

nclu

ding

in

terim

repo

rtin

g pe

riods

with

in

thos

e pe

riods

) beg

inni

ng a

fter

Dec

embe

r 15,

201

6.

All o

ther

ent

ities

may

app

ly th

e AS

U e

arly

as

of a

n an

nual

repo

rtin

g pe

riod

begi

nnin

g af

ter D

ecem

ber

15, 2

016,

incl

udin

g in

terim

re

port

ing

perio

ds w

ithin

that

re

port

ing

perio

d. A

ll ot

her e

ntiti

es

also

may

app

ly th

e gu

idan

ce in

the

ASU

ear

ly a

s of

an

annu

al re

port

ing

perio

d be

ginn

ing

afte

r Dec

embe

r 15

, 201

6, a

nd in

terim

repo

rtin

g pe

riods

with

in a

nnua

l rep

ortin

g pe

riods

beg

inni

ng o

ne y

ear a

fter

the

annu

al re

port

ing

perio

d in

w

hich

the

entit

y fir

st a

pplie

s th

e gu

idan

ce in

the

ASU

.

A Ro

adm

ap to

Ap

plyi

ng th

e N

ew

Reve

nue

Reco

gniti

on

Stan

dard

May

28,

201

4;

Janu

ary

22, 2

018;

an

d Ap

ril 1

1, 2

018,

H

eads

Up

new

slet

ters

PCA

OB

Effec

tive

Dat

e fo

r PB

EsEa

rly

Ado

ptio

n A

llow

ed (Y

es/N

o)D

eloi

tte

Reso

urce

s

Fina

l Gui

danc

e

Rele

ase

2018

-006

, Am

endm

ents

to

Aud

iting

Sta

ndar

ds fo

r Aud

itor’s

U

se o

f the

Wor

k of

Spe

cial

ists

(issu

ed D

ecem

ber 2

0, 2

018)

Prov

ided

that

they

are

app

rove

d by

the

SEC,

the

amen

dmen

ts a

re

effec

tive

for fi

nanc

ial s

tate

men

t au

dits

for fi

scal

yea

rs e

ndin

g on

or

afte

r Dec

embe

r 15,

202

0.

No

Janu

ary

16, 2

019,

Au

dit &

Ass

uran

ce

Upd

ate

Rele

ase

2018

-005

, Aud

iting

Ac

coun

ting

Estim

ates

, Inc

ludi

ng

Fair

Valu

e M

easu

rem

ents

— a

nd

Amen

dmen

ts to

PCA

OB

Audi

ting

Stan

dard

s (is

sued

Dec

embe

r 20,

20

18)

Prov

ided

that

they

are

app

rove

d by

the

SEC,

the

new

sta

ndar

d an

d am

endm

ents

are

effe

ctiv

e fo

r fin

anci

al s

tate

men

t aud

its fo

r fisc

al

year

s en

ding

on

or a

fter D

ecem

ber

15, 2

020.

No

Janu

ary

16, 2

019,

Au

dit &

Ass

uran

ce

Upd

ate

29

Rele

ase

2017

-001

, The

Aud

itor’s

Re

port

on

an A

udit

of F

inan

cial

St

atem

ents

Whe

n th

e Au

dito

r Ex

pres

ses

an U

nqua

lified

Opi

nion

an

d Re

late

d Am

endm

ents

to

PCAO

B St

anda

rds

(issu

ed Ju

ne 1

, 20

17, a

nd a

ppro

ved

by th

e SE

C on

Oct

ober

23,

201

7)

Effec

tive

for a

udits

of fi

scal

yea

rs

endi

ng o

n or

afte

r Dec

embe

r 15,

20

17, e

xcep

t for

the

para

grap

hs in

th

e cr

itica

l aud

it m

atte

rs’ s

ectio

n,

whi

ch a

re e

ffect

ive

for a

udits

of

larg

e ac

cele

rate

d fil

ers

for fi

scal

ye

ars

endi

ng o

n or

afte

r Jun

e 30

, 20

19, a

nd f

or a

udits

of a

ll ot

her

com

pani

es fo

r fisc

al y

ears

end

ing

on

or a

fter D

ecem

ber 1

5, 2

020.

Yes

June

20,

201

7, H

eads

U

p

AIC

PA

Effec

tive

Dat

e fo

r N

on-P

BEs

Del

oitt

e Re

sour

ces

Fina

l Gui

danc

e

SAS

135,

Om

nibu

s St

atem

ent

on A

uditi

ng S

tand

ards

— 2

019

(issu

ed M

ay 8

, 201

9)

Effec

tive

for a

udits

of fi

nanc

ial

stat

emen

ts fo

r per

iods

end

ing

on

or a

fter D

ecem

ber 1

5, 2

020.

Ear

ly

impl

emen

tatio

n is

not

per

mitt

ed.

May

10,

201

9, U

S G

AAP

Plus

new

s ite

m

SAS

134,

Aud

itor R

epor

ting

and

Amen

dmen

ts, I

nclu

ding

Am

endm

ents

Add

ress

ing

Disc

losu

res

in th

e Au

dit o

f Fi

nanc

ial S

tate

men

ts (i

ssue

d M

ay

8, 2

019)

Effec

tive

for a

udits

of fi

nanc

ial

stat

emen

ts fo

r per

iods

end

ing

on

or a

fter D

ecem

ber 1

5, 2

020.

Ear

ly

impl

emen

tatio

n is

not

per

mitt

ed.

