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

To our clients, colleagues, and other friends:

Welcome to Quarterly Accounting Roundup: Third Quarter — 2020. In the third quarter of 2020, the FASB issued an Accounting Standards Update (ASU) that simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The Board also released several proposals, including the following:

• A proposed concepts statement that would add Chapter 4, “Elements of Financial Statements,” to Concepts Statement 8,1 which contains the Board’s conceptual framework for financial reporting.

• A proposed ASU that would give insurance companies an additional year to implement ASU 2018-12.2

• A proposed ASU that would allow private companies to use a practical expedient to determine the current market price of the underlying share of equity-classified share-option awards issued to grantees.

On the regulatory front, the SEC released a final rule that modernizes certain disclosure requirements in Regulation S-K, including those on the description of a business, legal proceedings, and risk factors. The final rule is intended to improve the readability of disclosures, reduce repetition, and eliminate immaterial information, thereby simplifying compliance for registrants and making disclosures more meaningful for investors. The

1 FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting.2 FASB Accounting Standards Update No. 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts.

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 and Updated Deloitte U.S. Accounting Publications

Third Quarter — 2020

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SEC also finalized updates to the disclosure requirements for bank and savings and loan registrants (i.e., Industry Guide 33). The final rule eliminates requirements that are duplicative with other SEC regulations or U.S. GAAP or IFRS Standards® and updates the requirements to include certain credit ratios. In addition, in response to the ongoing coronavirus disease 2019 (“COVID-19”) pandemic, the SEC’s COVID-19 Market Monitoring Group issued its initial observations on credit ratings, procyclicality, and related financial stability issues.

In international news, the International Accounting Standards Board (IASB®) completed the second phase of its project on interest rate benchmark reform by releasing a package of amendments addressing issues that might affect financial reporting in connection with the transition of existing interest rate benchmarks to alternative rates. The IASB also released amendments that defer the effective date of its January 2020 amendments to IAS 14 and address concerns and challenges with implementing its new insurance contracts standard, IFRS 17.5

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Featured Deloitte Publications

In the third quarter of 2020, Deloitte issued the following new and updated Roadmaps:

• A Roadmap to SEC Reporting Considerations for Guarantees and Collateralizations (new) — Intended to help readers navigate some of the questions that may arise in the application of the SEC’s March 2020 final rule6 that amends the disclosure requirements related to certain registered securities under SEC Regulation S-X, Rules 3-107 and 3-16.8

• A Roadmap to Fair Value Measurements and Disclosures (Including the Fair Value Option) — Provides an overview of the accounting and disclosure guidance in ASC 8209 and ASC 825 as well as insights into how to apply this guidance in practice. The 2020 edition of this Roadmap includes several new discussions and eliminates certain guidance that is no longer relevant because of the effective dates of several ASUs.

• A Roadmap to Initial Public Offerings — Addresses financial reporting, accounting, and auditing considerations to help companies navigate challenges related to preparing an initial public offering registration statement and ultimately going public.

• A Roadmap to Accounting for Environmental Obligations and Asset Retirement Obligations — Provides Deloitte’s insights into and interpretations of the accounting

3 SEC Industry Guide 3, Statistical Disclosure by Bank Holding Companies.4 IAS 1, Presentation of Financial Statements.5 IFRS 17, Insurance Contracts.6 SEC Final Rule Release No. 33-10762, Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose

Securities Collateralize a Registrant’s Securities.7 SEC Regulation S-X, Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being

Registered.”8 SEC Regulation S-X, Rule 3-16, “Financial Statements of Affiliates Whose Securities Collateralize an Issue Registered or Being

Registered.”9 For titles of FASB Accounting Standards Codification (ASC) references, see Deloitte’s “Titles of Topics and Subtopics in the FASB

Accounting Standards Codification.”

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guidance on environmental obligations in ASC 410-30 and asset retirement obligations (AROs) in ASC 410-20. Because the accounting for environmental obligations and AROs will vary depending on the laws and regulations governing such obligations, this publication provides an overview of some of the applicable federal and state environmental laws and regulations in the United States and describes the application of the accounting guidance within the relevant legal framework.

• A Roadmap to Consolidation — Identifying a Controlling Financial Interest — Serves as a comprehensive guide to navigating the frequently complex consolidation accounting models. It breaks down the requirements in ASC 810 and reconstructs them in a logical narrative, making them easier to understand and apply. While the discussion focuses primarily on the complexities of identifying whether a legal entity is a variable interest entity (VIE) and whether a reporting entity should consolidate the VIE, it also addresses the voting interest entity model and provides a framework for its application.

• A Roadmap to Foreign Currency Transactions and Translations — Provides Deloitte’s insights into and interpretations of the accounting guidance under ASC 830 and IFRS Standards (in Chapter 10). While the guidance in ASC 830 has not changed significantly over the years, the application of the existing framework has continued to evolve as a result of the increasing interdependence and complexity of international economies and companies’ legal structures.

• A Roadmap to Accounting for Noncontrolling Interests — 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 guidance in this Roadmap presumes that (1) a parent has already established that consolidation of its subsidiary is appropriate under ASC 810-10 and (2) the equity interests of a subsidiary qualify for equity classification under ASC 480. Consequently, this Roadmap should be viewed as a companion publication to Deloitte’s A Roadmap to Consolidation — Identifying a Controlling Financial Interest (see link above).

• A Roadmap to Non-GAAP Financial Measures and Metrics — Combines the SEC’s guidance on non-GAAP measures with Deloitte’s interpretations and examples in a comprehensive, reader-friendly format. The 2020 edition reflects recent developments related to non-GAAP measures, including the SEC’s January 2020 interpretive release10 that provides guidance on the disclosure and use of key performance indicators and metrics.

Further, in the third quarter, Deloitte released several new and updated publications in response to the ongoing COVID-19 pandemic:

• September 11, 2020, Financial Reporting Alert — Takes a strategic look at the COVID-19-related financial reporting and accounting challenges that are top of mind for many companies as well as trending and ongoing issues. This publication also provides insights into different alternatives companies are pursuing in response to the challenges.

• July 22, 2020, Heads Up — Summarizes the disclosure trends we observed in our review of public filings of a sample of companies that adopted the new CECL standard as of the first quarter of 2020, including disclosure trends related to the COVID-19 pandemic.

• July 1, 2020, Financial Reporting Alert — Discusses considerations related to registrants’ reflecting specific impacts of COVID-19 in their non-GAAP measures. Specific topics addressed include (1) important disclosures associated with the

10 SEC Interpretive Release No. 33-10751, Commission Guidance on Management’s Discussion and Analysis of Financial Condition and Results of Operations.