May

10,

201

9, U

S G

AAP

Plus

new

s ite

m

SEC

Effec

tive

Dat

eD

eloi

tte

Reso

urce

s

Fina

l Gui

danc

e

Staff

Acc

ount

ing

Bulle

tin N

o. 1

18

(issu

ed D

ecem

ber 2

2, 2

017)

Dat

e of

pub

licat

ion

in th

e Fe

dera

l Re

gist

er.

Dec

embe

r 22,

201

7,

US

GAA

P Pl

us n

ews

item

and

Janu

ary

3, 2

018,

Fin

anci

al

Repo

rtin

g Al

ert

(upd

ated

Aug

ust 3

0,

2018

)

Staff

Acc

ount

ing

Bulle

tin N

o. 1

17

(issu

ed N

ovem

ber 2

9, 2

017)

Janu

ary

11, 2

018.

Nov

embe

r 30,

201

7,

US

GAA

P Pl

us n

ews

item

Staff

Acc

ount

ing

Bulle

tin N

o. 1

16

(issu

ed A

ugus

t 18,

201

7)Au

gust

29,

201

7.Au

gust

22,

201

7,

jour

nal e

ntry

30

Fina

l Rul

e, C

apita

l, M

argi

n, a

nd

Segr

egat

ion

Requ

irem

ents

for

Secu

rity-

Base

d Sw

ap D

eale

rs

and

Maj

or S

ecur

ity-B

ased

Sw

ap

Part

icip

ants

and

Cap

ital a

nd

Segr

egat

ion

Requ

irem

ents

for

Brok

er-D

eale

rs (3

4-86

175)

(iss

ued

June

21,

201

9)

60 d

ays

afte

r dat

e of

pub

licat

ion

in

the

Fede

ral R

egist

er.

June

21,

201

9, U

S G

AAP

Plus

new

s ite

m

Fina

l Rul

e, A

udito

r Ind

epen

denc

e W

ith R

espe

ct to

Cer

tain

Loa

ns

or D

ebto

r-Cr

edito

r Rel

atio

nshi

ps

(33-

1064

8) (i

ssue

d Ju

ne 1

8,

2019

)

90 d

ays

afte

r dat

e of

pub

licat

ion

in

Fede

ral R

egist

er.

June

18,

201

9, U

S G

AAP

Plus

new

s ite

m

Fina

l Rul

e, A

men

dmen

t to

Sing

le

Issue

r Exe

mpt

ion

for B

roke

r-D

eale

rs (3

4-86

073)

(iss

ued

June

10

, 201

9)

Augu

st 1

3, 2

019.

June

11,

201

9, U

S G

AAP

Plus

new

s ite

m

Fina

l Rul

e, A

dopt

ion

of U

pdat

ed

EDG

AR F

iler M

anua

l (33

-106

45)

(issu

ed Ju

ne 7

, 201

9)

Dat

e of

pub

licat

ion

in th

e Fe

dera

l Re

gist

er.

Fina

l Rul

e, F

orm

CRS

Rel

atio

nshi

p Su

mm

ary;

Am

endm

ents

to F

orm

AD

V (3

4-86

032)

(iss

ued

June

5,

2019

)

60 d

ays

afte

r dat

e of

pub

licat

ion

in

the

Fede

ral R

egist

er.

June

5, 2

019,

US

GAA

P Pl

us n

ews

item

Fina

l Rul

e, R

egul

atio

n Be

st In

tere

st:

The

Brok

er-D

eale

r Sta

ndar

d of

Co

nduc

t (34

-860

31 (i

ssue

d Ju

ne

5, 2

019)

60 d

ays

afte

r dat

e of

pub

licat

ion

in

the

Fede

ral R

egist

er.

June

5, 2

019,

US

GAA

P Pl

us n

ews

item

Fina

l Rul

e, D

isclo

sure

of O

rder

H

andl

ing

Info

rmat

ion

(ext

ensi

on

of c

ompl

ianc

e da

te fo

r cer

tain

re

quire

men

ts) (

34-8

5714

) (is

sued

Apr

il 24

, 201

9)

April

30,

201

9.

Fina

l Rul

e, F

AST

Act M

oder

niza

tion

and

Sim

plifi

catio

n of

Reg

ulat

ion

S-K

(33-

1061

8) (i

ssue

d M

arch

20,

20

19)

May

2, 2

019.

Mar

ch 2

5, 2

019,

H

eads

Up

Fina

l Rul

e, A

dopt

ion

of U

pdat

ed

EDG

AR F

iler M

anua

l (33

-106

15)

(issu

ed M

arch

12,

201

9)

April

1, 2

019.

Mar

ch 1

2, 2

019,

US

GAA

P Pl

us n

ews

item

31

Fina

l Rul

e, D

isclo

sure

of H

edgi

ng b

y Em

ploy

ees,

Offi

cers

and

Dire

ctor

s (3

3-10

593)

(iss

ued

Dec

embe

r 20,

20

18)

Mar

ch 8

, 201

9.D

ecem

ber 1

9, 2

018,

U

S G

AAP

Plus

new

s ite

m

Fina

l Rul

e, T

rans

actio

n Fe

e Pi

lot

for N

MS

Stoc

ks (3

4-84

875)

(iss

ued

Dec

embe

r 19,

201

8)

April

22,

201

9.D

ecem

ber 2

1, 2

018,

U

S G

AAP

Plus

new

s ite

m

Fina

l Rul

e, A

men

dmen

ts to

Re

gula

tion

A (3

3-10

591)

(iss

ued

Dec

embe

r 19,

201

8)

Janu

ary

31, 2

019.