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presentation of non-GAAP measures, (2) alternatives to non-GAAP measures, (3) disclosure controls and procedures related to non-GAAP measures, and (4) considerations related to income statement classification.

• April 9, 2020 (updated September 18, 2020), Heads Up — Discusses key aspects of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides $2.2 trillion of economy wide financial stimulus in the form of financial aid to individuals, businesses, nonprofits, states, and municipalities. The publication has been updated to address disclosure considerations related to the effects of the COVID-19 pandemic and certain provisions of the CARES Act on an entity’s financial reporting.

• March 25, 2020 (updated September 18, 2020), Financial Reporting Alert — Discusses certain key accounting and financial reporting considerations related to conditions that may result from the COVID-19 pandemic as well as various industry-specific considerations. This publication was updated on September 18, 2020, to discuss disclosure considerations related to the pandemic as well as on July 8, 2020, to reflect (1) the AICPA’s issuance of a technical Q&A on the recognition of interest income and (2) the International Swaps and Derivatives Association’s preclearance consultation with the SEC staff.

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In This Section• Financial Instruments

o FASB Simplifies Issuer’s Accounting for Convertible Instruments and Contracts on an Entity’s Own Equity

• Nonfinancial Assetso FASB Issues Guidance

on Not-for-Profit Entities’ Presentation of and Disclosures About Contributed Nonfinancial Assets

• International o IASB Completes

Phase 2 of Project on Interest Rate Benchmark Reform

o IASB Defers Effective Date of Amendments to IAS 1

o IASB Publishes Narrow-Scope Amendments to Insurance Contracts Standard

Accounting — Newly Issued StandardsFinancial Instruments

FASB Simplifies Issuer’s Accounting for Convertible Instruments and Contracts on an Entity’s Own Equity Affects: All entities.

Summary: On August 5, 2020, the FASB issued ASU 2020-06,11 which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. Specifically, the ASU “simplifies accounting for convertible instruments by removing major separation models required under current Generally Accepted Accounting Principles (GAAP).” In addition, the ASU “removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it” and “simplifies the diluted earnings per share (EPS) calculation in certain areas.”

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

Other Resources: Deloitte’s August 5, 2020, Heads Up. Also see the press release and FASB in Focus on the FASB’s Web site.

Nonfinancial Assets

FASB Issues Guidance on Not-for-Profit Entities’ Presentation of and Disclosures About Contributed Nonfinancial Assets Affects: Not-for-profit entities.

Summary: On September 17, 2020, the FASB issued ASU 2020-07,12 which requires not-for-profit entities to (1) “present contributed nonfinancial assets as a separate line item in the statement of activities, apart from contributions of cash or other financial assets,” and (2) disclose contributed nonfinancial assets. The objective of the ASU is to “improve transparency in the reporting of contributed nonfinancial assets, also known as gifts-in-kind, for not-for-profit organizations.”

Next Steps: The ASU is effective retrospectively for annual reporting periods beginning after June 15, 2021, and interim periods within annual reporting periods beginning after June 15, 2022. Early adoption is permitted.

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

International

IASB Completes Phase 2 of Project on Interest Rate Benchmark Reform Affects: Entities reporting under IFRS Standards.

Summary: On August 27, 2020, the IASB released a package of amendments as part of the second and final phase of its project on interest rate benchmark reform. The amendments address issues that might affect financial reporting in connection with the transition of interest rate benchmarks to alternative benchmark rates.

11 FASB Accounting Standards Update No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.12 FASB Accounting Standards Update No. 2020-07, Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial

Assets.

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Next Steps: The amendments are effective for annual periods beginning on or after January 1, 2021, and should be applied retrospectively. Early application is permitted.

Other Resources: Deloitte’s September 2, 2020, IFRS in Focus. Also see the press release on the IASB’s Web site.

IASB Defers Effective Date of Amendments to IAS 1 Affects: Entities reporting under IFRS Standards.

Summary: On July 15, 2020, the IASB published amendments that defer by one year the effective date of its January 2020 amendments to IAS 1 on classification of liabilities as current or noncurrent. The purpose of the deferral is to give companies additional time to “implement any classification changes” that could result from the January 2020 amendments.

Next Steps: The amendments to IAS 1 are now effective for annual reporting periods beginning after January 1, 2023 (the original effective date was January 1, 2022). Early application continues to be permitted.

Other Resources: Deloitte’s July 22, 2020, IFRS in Focus. Also see the press release on the IASB’s Web site.

IASB Publishes Narrow-Scope Amendments to Insurance Contracts Standard Affects: Entities reporting under IFRS Standards.

Summary: On June 25, 2020, the IASB published amendments to its new insurance contracts standard, IFRS 17, to address concerns and implementation challenges that were identified after the standard was released in 2017. Among other changes, the amendments defer the effective date of IFRS 17 by two years.

Next Steps: IFRS 17 is now effective for annual periods beginning on or after January 1, 2023, and should be applied retrospectively. Early application is permitted.

Other Resources: Deloitte’s June 29, 2020, IFRS in Focus. Also see the press release on the IASB’s Web site.

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In This Section• Conceptual Framework

o FASB Issues Proposed Concepts Statement on Elements of the Financial Statements

• Insuranceo FASB Issues

Proposal to Delay Implementation of Long-Duration Contract Standard and Facilitate Early Adoption

• Revenue Recognitiono FASB Proposes a

Practical Expedient for Private-Company Franchisors on the Identification of Performance Obligations Under ASC 606

• Share-Based Paymento FASB Proposes a

Practical Expedient for Determining the Share Price Input for Measuring Equity-Classified Share-Option Awards for Private Companies

Accounting — Exposure DraftsConceptual Framework

FASB Issues Proposed Concepts Statement on Elements of the Financial StatementsAffects: All entities.

Summary: On July 16, 2020, the FASB released for public comment an exposure draft13 of a proposed concepts statement that would add Chapter 4, “Elements of Financial Statements,” to Concepts Statement 8, which contains the Board’s conceptual framework for financial reporting. Specifically, the new chapter would “provide the Board with a framework for developing standards by identifying elements of financial statements that could be appropriate for recognition in the financial statements and relevant to the users of those financial statements.” Further it would “provide the Board with a framework for developing standards in meeting the objective of financial reporting that enhances the understandability of information to existing and potential investors, lenders, donors, and other resource providers of a reporting entity.”

Next Steps: Comments on the proposed concepts statement are due by November 13, 2020.

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

Insurance

FASB Issues Proposal to Delay Implementation of Long-Duration Contract Standard and Facilitate Early AdoptionAffects: All entities.

Summary: In response to the COVID-19 pandemic, the FASB issued a proposed ASU14 on July 9, 2020, that would grant insurance companies an additional year to implement ASU 2018-12. The proposal would also make early adoption easier by providing transition relief to insurers that do not need the extra time. Under the proposed ASU, “the early application transition date would be the beginning of the prior period presented (rather than the beginning of the earliest period presented), thereby aligning the early application transition date with the standard transition date for SEC filers.”

Comments on the proposed ASU were due by August 24, 2020.

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

Revenue Recognition

FASB Proposes a Practical Expedient for Private-Company Franchisors on the Identification of Performance Obligations Under ASC 606Affects: All entities.

Summary: On September 21, 2020, the FASB issued a proposed ASU15 that would allow a franchisor that is not a public business entity (“private-company franchisor”) to use a practical expedient when identifying performance obligations in its contracts with customers (i.e., franchisees) under ASC 606. Under the practical expedient, a private-company franchisor

13 FASB Proposed Concepts Statement, Concepts Statement No. 8, Conceptual Framework for Financial Reporting, Chapter 4: Elements of Financial Statements.

14 FASB Proposed Accounting Standards Update, Financial Services — Insurance (Topic 944): Effective Date and Early Application.15 FASB Proposed Accounting Standards Update, Franchisors — Revenue From Contracts With Customers (Subtopic 952-606): Practical

Expedient.

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that enters into a franchise agreement would be able to account for certain preopening services provided to a franchisee as a single performance obligation. The practical expedient is intended to reduce the cost and complexity of applying ASC 606 to preopening services associated with initial franchise fees.

Next Steps: Comments are due by November 5, 2020.

Other Resources: Deloitte’s September 22, 2020, Heads Up.

Share-Based Payment

FASB Proposes a Practical Expedient for Determining the Share Price Input for Measuring Equity-Classified Share-Option Awards for Private CompaniesAffects: Private companies.

Summary: On August 17, 2020, the FASB issued for public comment a proposed ASU16 that would allow private companies to use a practical expedient to determine the current market price of the underlying shares of equity-classified share-option awards issued to grantees. Under the practical expedient, private companies would make this determination by using a valuation that such companies have performed to comply with the “presumption of reasonableness” requirements in Section 409A of the U.S. Internal Revenue Code. The practical expedient is intended to reduce the cost and complexity of financial reporting while continuing to give private-company stakeholders useful information on which to base investment decisions.

Next Steps: Comments on the proposed ASU are due by October 1, 2020.

Other Resources: Deloitte’s August 18, 2020, Heads Up. Also see the press release on the FASB’s Web site.

16 FASB Proposed Accounting Standards Update, Determining the Current Price of an Underlying Share for Equity-Classified Share-Option Awards.

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AICPA

AICPA Issues Technical Q&As Affects: All entities.

Summary: On September 2, 2020, the AICPA issued technical Q&As on the accounting for lease components in Type A life care contracts by continuing care retirement communities. Specifically, the Q&As discuss:

• Embedded lease components within Type A life care contracts (Q&A Section 6400.56).

• Determination of the lease term when an embedded lease component for an independent living unit is present within Type A life care contracts (Q&A Section 6400.57).

• Classification of an embedded lease component within Type A life care contracts (Q&A Section 6400.58).

• Nonlease components within the resident agreement of Type A life care contracts (Q&A Section 6400.59).

• Measurement of lease payments if a lease for an independent living unit exists in a Type A life care contract (Q&A Section 6400.60).

• Reassessment of lease term within the resident agreement of Type A life care contracts (Q&A Section 6400.61).

• Impact on a lease component within the resident agreement of Type A life care contracts when a resident transitions to assisted living or skilled nursing (Q&A Section 6400.62).

Further, on June 1, 2020, the AICPA issued technical Q&As related to (1) loan restructuring due to COVID-19 and (2) the Paycheck Protection Program (PPP). Technical Q&A Section 2130.41 provides guidance on determining the effective interest rate, while Technical Q&As Sections 2130.42–.44 provide guidance on certain accounting matters for lenders under the PPP.

AICPA Issues Proposed SAS on Material Misstatements in Financial StatementsAffects: Auditors.

Summary: On August 27, 2020, the AICPA issued a proposed SAS17 on assessing the risks of material misstatement, which would supersede AU-C Section 31518 and would amend various AU-C sections in AICPA Professional Standards. The proposed SAS is intended to “enhance the requirements and guidance on identifying and assessing the risks of material misstatement” and would revise the definition of significant risks.

Next Steps: Comments on the proposed SAS are due by November 25, 2020.

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

17 AICPA Proposed Statement on Auditing Standards, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement.

18 AICPA Professional Standards, AU-C Section 315, “Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement.”

In This Section• AICPA

o AICPA Issues Technical Q&As

o AICPA Issues Proposed SAS on Material Misstatements in Financial Statements

o AICPA Issues COVID-19-Related FAQs for Health Care Industry

o AICPA Issues Working Draft for Insurance Entities

o AICPA Issues Practice Aid on Digital Assets

o AICPA Issues SAS on Audit Evidence

Auditing Developments

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AICPA Issues COVID-19-Related FAQs for Health Care IndustryAffects: Health care entities and their auditors.

Summary: On August 13, 2020, the AICPA issued an FAQ document to provide information on the COVID-19 pandemic to entities in the health care industry. The document focuses on the following six topics: (1) PPP loans, (2) taxability of forgiveness income and expenses, (3) CPA services to a client, (4) FEMA funding, (5) 2020 payroll tax deferral under the CARES Act, and (6) the employee retention credit.

AICPA Issues Working Draft for Insurance Entities Affects: Insurance entities and their auditors.

Summary: On July 24, 2020, the AICPA’s Financial Reporting Executive Committee released for public comment a working draft19 that addresses the following issue associated with insurance entities’ implementation of FASB ASU 2018-12:

• “Ceded reinsurance — recognition of the reinsurance recoverable and cost of reinsurance measurement and application of the 100% net premium ratio cap and ‘floor’ (no negative liability) provisions relating to the liability for future policy benefits on ceded reinsurance transactions” (Issue #11AC).

Next Steps: Comments on the working draft are due by September 25, 2020.

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

AICPA Issues Practice Aid on Digital AssetsAffects: All entities.