Dec

embe

r 21,

201

8,

US

GAA

P Pl

us n

ews

item

Fina

l Rul

e, A

pplic

atio

ns b

y Se

curit

y-Ba

sed

Swap

Dea

lers

or M

ajor

Se

curit

y-Ba

sed

Swap

Par

ticip

ants

fo

r Sta

tuto

rily

Disq

ualifi

ed

Asso

ciat

ed P

erso

ns to

Effe

ct o

r Be

Invo

lved

in E

ffect

ing

Secu

rity-

Base

d Sw

aps

(34-

8485

8) (i

ssue

d D

ecem

ber 1

9, 2

018)

April

22,

201

9.D

ecem

ber 2

1, 2

018,

U

S G

AAP

Plus

new

s ite

m

Fina

l Rul

e, A

dopt

ion

of U

pdat

ed

EDG

AR F

iler M

anua

l (33

-105

85)

(issu

ed D

ecem

ber 1

4, 2

018)

Dec

embe

r 26,

201

8.D

ecem

ber 1

8, 2

018,

U

S G

AAP

Plus

new

s ite

m

Fina

l Rul

e, C

over

ed In

vest

men

t Fu

nd R

esea

rch

Repo

rts

(33-

1058

0)

(issu

ed N

ovem

ber 3

0, 2

018)

Janu

ary

14, 2

019.

Dec

embe

r 3, 2

018,

U

S G

AAP

Plus

new

s ite

m

Fina

l Rul

e, F

orm

N-1

A; C

orre

ctio

n (3

3-10

577)

(iss

ued

Nov

embe

r 29

, 201

8)

Dec

embe

r 4, 2

018.

Fina

l Rul

e, R

egul

atio

n of

NM

S St

ock

Alte

rnat

ive

Trad

ing

Syst

ems

(34-

8454

1) (i

ssue

d N

ovem

ber 6

, 20

18)

Nov

embe

r 13,

201

8.

Fina

l Rul

e, D

isclo

sure

of O

rder

H

andl

ing

Info

rmat

ion

(34-

8452

8)

(issu

ed N

ovem

ber 2

, 201

8)

Janu

ary

18, 2

019.

Nov

embe

r 5, 2

018,

U

S G

AAP

Plus

new

s ite

m

Fina

l Rul

e, M

oder

niza

tion

of

Prop

erty

Disc

losu

res

for M

inin

g Re

gist

rant

s (3

3-10

570)

(iss

ued

Oct

ober

31,

201

8)

Febr

uary

25,

201

9.N

ovem

ber 1

, 201

8,

US

GAA

P Pl

us n

ews

item

Fina

l Rul

e, A

dopt

ion

of U

pdat

ed

EDG

AR F

iler M

anua

l (33

-105

66A)

(is

sued

Oct

ober

1, 2

018)

Nov

embe

r 5, 2

018.

Oct

ober

2, 2

018,

U

S G

AAP

Plus

new

s ite

m

32

Fina

l Rul

e, D

eleg

atio

n of

Aut

horit

y to

Gen

eral

Cou

nsel

of t

he

Com

miss

ion

(33-

1053

7) (i

ssue

d Au

gust

22,

201

8)

Augu

st 3

1, 2

018.

Fina

l Rul

e, A

men

dmen

ts to

M

unic

ipal

Sec

uriti

es D

isclo

sure

(3

4-83

885)

(iss

ued

Augu

st 2

0,

2018

)

Oct

ober

30,

201

8.Au

gust

24,

201

8, U

S G

AAP

Plus

new

s ite

m

Fina

l Rul

e, D

isclo

sure

Upd

ate

and

Sim

plifi

catio

n (3

3-10

532)

(iss

ued

Augu

st 1

7, 2

018)

Nov

embe

r 5, 2

018.

Augu

st 2

8, 2

018,

H

eads

Up

and

Sept

embe

r 11,

201

8,

Fina

ncia

l Rep

ortin

g Al

ert (

upda

ted

Oct

ober

1, 2

018)

Fina

l Rul

e, R

egul

atio

n of

NM

S St

ock

Alte

rnat

ive

Trad

ing

Syst

ems

(34-

8366

3) (i

ssue

d Ju

ly 1

8, 2

018)

Oct

ober

9, 2

018.

July

18,

201

8, U

S G

AAP

Plus

new

s ite

m

Fina

l Rul

e, E

xem

pt O

fferin

gs

Purs

uant

to C

ompe

nsat

ory

Arra

ngem

ents

(33-

1052

0) (i

ssue

d Ju

ly 1

8, 2

018)

July

23,

201

8.Ju

ly 1

8, 2

018,

US

GAA

P Pl

us n

ews

item

Fina

l Rul

e, A

dopt

ion

of U

pdat

ed

EDG

AR F

iler M

anua

l (33

-105

18)

(issu

ed Ju

ly 1

0, 2

018)

July

17,

201

8.Ju

ly 9

, 201

8, U

S G

AAP

Plus

new

s ite

m

Fina

l Rul

e, A

men

dmen

ts to

Sm

alle

r Re

port

ing

Com

pany

Defi

nitio

n (3

3-10

513)

(iss

ued

June

28,

20

18)

Sept

embe

r 10,

201

8.Ju

ne 2

8, 2

018,

US

GAA

P Pl

us n

ews

item

Fina

l Rul

e, In

line

XBRL

Fili

ng o

f Ta

gged

Dat

a (3

3-10

514)