Summary: On July 17, 2020, the AICPA issued a practice aid20 on digital assets. The practice aid is nonauthoritative and provides guidance for financial statement preparers, as well as auditors with knowledge of blockchain technology, on “how to account for and audit digital assets under U.S. generally accepted accounting principles (GAAP) for nongovernmental entities and generally accepted auditing standards (GAAS), respectively.”

AICPA Issues SAS on Audit EvidenceAffects: Auditors.

Summary: On July 9, 2020, the AICPA’s Auditing Standards Board published SAS 14221 to address the evaluation of audit evidence. SAS 142 “explains what constitutes audit evidence in an audit of financial statements and sets out attributes of information that are taken into account by the auditor when evaluating information to be used as audit evidence.” The standard “addresses the evolving nature of business, audit services and issues that have arisen since the existing AU-C section 500 was originally issued.”

Next Steps: SAS 142 is effective for financial statement audits for periods ending on or after December 15, 2022.

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

19 AICPA Working Draft, Targeted Improvements to Long-Duration Contracts Implementation Issue.20 AICPA Practice Aid, Accounting for and Auditing of Digital Assets.21 AICPA Statement on Auditing Standards No. 142, Audit Evidence.

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SEC

SEC Modernizes Shareholder Proposal RuleAffects: SEC registrants.

Summary: On September 23, 2020, the SEC issued a final rule22 that amends:

• Procedural rules related to the “current ownership requirements to incorporate a tiered approach that provides three options for demonstrating a sufficient ownership stake in a company — through a combination of amount of securities owned and length of time held — to be eligible to submit a proposal; require certain documentation to be provided when a proposal is submitted on behalf of a shareholder-proponent; require shareholder-proponents to identify specific dates and times they can meet with the company in person or via teleconference to engage with the company with respect to the proposal; and provide that a person may submit no more than one proposal, directly or indirectly, for the same shareholders’ meeting.”

• Resubmission thresholds by revising “the levels of shareholder support a proposal must receive to be eligible for resubmission at the same company’s future shareholders’ meetings from 3, 6, and 10 percent to 5, 15, and 25 percent, respectively.”

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

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

SEC Amends Whistleblower Program RulesAffects: SEC registrants.

Summary: On September 23, 2020, the SEC issued a final rule23 that will “increase efficiencies around the review and processing of whistleblower award claims, and provide the Commission with additional tools to appropriately reward meritorious whistleblowers for their efforts and contributions to a successful matter.”

Next Steps: The final rule will become effective 30 days after the date of its publication in the Federal Register, with certain exceptions detailed in the rule.

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

SEC Issues Final Rule on Disclosures for Banking RegistrantsAffects: SEC registrants.

Summary: On September 11, 2020, the SEC issued a final rule24 that “update[s] and expand[s] the statistical disclosures that bank and savings and loan registrants provide to investors, in light of changes in this sector over the past 30 years.” It also (1) eliminates “certain disclosure items that are duplicative of other Commission rules and requirements of U.S. GAAP or IFRS” and (2) replaces Industry Guide 3 “with updated disclosure requirements in a new subpart of Regulation S-K.”

22 SEC Final Rule Release No. 34-89964, Procedural Requirements and Resubmission Thresholds Under Exchange Act Rule 14a-8.23 SEC Final Rule Release No. 34-89963, Whistleblower Program Rules.24 SEC Final Rule Release No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants.

In This Section• SEC

o SEC Modernizes Shareholder Proposal Rule

o SEC Amends Whistleblower Program Rules

o SEC Issues Final Rule on Disclosures for Banking Registrants

o SEC Modernizes Certain Regulation S-K Disclosure Requirements

o SEC Amends Definition of “Accredited Investor”

o SEC Proposes Amendments Related to Consolidated Audit Trail

o SEC Announces Temporary Secure File Transfer for Certain Materials

o SEC Proposes Improvements to Disclosure Framework for Mutual Funds and Exchange-Traded Funds

o Federal Agencies Issue Guidance on Liquidation of Covered Broker-Dealers

o SEC Amends Proxy Solicitation Rules

o SEC Provides Initial Observations From Its COVID-19 Market Monitoring Group

o SEC Amends Procedures for Exemptive Applications

Regulatory and Compliance Developments

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Next Steps: The final rule will become effective 30 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 Modernizes Certain Regulation S-K Disclosure RequirementsAffects: SEC registrants.

Summary: On August 26, 2020, the SEC issued a final rule25 that modernizes the disclosure requirements in Regulation S-K, Item 101,26 on description of a business; Item 10327 on legal proceedings; and Item 10528 on risk factors. The final rule is intended to improve the readability of disclosures, reduce repetition, and eliminate immaterial information, thereby simplifying compliance for registrants and making disclosures more meaningful for investors. The amendments to the disclosure requirements related to a registrant’s description of its business and risk factors are intended to expand the use of a principles-based approach that gives registrants more flexibility to tailor disclosures. The amendments to the disclosure requirements related to legal proceedings continue to reflect the current, more prescriptive approach because those requirements depend less on a registrant’s specific characteristics.

Next Steps: The final rule will become effective 30 days after the date of its publication in the Federal Register.

Other Resources: Deloitte’s September 3, 2020, Heads Up. Also see the press release on the SEC’s Web site.

SEC Amends Definition of “Accredited Investor”Affects: SEC registrants.

Summary: On August 26, 2020, the SEC issued a final rule29 that amends the Securities Act of 1933 by (1) revising the definition of “accredited investor” in Rule 501(a), (2) replacing the existing definition of this term in Rule 215 with a cross-reference to the definition in Rule 501(a), and (3) updating the definition of “qualified institutional buyer” in Rule 144A.

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 Proposes Amendments Related to Consolidated Audit TrailAffects: SEC registrants.

Summary: On August 21, 2020, the SEC issued a proposed rule30 that would amend the “national market system plan governing the Consolidated Audit Trail [CAT].” As noted in a public statement on the proposal, the proposed amendments would:

• Provide “greater oversight, consistency and transparency regarding the appropriate use of CAT data.”

• Require “use of secure analytic workspaces (SAWs) for the analysis of large data sets permitting exceptions only when non-SAW environments are subject to third party security assessments and monitoring.”

25 SEC Final Rule Release No. 33-10825, Modernization of Regulation S-K Items 101, 103, and 105.26 SEC Regulation S-K, Item 101, “Description of Business.”27 SEC Regulation S-K, Item 103, “Legal Proceedings.”28 SEC Regulation S-K, Item 105, “Risk Factors.”29 SEC Final Rule Release No. 33-10824, Amending the “Accredited Investor” Definition.30 SEC Proposed Rule Release No. 34-89632, Amendments to the National Market System Plan Governing the Consolidated Audit Trail to

Enhance Data Security.