(iss

ued

June

28,

201

8)

Sept

embe

r 17,

201

8.Ju

ne 2

8, 2

018,

US

GAA

P Pl

us n

ews

item

Fina

l Rul

e, In

vest

men

t Com

pany

Li

quid

ity D

isclo

sure

(IC-

3314

2)

(issu

ed Ju

ne 2

8, 2

018)

Sept

embe

r 10,

201

8.Ju

ne 2

8, 2

018,

US

GAA

P Pl

us n

ews

item

Fina

l Rul

e, A

men

dmen

ts to

th

e Co

mm

issio

n’s

Free

dom

of

Info

rmat

ion

Act R

egul

atio

ns

(34-

8350

6) (i

ssue

d Ju

ne 2

5,

2018

)

July

30,

201

8.Ju

ne 2

6, 2

018,

US

GAA

P Pl

us n

ews

item

33

Fina

l Rul

e, O

ptio

nal I

nter

net

Avai

labi

lity

of In

vest

men

t Com

pany

Sh

areh

olde

r Rep

orts

(33-

1050

6)

(issu

ed Ju

ne 5

, 201

8)

Janu

ary

1, 2

019.

June

5, 2

018,

US

GAA

P Pl

us n

ews

item

Fina

l Rul

e, T

echn

ical

Am

endm

ents

to

Rul

es o

f Pra

ctic

e an

d Ru

les

of

Org

aniz

atio

n; C

ondu

ct a

nd E

thic

s; an

d In

form

atio

n an

d Re

ques

ts

(34-

8332

5) (i

ssue

d M

ay 2

4, 2

018)

June

1, 2

018.

Fina

l Rul

e, A

men

dmen

ts to

For

ms

and

Sche

dule

s to

Rem

ove

Prov

ision

of

Cer

tain

Per

sona

lly Id

entifi

able

In

form

atio

n (3

3-10

486)

(iss

ued

April

25,

201

8)

May

14,

201

8.Ap

ril 2

5, 2

018,

US

GAA

P Pl

us n

ews

item

Fina

l Rul

e, In

vest

men

t Com

pany

Re

port

ing

Mod

erni

zatio

n (3

3-10

442)

(iss

ued

Dec

embe

r 8,

2017

)

Janu

ary

16, 2

018,

to M

arch

31,

202

6.D

ecem

ber 8

, 201

7,

US

GAA

P Pl

us n

ews

item

Fina

l Rul

e, In

vest

men

t Com

pany

Sw

ing

Pric

ing

(33-

1023

4) (i

ssue

d O

ctob

er 1

3, 2

016)

Nov

embe

r 19,

201

8.O

ctob

er 1

3, 2

016,

U

S G

AAP

Plus

new

s ite

m

Fina

l Rul

e, D

isclo

sure

of P

aym

ents

by

Res

ourc

e Ex

trac

tion

Issue

rs

(34-

7816

7) (i

ssue

d Ju

ne 2

7,

2016

)

Sept

embe

r 26,

201

6. C

ompl

ianc

e da

te: f

or fi

scal

yea

rs e

ndin

g on

or

afte

r Sep

tem

ber 3

0, 2

018.

June

30,

201

6,

jour

nal e

ntry

IASB

/IFR

ICEff

ecti

ve D

ate

Earl

y A

dopt

ion

(Yes

/No)

Del

oitt

e Re

sour

ces

Fina

l Gui

danc

e

Defi

nitio

n of

Mat

eria

l — a

men

dmen

ts

to IA

S 1

and

IAS

8 (is

sued

Oct

ober

31,

20

18)

Annu

al p

erio

ds b

egin

ning

on

or a

fter

Janu

ary

1, 2

020.

Yes

Nov

embe

r 13,

201

8,

IFRS

in F

ocus

Defi

nitio

n of

a B

usin

ess

—

amen

dmen

ts to

IFRS

3 (O

ctob

er 2

2,

2018

)

Annu

al p

erio

ds b

egin

ning

on

or a

fter

Janu

ary

1, 2

020.

Yes

Oct

ober

24,

201

8,

IFRS

in F

ocus

Amen

dmen

ts to

Ref

eren

ces

to th

e Co

ncep

tual

Fra

mew

ork

in IF

RS

Stan

dard

s (is

sued

Mar

ch 2

9, 2

018)

Annu

al re

port

ing

perio

ds b

egin

ning

on

or a

fter J

anua

ry 1

, 202

0.Ye

sM

ay 1

4, 2

018,

IFRS

in

Focu

s

Plan

Am

endm

ent,

Curt

ailm

ent o

r Se

ttlem

ent —

am

endm

ents

to IA

S 19

(is

sued

Feb

ruar

y 7,

201

8)

Annu

al p

erio

ds b

egin

ning

on

or a

fter

Janu

ary

1, 2

019.

Yes

Mar

ch 1

, 201

8, IF

RS

in F

ocus

34

Annu

al Im

prov

emen

ts to

IFRS

St

anda

rds

2015

–201

7 Cy

cle

(issu

ed

Dec

embe

r 12,

201

7)

Annu

al p

erio

ds b

egin

ning

on

or a

fter

Janu

ary

1, 2

019.