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• Incorporate “specific restrictions for the access and analysis of customer and account information including required use of the SAW and a defined workflow.”

• Remove “sensitive PII from CAT reporting requirements in accordance with the March 2020 PII Exemption Order in order to bring greater certainty to market participants that CAT reporting requirements do not include social security numbers, account numbers and dates of birth” (footnote omitted).

• Preserve and enhance “existing security requirements.”

Next Steps: Comments on the proposed rule are due 45 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 Announces Temporary Secure File Transfer for Certain MaterialsAffects: SEC registrants.

Summary: On August 7, 2020, the SEC’s Division of Corporation Finance announced that, because of COVID-19 concerns, it will provide a “temporary secure file transfer process for the submission of supplemental materials pursuant to Securities Act Rule 418 and Exchange Act Rule 12b-4 and information subject to Rule 83 confidential treatment requests.”

SEC Proposes Improvements to Disclosure Framework for Mutual Funds and Exchange-Traded FundsAffects: SEC registrants.

Summary: On August 5, 2020, the SEC issued a proposed rule31 that would enhance its disclosure framework for mutual funds and exchange-traded funds:

• Require “streamlined reports to shareholders that would include, among other things, fund expenses, performance, illustrations of holdings, and material fund changes.”

• Revise “the content of these items to better align disclosures with developments in the markets and investor expectations.”

• Encourage “funds to use graphic or text features — such as tables, bullet lists, and question-and-answer formats — to promote effective communication.”

• Promote “a layered and comprehensive disclosure framework by continuing to make available online certain information that is currently required in shareholder reports but may be less relevant to retail shareholders generally.”

Next Steps: Comments on the proposed rule are due 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.

31 SEC Proposed Rule Release No. 33-10814, Tailored Shareholder Reports, Treatment of Annual Prospectus Updates for Existing Investors, and Improved Fee and Risk Disclosure for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements.

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Federal Agencies Issue Guidance on Liquidation of Covered Broker-DealersAffects: Broker-dealers.

Summary: On July 24, 2020, the SEC and FDIC jointly issued a final rule32 that clarifies and implements “provisions relating to the orderly liquidation of certain brokers or dealers (covered broker-dealers) in the event the FDIC is appointed receiver under Title II of the Dodd-Frank Act.”

Next Steps: The final rule will become effective on October 30, 2020.

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

SEC Amends Proxy Solicitation RulesAffects: SEC registrants.

Summary: On July 22, 2020, the SEC issued a final rule33 that will (1) “exempt persons furnishing proxy voting advice from the information and filing requirements of the federal proxy rules,” (2) amend the definitions of “solicit” and “solicitation” in Exchange Act Rule 14a-1(l), and (3) include “illustrative examples to the proxy rules’ antifraud provision in Exchange Act Rule 14a-9.” The exemptions are based on “two principles-based requirements designed to ensure that: (1) registrants that are the subject of proxy voting advice have such advice made available to them in a timely manner, and (2) clients of proxy voting advice businesses are provided with an efficient and timely means of becoming aware of any written responses by registrants to proxy voting advice.”

In addition, the SEC is providing supplemental guidance34 concerning proxy voting responsibilities for investment advisers.

Next Steps: The final rule will become effective on November 2, 2020.

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

SEC Provides Initial Observations From Its COVID-19 Market Monitoring GroupAffects: SEC registrants.

Summary: On July 15, 2020, the SEC’s COVID-19 Market Monitoring Group issued its initial observations on credit ratings, procyclicality, and related financial stability issues. These observations included the following:

• “Analysis of potential effects of ratings actions should focus on current circumstances. Given the idiosyncratic nature of the health and economic effects and consequences of COVID-19, we believe that analogies to the role of rating agencies in the 2008 global financial crisis should be approached with caution. We note that, in addition to substantially differing economic conditions and stresses, the relevant analytical assumptions and methodologies used by rating agencies in that period also were substantially different.”

• “Cost of debt capital is driven by a wide range of financial and non-financial factors and forces; ratings downgrades are generally lagging indicators of cost of debt capital.”

32 FDIC and SEC Final Rule No. 34-89394, Covered Broker-Dealer Provisions Under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

33 SEC Final Rule Release No. 34-89372, Exemptions From the Proxy Rules for Proxy Voting Advice.34 SEC Release No. IA-5547, Supplement to Commission Guidance Regarding Proxy Voting Responsibilities of Investment Advisers.

15

• “Observable bunching just above and below the investment grade level may be attributable to various macroeconomic trends, including policy, regulatory and investor choices.”

• “When considering the effects of credit ratings on market structure, including potential procyclicality of ratings downgrades, it is important to take into account the wide and diverse spectrum of our credit markets and all major credit market participant types.”

• “The procyclical effects of credit ratings used in bilateral specialty finance also are appropriate areas for continued monitoring.”

SEC Amends Procedures for Exemptive ApplicationsAffects: SEC registrants.

Summary: On July 6, 2020, the SEC issued a final rule35 that establishes an expedited review procedure for “exemptive and other applications under the Investment Company Act that are substantially identical to recent precedent, as well as a new informal internal procedure for applications that would not qualify for the new expedited process.”

Next Steps: The final rule will become effective on June 14, 2021.

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

35 SEC Final Rule Release No. IC-33921, Amendments to Procedures With Respect to Applications Under the Investment Company Act of 1940.

16

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, P

CAO

B, A

ICPA

, SEC

, 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

202

0-07

, Pre

sent

atio

n an

d D

isclo

sure

s by

Not

-for-

Profi

t Ent

ities

for C

ontr

ibut

ed

Non

finan

cial

Ass

ets

(issu

ed

Sept

embe

r 17,

202

0)

The

amen

dmen

ts in

this

ASU

sho

uld

be a

pplie

d re

tros

pect

ivel

y an

d ar

e eff

ectiv

e fo

r ann

ual p

erio

ds

begi

nnin

g af

ter J

une

15, 2

021,

an

d in

terim

per

iods

with

in a

nnua

l pe

riods

beg

inni

ng a

fter J

une

15,

2022

.

The

amen

dmen

ts in

this

ASU

sho

uld

be a

pplie

d re

tros

pect

ivel

y an

d ar

e eff

ectiv

e fo

r ann

ual p

erio

ds

begi

nnin

g af

ter J

une

15, 2

021,

an

d in

terim

per

iods

with

in a

nnua

l pe

riods

beg

inni

ng a

fter J

une

15,

2022

.