Yes

Mar

ch 1

, 201

8, IF

RS

in F

ocus

Long

-term

Inte

rest

s in

Ass

ocia

tes

and

Join

t Ven

ture

s —

am

endm

ents

to IA

S 28

(iss

ued

Oct

ober

12,

201

7)

Annu

al re

port

ing

perio

ds b

egin

ning

on

or a

fter J

anua

ry 1

, 201

9.Ye

sO

ctob

er 1

9, 2

017,

IF

RS in

Foc

us

Prep

aym

ent F

eatu

res

With

Neg

ativ

e Co

mpe

nsat

ion

— a

men

dmen

ts to

IFRS

9

(issu

ed O

ctob

er 1

2, 2

017)

Annu

al re

port

ing

perio

ds b

egin

ning

on

or a

fter J

anua

ry 1

, 201

9.Ye

sO

ctob

er 1

9, 2

017,

IF

RS in

Foc

us

IFRI

C 23

, Unc

erta

inty

Ove

r Inc

ome

Tax

Trea

tmen

ts (i

ssue

d Ju

ne 7

, 201

7)An

nual

repo

rtin

g pe

riods

beg

inni

ng

on o

r afte

r Jan

uary

1, 2

019.

Yes

June

7, 2

017,

IFRS

in

Focu

s

IFRS

17,

Insu

ranc

e Co

ntra

cts

(issu

ed

May

18,

201

7)An

nual

repo

rtin

g pe

riods

beg

inni

ng

on o

r afte

r Jan

uary

1, 2

021.

Ye

s, fo

r ent

ities

that

app

ly IF

RS 9

an

d IF

RS 1

5.M

ay 1

8, 2

017,

IFRS

in

Focu

s

Tran

sfer

s of

Inve

stm

ent P

rope

rty 

—

amen

dmen

ts to

IAS

40 (i

ssue

d D

ecem

ber 8

, 201

6)

Annu

al p

erio

ds b

egin

ning

on

or a

fter

Janu

ary

1, 2

018.

Ye

sD

ecem

ber 1

9, 2

016,

IF

RS in

Foc

us

Annu

al Im

prov

emen

ts to

IFRS

s: 20

14–2

016

Cycl

e (is

sued

Dec

embe

r 8,

201

6)

Annu

al p

erio

ds b

egin

ning

on

or

afte

r Jan

uary

1, 2

018,

exc

ept t

he

amen

dmen

t to

IFRS

12,

whi

ch

is e

ffect

ive

for a

nnua

l per

iods

be

ginn

ing

on o

r afte

r Jan

uary

1, 2

017.

Yes,

for c

erta

in a

men

dmen

ts.

Dec

embe

r 19,

201

6,

IFRS

in F

ocus

IFRI

C 22

, For

eign

Cur

renc

y Tr

ansa

ctio

ns

and

Adva

nce

Cons

ider

atio

n (is

sued

D

ecem

ber 8

, 201

6)

Annu

al re

port

ing

perio

ds b

egin

ning

on

or a

fter J

anua

ry 1

, 201

8.Ye

sD

ecem

ber 1

9, 2

016,

IF

RS in

Foc

us

Appl

ying

IFRS

9 F

inan

cial

Inst

rum

ents

W

ith IF

RS 4

Insu

ranc

e Co

ntra

cts 

—

amen

dmen

ts to

IFRS

4 (i

ssue

d Se

ptem

ber 1

2, 2

016)

At th

e sa

me

time

as IF

RS 9

.At

the

sam

e tim

e as

IFRS

9.

Sept

embe

r 21,

201

6,

IFRS

in F

ocus

Clas

sifica

tion

and

Mea

sure

men

t of

Shar

e-Ba

sed

Paym

ent T

rans

actio

ns —

am

endm

ents

to IF

RS 2

(iss

ued

June

20

, 201

6)

Annu

al p

erio

ds b

egin

ning

on

or a

fter

Janu

ary

1, 2

018.

Ye

sJu

ne 2

8, 2

016,

IFRS

in

Focu

s

Clar

ifica

tions

to IF

RS 1

5 (is

sued

Apr

il 12

, 201

6)At

the

sam

e tim

e as

IFRS

15.

Yes

April

20,

201

6, IF

RS in

Fo

cus

IFRS

16,

Lea

ses

(issu

ed Ja

nuar

y 12

, 20

16)

Annu

al p

erio

ds b

egin

ning

on

or a

fter

Janu

ary

1, 2

019.

Ye

sM

ay 2

8, 2

015,

IFRS

in

Focu

s

IFRS

9, F

inan

cial

Inst

rum

ents

(iss

ued

July

24,

201

4)An

nual

per

iods

beg

inni

ng o

n or

afte

r Ja

nuar

y 1,

201

8.Ye

sJu

ly 2

9, 2

014,

IFRS

in

Focu

s

IFRS

15,

Rev

enue

Fro

m C

ontr

acts

With

Cu

stom

ers

(issu

ed M

ay 2

8, 2

014)

Annu

al p

erio

ds b

egin

ning

on

or a

fter

Janu

ary

1, 2

018.

Yes

May

28,

201

4, IF

RS in

Fo

cus

35

Appendix B: Current Status of FASB ProjectsThis appendix summarizes the current status and next steps for the FASB’s active standard-setting projects (excluding research initiatives).

Project Status and Next Steps Deloitte Resources

Recognition and Measurement Projects

Codification improvements

GeneralThe FASB has a standing project on its agenda to make regular updates and improvements to the Codification (e.g., technical corrections and clarifications).

Financial instrumentsOn April 25, 2019, the FASB issued ASU 2019-04, which makes limited improvements to its guidance on credit losses, hedging, and recognition and measurement of financial instruments.