Yes

Sept

embe

r 18,

202

0,

DAR

T ne

ws

item

ASU

202

0-06

, Acc

ount

ing

for

Conv

ertib

le In

stru

men

ts a

nd

Cont

ract

s in

an

Entit

y’s O

wn

Equi

ty

(issu

ed A

ugus

t 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 th

ose

fisca

l yea

rs.

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

202

3, a

nd in

terim

pe

riods

with

in th

ose

fisca

l yea

rs.

Yes,

but

no

earli

er th

an fi

scal

yea

rs

begi

nnin

g af

ter D

ecem

ber 1

5, 2

020,

in

clud

ing

inte

rim p

erio

ds w

ithin

th

ose

fisca

l yea

rs.

Augu

st 5

, 202

0,

Hea

ds U

p

ASU

202

0-05

, Rev

enue

Fro

m

Cont

ract

s W

ith C

usto

mer

s (T

opic

60

6) a

nd L

ease

s (T

opic

842

) —

Effec

tive

Dat

es fo

r Cer

tain

Ent

ities

(is

sued

June

3, 2

020)

N/A

ASU

202

0-05

am

ends

the

effec

tive

date

s of

ASU

s 20

14-0

9 an

d 20

16-0

2.

See

info

rmat

ion

on th

e eff

ectiv

e da

tes

of th

ese

ASU

s be

low

.

Yes

June

3, 2

020,

Hea

ds

Up

ASU

202

0-04

, Fac

ilita

tion

of th

e Eff

ects

of R

efer

ence

Rat

e Re

form

on

Fina

ncia

l Rep

ortin

g (is

sued

Mar

ch

12, 2

020)

Mar

ch 1

2, 2

020,

thro

ugh

Dec

embe

r 31

, 202

2.M

arch

12,

202

0, th

roug

h D

ecem

ber

31, 2

022.

N/A

Mar

ch 2

3, 2

020,

H

eads

Up

17

ASU

202

0-03

, Cod

ifica

tion

Impr

ovem

ents

to F

inan

cial

In

stru

men

ts (i

ssue

d M

arch

9,

2020

)

Conf

orm

ing

Amen

dmen

ts (I

ssue

s 1,

2,

3, 4

, and

5)

The

amen

dmen

ts re

late

d to

Issu

es

1, 2

, 4, a

nd 5

are

effe

ctiv

e up

on

issu

ance

.

The

amen

dmen

t rel

ated

to Is

sue

3 is

a c

onfo

rmin

g am

endm

ent

that

affe

cts

the

guid

ance

in th

e am

endm

ents

in A

SU 2

019-

04 (s

ee

effec

tive

date

info

rmat

ion

for t

his

ASU

bel

ow).

Amen

dmen

ts to

ASU

201

6-13

(Iss

ues

6 an

d 7)

The

amen

dmen

ts re

late

d to

Issu

es

6 an

d 7

affec

t the

gui

danc

e in

th

e am

endm

ents

in A

SU 2

016-

13

(see

effe

ctiv

e da

te in

form

atio

n fo

r th

is A

SU b

elow

). Fo

r ent

ities

that

ha

ve a

dopt

ed th

e gu

idan

ce in

ASU

20

16-1

3, 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, in

clud

ing

inte

rim p

erio

ds w

ithin

thos

e fis

cal

year

s.

Conf

orm

ing

Amen

dmen

ts (I

ssue

s 1,

2,

3, 4

, and

5)

The

amen

dmen

ts re

late

d to

Issu

es

1, 2

, 4, a

nd 5

are

effe

ctiv

e fo

r fisc

al

year

s be

ginn

ing

afte

r Dec

embe

r 15,

20

19, a

nd in

terim

per

iods

with

in

thos

e fis

cal y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

202

0.

The

amen

dmen

t rel

ated

to Is

sue

3 is

a c

onfo

rmin

g am

endm

ent

that

affe

cts

the

guid

ance

in th

e am

endm

ents

in A

SU 2

019-

04 (s

ee

effec

tive

date

info

rmat

ion

for t

his

ASU

bel

ow).

Amen

dmen

ts to

ASU

201

6-13

(Iss

ues

6 an

d 7)

The

amen

dmen

ts re

late

d to

Issu

es

6 an

d 7

affec

t the

gui

danc

e in

the

amen

dmen

ts in

ASU

201

6-13

(see

eff

ectiv

e da

te in

form

atio

n fo

r thi

s AS

U b

elow

).

For e

ntiti

es th

at h

ave

adop

ted

the

guid

ance

in A

SU 2

016-

13, t

he

amen

dmen

ts a

re e

ffect

ive

for fi

scal

ye

ars

begi

nnin

g af

ter D

ecem

ber

15, 2

019,

incl

udin

g in

terim

per

iods

w

ithin

thos

e fis

cal y

ears

.

Yes

Mar

ch 9

, 202

0, D

ART

new

s ite

m

ASU

202

0-02

, Am

endm

ents

to S

EC

Para

grap

hs P

ursu

ant t

o SE

C St

aff

Acco

untin

g Bu

lletin

No.

119

and

U

pdat

e to

SEC

Sec

tion

on E

ffect

ive

Dat

e Re

late

d to

Acc

ount

ing

Stan

dard

s U

pdat

e N

o. 2

016-

02,

Leas

es (T

opic

842

) (is

sued

Fe

brua

ry 6

, 202

0)

Effec

tive

upon

issu

ance

.N

/AN

/AFe

brua

ry 6

, 202

0,

DAR

T ne

ws

item

18

ASU

202

0-01

, Inv

estm

ents

—

Equi

ty S

ecur

ities

(Top

ic 3

21),

Inve

stm

ents

— E

quity

Met

hod

and

Join

t Ven

ture

s (T

opic

323

), an

d D

eriv

ativ

es a

nd H

edgi

ng (T

opic

81

5): C

larif

ying

the

Inte

ract

ions

Be

twee

n To

pic

321,

Top

ic 3

23, a

nd

Topi

c 81

5 —

a c

onse

nsus

of t

he

FASB

Em

ergi

ng Is

sues

Tas

k Fo

rce

(issu

ed Ja

nuar

y 16

, 202

0)

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

202

0, 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

1, a

nd in

terim

pe

riods

with

in th

ose

fisca

l yea

rs.