On May 8, 2019, the FASB decided to make limited amendments to its hedge accounting guidance in response to stakeholder feedback on ASU 2017-12.

On June 5, 2019, the FASB decided to issue a proposed ASU that would make limited improvements to its guidance on credit losses. The Board issued this proposal on June 27, 2019; comments are due by July 29, 2019.

In addition, the FASB is developing a proposed ASU on credit loss vintage disclosure.

Share-Based Consideration Payable to a CustomerOn March 4, 2019, the FASB issued a proposed ASU that would clarify that share-based payments made as consideration payable to a customer should be measured and classified in accordance with ASC 718. Comments were due by April 18, 2019.

Heads Up — FASB Issues Narrow Financial Instrument Accounting Updates (May 7, 2019)

Journal Entry — FASB Discusses Proposed Improvements to Measurement of Credit Losses (June 5, 2019)

Journal Entry — FASB Tentatively Approves Targeted Improvements to Accounting for Hedging Activities (May 16, 2019)

Heads Up — FASB Issues Proposed ASU to Address the Accounting for Share-Based Payments Issued as Sales Incentives to Customers (March 5, 2019)

Consolidation reorganization and targeted improvements

On September 20, 2017, the FASB issued a proposed ASU that would reorganize the consolidation guidance in ASC 810 by dividing it into separate subtopics for voting interest entities and variable interest entities (VIEs). The new subtopics would be included in a new topic, ASC 812, which would supersede ASC 810. Comments on the proposal were due by December 4, 2017. On June 27, 2018, the FASB decided to continue the project.

Heads Up — FASB Proposes to Reorganize Its Consolidation Guidance (October 5, 2017)

36

Distinguishing liabilities from equity (including convertible debt)

The FASB added this project to its technical agenda on September 20, 2017. On June 6, 2018, the Board decided to research an accounting model in which convertible instruments with embedded conversion features would be treated as a single unit of account unless the embedded conversion feature must be bifurcated as a derivative. On February 13, 2019, the Board decided to relax the equity classification conditions in ASC 815-40. On April 3, 2019, the Board made decisions about consequential amendments, technical corrections, and transition. On June 19, 2019, the FASB directed its staff to prepare a proposed ASU for a vote by written ballot. The proposal is expected to be issued in the third quarter of 2019.

Journal Entry — FASB Decides to Relax Equity Classification Conditions (February 15, 2019)

Extending private- company accounting alternatives on certain identifiable intangible assets and goodwill to NFP entities

On May 30, 2019, the FASB issued ASU 2019-06, which extends the private-company alternatives on goodwill and certain identifiable intangible assets in ASU 2014-02 and ASU 2014-18 to NFP entities.

Heads Up — FASB Extends Certain Private-Company Accounting Alternatives to Not-for-Profit Entities (June 12, 2019)

Financial instruments — credit losses: targeted transition relief

On May 15, 2019, the FASB issued ASU 2019-05, which allows entities, upon adoption of ASC 326, to irrevocably elect the fair value option for certain financial assets within the scope of ASC 326-20 on an instrument-by-instrument basis.

Heads Up — FASB Issues Targeted Transition Relief for Entities Adopting ASU 2016-13 (May 15, 2019)

Financial instruments — clarifying the interaction between ASC 321 and ASC 323 (EITF Issue 19-A)

The FASB added this project to the EITF’s agenda on May 8, 2019, to address (1) the accounting for equity securities under the measurement alternative upon the application and discontinuation of the equity method, (2) recognizing investee losses when an investor has other equity investments in the investee, and (3) scope considerations related to certain forward contracts and purchased call options on equity securities. On June 26, 2019, the FASB ratified the consensus-for-exposure reached by the EITF at its June 13, 2019, meeting. A proposed ASU is expected to be issued in the third quarter of 2019.

EITF Snapshot (June 2019)

Hedging: last-of-layer method

On March 28, 2018, the FASB decided to add a narrow-scope project to address the accounting for last-of-layer basis adjustments and hedging multiple layers under the last of layer method in accordance with ASU 2017-12.

Journal Entry — Hedging — FASB Discusses Feedback on Key Implementation Issues (April 10, 2018)

Identifiable intangible assets and subsequent accounting for goodwill

On October 24, 2018, the FASB added this project to its technical agenda and directed the staff to draft an Invitation to Comment, which is expected to be released in the second quarter of 2019.

37

Improving the accounting for asset acquisitions and business combinations

On August 2, 2017, the FASB tentatively decided that this project should (1) address differences between the accounting for acquisitions of assets and that for acquisitions of businesses and (2) focus on the accounting for transaction costs, in-process research and development, and contingent consideration. On May 8, 2018, the FASB discussed how certain aspects of the accounting for asset acquisitions could be aligned with those for business combinations. On May 8, 2019, the FASB decided to expand the scope of this project to include the accounting for in-process research and development and contingent consideration obligations recognized upon the initial consolidation of a variable interest entity that is not a business.

Recognition under ASC 805 for an assumed liability in a revenue contract (EITF Issue 18-A)

On February 14, 2019, the FASB issued a proposed ASU that would address the recognition of an assumed liability in a revenue contract acquired in a business combination. Simultaneously, the FASB released an invitation to comment on related issues. Comments on either document were due by April 30, 2019.

EITF Snapshot (June 2019)

Reference rate reform: Facilitation of the effects of the LIBOR-to-SOFR transition on financial reporting

On August 29, 2018, the FASB added a project to its agenda to consider changes to GAAP necessitated by the market-wide transition from LIBOR to SOFR, with the objective of facilitating the transition. On June 19, 2019, the FASB tentatively decided to provide relief from certain GAAP requirements.

Journal Entry — FASB Discusses Reference Rate Reform Distinguishing Liabilities From Equity, and the Conceptual Framework (June 26, 2019)

Revenue recognition: contract modifications of licenses of intellectual property (EITF Issue 19-B)

On May 8, 2019, the FASB decided to add this project to the EITF’s agenda to address the accounting for contract modifications of licenses of intellectual property (including additional rights granted and revocation of licensing rights).

Journal Entry — FASB Adds Projects to EITF Technical Agenda at Agenda Prioritization Board Meeting (May 10, 2019)

EITF Snapshot (June 2019)

Simplifications to accounting for income taxes

The Board added this project to its agenda on April 10, 2019. On May 14, 2019, the FASB issued a proposed ASU that would make limited amendments to ASC 740 to simplify the accounting for income taxes. Comments on the proposal were due by June 28, 2019.

Heads Up — FASB Proposes Simplifications to Accounting for Income Taxes (May 29, 2019)

Presentation and Disclosure Projects

Disclosure framework: disclosure review —income taxes

On July 26, 2016, the FASB issued a proposed ASU that would modify existing and add new income tax disclosure requirements. Comments on the proposed ASU were due by September 30, 2016. On March 25, 2019, the FASB issued a revised proposed ASU on this topic; comments were due by May 31, 2019.

Heads Up — FASB Proposes Changes to Income Tax Disclosure Requirements (March 29, 2019)

38

Disclosure framework: disclosure review — inventory

On January 10, 2017, the FASB issued a proposed ASU that would modify or eliminate certain disclosure requirements related to inventory and establish new requirements. Comments on the proposed ASU were due by March 13, 2017. On June 21, 2017, the Board discussed a summary of comments received.

Heads Up — FASB Proposes Updates to Inventory Disclosures (January 12, 2017)

Disclosure framework: disclosures — interim reporting

At its May 28, 2014, meeting, the FASB decided to amend ASC 270 “to reflect that disclosures about matters required to be set forth in annual financial statements should be provided on an updated basis in the interim report if there is a substantial likelihood that the updated information would be viewed by a reasonable investor as significantly altering the ’total mix’ of information available to the investor.” On July 11, 2018, the Board directed the staff to develop principles for interim disclosure.

Disclosure improvements in response to SEC’s release on disclosure update and simplification

On May 6, 2019, the FASB issued a proposed ASU that would make Codification amendments in response to the SEC’s disclosure update and simplification initiative. Comments on the proposal were due by June 28, 2019.

Disclosures by business entities about government assistance

On November 12, 2015, the FASB issued a proposed ASU that would require specific disclosures about government assistance received by businesses. Comments on the proposed ASU were due by February 10, 2016. The FASB most recently discussed this project on February 27, 2019.

Journal Entry — FASB Begins Redeliberating Project on Business Entities’ Disclosures About Government Assistance (June 14, 2016)

Heads Up — FASB Proposes ASU to Increase Transparency of Accounting for Government Assistance Arrangements (November 20, 2015)

Financial performance reporting: disaggregation of performance information

The FASB added this project to its technical agenda on September 20, 2017, “to focus on the disaggregation of performance information either through presentation in the statement of income or disclosure in the notes.” The FASB most recently discussed this project on April 24, 2019.

Segment reporting The FASB added this project to its technical agenda on September 20, 2017. The purpose of the project is to improve “the aggregation criteria and segment disclosures.” The FASB most recently discussed this project on May 29, 2019.

A Roadmap to Segment Reporting

39

Simplifying the balance sheet classification of debt

On January 10, 2017, the FASB issued a proposed ASU that would reduce the complexity of determining whether debt should be classified as current or noncurrent in a classified balance sheet. Comments on the proposal were due by May 5, 2017. The FASB most recently discussed this project on March 20, 2019, when it decided to issue another proposed ASU. The FASB expects to issue a proposed ASU on this topic in the third quarter of 2019.

Journal Entry — FASB Addresses Sweep Issues Related to Simplifying the Balance Sheet Classification of Debt (August 24, 2018)

Journal Entry — FASB Concludes Redeliberations on Simplifying the Balance Sheet Classification of Debt (Current Versus Noncurrent) (September 15, 2017)

Heads Up — FASB Proposes Changes to Simplify the Balance Sheet Classification of Debt (January 12, 2017)

Framework Projects

Conceptual framework PresentationOn August 11, 2016, the FASB issued a proposed concepts statement that would add a new chapter on presentation of financial statement information to the conceptual framework. Comments were due by November 9, 2016. On May 3, 2017, the FASB discussed feedback received.

MeasurementOn June 18, 2014, the Board decided to begin developing concepts related to measurement. The Board most recently discussed this project on June 19, 2019.

ElementsOn May 3, 2017, the FASB decided to add a conceptual framework project on elements. The FASB most recently discussed this project on June 19, 2019.