Yes

Janu

ary

16, 2

020,

D

ART

new

s ite

m

ASU

201

9-12

, Inc

ome

Taxe

s (T

opic

74

0): S

impl

ifyin

g th

e Ac

coun

ting

for I

ncom

e Ta

xes

(issu

ed

Dec

embe

r 18,

201

9)

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

Dec

embe

r 19,

201

9,

Hea

ds U

p

ASU

201

9-11

, 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 2

7,

2019

)

For e

ntiti

es th

at h

ave

not y

et

adop

ted

the

amen

dmen

ts in

ASU

20

16-1

3 as

of t

he is

suan

ce d

ate

of

ASU

201

9-11

, the

effe

ctiv

e da

tes

and

tran

sitio

n re

quire

men

ts fo

r th

e am

endm

ents

are

the

sam

e as

th

e eff

ectiv

e da

tes

and

tran

sitio

n re

quire

men

ts in

ASU

201

6-13

(see

eff

ectiv

e da

te in

form

atio

n fo

r thi

s AS

U b

elow

).

For e

ntiti

es th

at h

ave

adop

ted

the

amen

dmen

ts in

ASU

201

6-13

, the

am

endm

ents

in A

SU 2

019-

11 a

re

effec

tive

for fi

scal

yea

rs b

egin

ning

af

ter D

ecem

ber 1

5, 2

019,

incl

udin

g in

terim

per

iods

with

in th

ose

fisca

l ye

ars.

For e

ntiti

es th

at h

ave

not y

et

adop

ted

the

amen

dmen

ts in

ASU

20

16-1

3 as

of t

he is

suan

ce d

ate

of

ASU

201

9-11

, the

effe

ctiv

e da

tes

and

tran

sitio

n re

quire

men

ts fo

r th

e am

endm

ents

are

the

sam

e as

th

e eff

ectiv

e da

tes

and

tran

sitio

n re

quire

men

ts in

ASU

201

6-13

(see

eff

ectiv

e da

te in

form

atio

n fo

r thi

s AS

U b

elow

).

For e

ntiti

es th

at h

ave

adop

ted

the

amen

dmen

ts in

ASU

201

6-13

, the

am

endm

ents

in A

SU 2

019-

11 a

re

effec

tive

for fi

scal

yea

rs b

egin

ning

af

ter D

ecem

ber 1

5, 2

019,

incl

udin

g in

terim

per

iods

with

in th

ose

fisca

l ye

ars.

Yes,

in a

ny in

terim

per

iod

afte

r th

e is

suan

ce o

f ASU

201

9-11

as

long

as

an e

ntity

has

ado

pted

the

amen

dmen

ts in

ASU

201

6-13

.

Dec

embe

r 2, 2

019,

H

eads

Up

ASU

201

9-10

, Fin

anci

al

Inst

rum

ents

— C

redi

t Los

ses

(Top

ic

326)

, Der

ivat

ives

and

Hed

ging

(T

opic

815

), an

d Le

ases

(Top

ic

842)

: Effe

ctiv

e D

ates

(iss

ued

Nov

embe

r 15,

201

9)

This

ASU

am

ends

the

effec

tive

date

s of

ASU

s 20

16-0

2, 2

016-

13, 2

017-

04,

and

2017

-12.

See

effe

ctiv

e da

te

info

rmat

ion

for t

hese

ASU

s be

low

.

This

ASU

am

ends

the

effec

tive

date

s of

ASU

s 20

16-0

2, 2

016-

13, 2

017-

04,

and

2017

-12.

See

effe

ctiv

e da

te

info

rmat

ion

for t

hese

ASU

s be

low

.

N/A

Nov

embe

r 19,

201

9,

Hea

ds U

p

ASU

201

9-09

, Fin

anci

al

Serv

ices

 — In

sura

nce

(Top

ic 9

44):

Effec

tive

Dat

e (is

sued

Nov

embe

r 15

, 201

9)

This

ASU

am

ends

the

effec

tive

date

of

ASU

201

8-12

. See

effe

ctiv

e da

te

info

rmat

ion

for A

SU 2

018-

12 b

elow

.

This

ASU

am

ends

the

effec

tive

date

of

ASU

201

8-12

. See

effe

ctiv

e da

te

info

rmat

ion

for A

SU 2

018-

12 b

elow

.

N/A

Nov

embe

r 201

9 In

sura

nce

Spot

light

19

ASU

201

9-08

, Cod

ifica

tion

Impr

ovem

ents

— S

hare

-Bas

ed

Cons

ider

atio

n Pa

yabl

e to

a

Cust

omer

(iss

ued

Nov

embe

r 11,

20

19)

For e

ntiti

es th

at h

ave

not y

et

adop

ted

the

amen

dmen

ts in

ASU

20

18-0

7, th

e am

endm

ents

in A

SU

2019

-08

are

effec

tive

for fi

scal

yea

rs

begi

nnin

g af

ter D

ecem

ber 1

5, 2

019,

in

clud

ing

inte

rim p

erio

ds w

ithin

th

ose

fisca

l yea

rs.

For e

ntiti

es th

at h

ave

adop

ted

the

amen

dmen

ts in

ASU

201

8-07

, the

am

endm

ents

in A

SU 2

019-

08 a

re

effec

tive

for fi

scal

yea

rs b

egin

ning

af

ter D

ecem

ber 1

5, 2

019,

incl

udin

g in

terim

per

iods

with

in th

ose

fisca

l ye

ars.

For e

ntiti

es th

at h

ave

not y

et

adop

ted

the

amen

dmen

ts in

ASU

20

18-0

7, th

e am

endm

ents

in A

SU

2019

-08

are

effec

tive

for fi

scal

yea

rs

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

.

For e

ntiti

es th

at h

ave

adop

ted

the

amen

dmen

ts in

ASU

201

8-07

, the

am

endm

ents

in A

SU 2

019-

08 a

re

effec

tive

for fi

scal

yea

rs b

egin

ning

af

ter D

ecem

ber 1

5, 2

019,

incl

udin

g in

terim

per

iods

with

in th

ose

fisca

l ye

ars.

Yes,

but

not

bef

ore

an e

ntity

ado

pts

the

amen

dmen

ts in

ASU

201

8-07

.N

ovem

ber 1

3, 2

019,

H

eads

Up

ASU

201

9-07

, Cod

ifica

tion

Upd

ates

to S

EC S

ectio

ns (i

ssue

d Ju

ly 2

6, 2

019)

The

amen

dmen

ts b

ecam

e eff

ectiv

e up

on is

suan

ce.

The

amen

dmen

ts b

ecam

e eff

ectiv

e up

on is

suan

ce.