40

Appendix C: New Deloitte U.S. Accounting PublicationsRoadmap SeriesA Roadmap to SEC Reporting Considerations for Business Combinations (June 2019)

A Roadmap to the Preparation of the Statement of Cash Flows (May 2019)

A Roadmap to Accounting for Noncontrolling Interests (May 2019)

A Roadmap to Consolidation — Identifying a Controlling Financial Interest (May 2019)

A Roadmap to Accounting and Financial Reporting for Carve-Out Transactions (April 2019)

A Roadmap to the Issuer’s Accounting for Convertible Debt (April 2019)

Heads Up NewslettersFASB Issues Proposal to Improve Credit Losses Standard (June 28, 2019)

FASB Extends Certain Private-Company Accounting Alternatives to Not-for-Profit Entities (June 12, 2019)

FASB Proposes Simplifications to Accounting for Income Taxes (May 29, 2019)

FASB Issues Targeted Transition Relief for Entities Adopting ASU 2016-13 (May 15, 2019)

SEC Proposes to Ease Qualifications for Nonaccelerated Filer Status (May 14, 2019)

SEC Proposes Improvements to Disclosures for Business Acquisitions and Dispositions (May 9, 2019)

FASB Issues Narrow Financial Instrument Accounting Updates (May 7, 2019)

FASB Proposes Changes to Income Tax Disclosure Requirements (March 29, 2019)

The New Revenue Standard — A Look at SEC Feedback in Year 1 (March 28, 2019)

Accounting Spotlight NewslettersRevenue Recognition — Determining Whether a Performance Obligation Is Satisfied at a Point in Time or Over Time (June 24, 2019)

Revenue Recognition — Evaluating Whether an Entity Is Acting as a Principal or as an Agent (May 28, 2019)

Revenue Recognition — Accounting for Costs of Obtaining a Contract (April 5, 2019)

EITF Snapshot NewsletterJune 2019

Industry Spotlight SeriesMedia & Entertainment Spotlight — Navigating ASU 2019-02 — Improvements to Accounting for Costs of Films and License Agreements for Program Materials (May 21, 2019)

Power & Utilities Spotlight — Deploying New Tools to Elevate Risk Management as Power and Utilities Companies Become More Digital (April 15, 2019)

41

Deloitte Accounting Journal EntriesFASB Discusses Reference Rate Reform, Distinguishing Liabilities From Equity, and the Conceptual Framework (June 26, 2019)

FASB Discusses Proposed Improvements to Measurement of Credit Losses (June 5, 2019)

FASB Tentatively Approves Targeted Improvements to Accounting for Hedging Activities (May 16, 2019)

FASB Adds Projects to EITF Technical Agenda at Agenda Prioritization Board Meeting (May 10, 2019)

FASB Discusses Simplifications to Accounting for Income Taxes (May 2, 2019)

42

Dbriefs for Financial Executives We invite you to participate in Dbriefs, Deloitte’s webcast series that delivers practical strategies you need to stay on top of important issues. Gain access to valuable ideas and critical information from webcasts in the “Financial Executives” series on the following topics:

• Business strategy and tax. • Financial reporting. • Tax accounting and provisions.

• Controllership perspectives. • Governance, risk, and compliance. • Transactions and business events.

• Driving enterprise value. • Innovation in risk and controls.

Dbriefs also provides a convenient and flexible way to earn CPE credit — right at your desk.

SubscriptionsTo subscribe to Dbriefs, or to receive accounting publications issued by Deloitte’s Accounting Services Department, please register at My.Deloitte.com.

DART and US GAAP PlusPut a wealth of information at your fingertips. The Deloitte Accounting Research Tool (DART) is a comprehensive online library of accounting and financial disclosure literature. It contains material from the FASB, EITF, AICPA, PCAOB, and SEC, in addition to Deloitte’s own accounting manuals and other interpretive guidance and publications.

Updated every business day, DART has an intuitive design and navigation system that, together with its powerful search and personalization features, enable users to quickly locate information anytime, from any device and any browser. While much of the content on DART is available at no cost, subscribers have access to premium content, such as Deloitte’s FASB Accounting Standards Codification Manual. For more information, or to sign up for a free 30-day trial of premium DART content, visit dart.deloitte.com.

In addition, be sure to visit US GAAP Plus, our free Web site that features accounting news, information, and publications with a U.S. GAAP focus. It contains articles on FASB activities and those of other U.S. and international standard setters and regulators, such as the PCAOB, AICPA, and SEC. Check it out today!

Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.

As used in this document, “Deloitte“ means Deloitte & Touche LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

Copyright © 2019 Deloitte Development LLC. All rights reserved.

Conclusions of the FASB, GASB, IASB, and IFRS Interpretations Committee are subject to change at future meetings and generally do not affect current accounting requirements until an official position (e.g., Accounting Standards Update or IFRS Standards) is issued. Official positions are determined only after extensive deliberation and due process, including a formal vote.

Further information about the standard setters can be found on their respective Web sites as follows: www.fasb.org (FASB); www.fasb.org/eitf/agenda.shtml (EITF); www.aicpa.org (AICPA); www.sec.gov (SEC); https://pcaobus.org/Pages/default.aspx (PCAOB); www.fasab.gov (FASAB); www.gasb.org (GASB); and www.ifrs.org (IASB and IFRS Interpretations Committee).

Quarterly Accounting Roundup is prepared by members of Deloitte’s National Office. The purpose of this publication is to briefly describe key regulatory and professional developments that have recently occurred in the field of accounting and to provide links to locations where additional information can be found on each topic. Readers seeking additional information about a topic should review the information referred to in the hyperlinks and not rely solely on the descriptions included in this communication.

This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte, its affiliates, and related entities shall not be responsible for any loss sustained by any person who relies on this publication.