N/A

July

29,

201

9, D

ART

new

s ite

m

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)

For e

ntiti

es th

at h

ave

not y

et

adop

ted

ASU

201

6-13

, the

am

endm

ents

are

effe

ctiv

e at

the

sam

e tim

e as

ASU

201

6-13

. For

en

titie

s th

at h

ave

adop

ted

ASU

20

16-1

3, 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, in

clud

ing

inte

rim p

erio

ds w

ithin

thos

e fis

cal

year

s.

For e

ntiti

es th

at h

ave

not y

et

adop

ted

ASU

201

6-13

, the

am

endm

ents

are

effe

ctiv

e at

the

sam

e tim

e as

ASU

201

6-13

. For

en

titie

s th

at h

ave

adop

ted

ASU

20

16-1

3, 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, in

clud

ing

inte

rim p

erio

ds w

ithin

thos

e fis

cal

year

s.

Yes

May

15,

201

9, H

eads

U

p

20

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;

effe

ctiv

e da

te

amen

ded

by A

SU 2

019-

10)

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.

For e

ntiti

es th

at h

ave

not y

et

adop

ted

ASU

201

6-13

, the

am

endm

ents

are

effe

ctiv

e at

the

sam

e tim

e as

ASU

201

6-13

. For

en

titie

s th

at h

ave

adop

ted

ASU

20

16-1

3, 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, in

clud

ing

inte

rim p

erio

ds w

ithin

thos

e fis

cal

year

s.

The

amen

dmen

ts to

ASU

201

7-12

ar

e eff

ectiv

e (1

) at t

he s

ame

time

as

ASU

201

7-12

for e

ntiti

es th

at h

ave

not y

et a

dopt

ed th

e AS

U, a

nd (2

) 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,

for e

ntiti

es th

at h

ave

adop

ted

ASU

201

7-12

.

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.

For e

ntiti

es th

at h

ave

not y

et

adop

ted

ASU

201

6-13

, the

am

endm

ents

are

effe

ctiv

e at

the

sam

e tim

e as

ASU

201

6-13

. For

en

titie

s th

at h

ave

adop

ted

ASU

20

16-1

3, 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, in

clud

ing

inte

rim p

erio

ds w

ithin

thos

e fis

cal

year

s.

The

amen

dmen

ts to

ASU

201

7-12

ar

e eff

ectiv

e (1

) at t

he s

ame

time

as

ASU

201

7-12

for e

ntiti

es th

at h

ave

not y

et a

dopt

ed th

e AS

U, a

nd (2

) 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,

for e

ntiti

es th

at h

ave

adop

ted

the

ASU

.

Yes

May

7, 2

019,

Hea

ds

Up

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)

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.

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

Mar

ch 2

1, 2

019,

D

ART

new

s ite

m

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)

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 th

ose

fisca

l yea

rs.

Yes

Mar

ch 6

, 201

9, D

ART

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

21

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.

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

)

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 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

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 y

et

adop

ted

ASU

201

7-12

, the

am

endm

ents

in th

is A

SU m

ust

be a

dopt

ed c

oncu

rren

tly w

ith th

e am

endm

ents

in A

SU 2

017-

12.

For e

ntiti

es th

at h

ave

adop

ted

the

amen

dmen

ts in

ASU

201

7-12

, the

am

endm

ents

are

effe

ctiv

e fo

r fisc

al

year

s be

ginn

ing

afte

r Dec

embe

r 15,

20

18, a

nd in

terim

per

iods

with

in

thos

e fis

cal y

ears

.

For e

ntiti

es th

at h

ave

not y

et

adop

ted

ASU

201

7-12

, the

am

endm

ents

in th

is A

SU m

ust

be a

dopt

ed c

oncu

rren

tly w

ith th

e am

endm

ents

in A

SU 2

017-

12.

For e

ntiti

es th

at h

ave

adop

ted

the

amen

dmen

ts in

ASU

201

7-12

, the

am

endm

ents

are

effe

ctiv

e fo

r fisc

al

year

s be

ginn

ing

afte

r Dec

embe

r 15,

20

19, a

nd in

terim

per

iods

with

in

thos

e fis

cal y

ears

.

Yes

Nov

embe

r 7, 2

018,

jo

urna

l ent

ry

22

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;

eff

ectiv

e da

te a

men

ded

by A

SU

2019

-09)

For P

BEs

that

mee

t the

defi

nitio

n of

an

SEC

filer

, exc

ludi

ng e

ntiti

es

elig

ible

to b

e SR

Cs a

s de

fined

by

the

SEC,

the

amen

dmen

ts in

this

AS

U a

re e

ffect

ive

for fi

scal

yea

rs

begi

nnin

g af

ter D

ecem

ber 1

5, 2

021,

an

d in

terim

per

iods

with

in th

ose

fisca

l yea

rs.

Fisc

al y

ears

beg

inni

ng a

fter

Dec

embe

r 15,

202

3, a

nd in

terim

pe

riods

with

in fi

scal

yea

rs b

egin

ning

af

ter D

ecem

ber 1

5, 2

024.

Yes

Augu

st 2

018

and

Nov

embe

r 20

19

Insu

ranc

e Sp

otlig

ht

new

slet

ters

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

23

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

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

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

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

and

A Ro

adm

ap

to A

ccou

ntin

g fo

r Sh

are-

Base

d Pa

ymen

t Aw

ards

24

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

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 1

, 201

8,

jour

nal e

ntry

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

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

25

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

ASU

20

14-0

9 an

d AS

U 2

016-

02,

resp

ectiv

ely

(see

rela

ted

effec

tive

date

info

rmat

ion

belo

w).

Effec

tive

upon

ado

ptio

n of

ASU

20

14-0

9 an

d AS

U 2

016-

02,

resp

ectiv

ely

(see

rela

ted

effec

tive

date

info

rmat

ion

belo

w).

Yes

July

20,

201

7, H

eads

U

p

ASU

201

7-12

, Tar

gete

d Im

prov

emen

ts to

Acc

ount

ing

for H

edgi

ng A

ctiv

ities

(iss

ued

Augu

st 2

8, 2

017;

effe

ctiv

e da

te

amen

ded

by A

SU 2

019-

10)

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,

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

Febr

uary

20,

201

8,

jour

nal e

ntry

and

Au

gust

30,

201

7, a

nd

Nov

embe

r 19

, 201

9,

Hea

ds U

p ne

wsl

ette

rs

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

26

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

7-05

, 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; e

ffect

ive

date

am

ende

d by

ASU

201

9-10

)

For P

BEs

that

are

SEC

file

rs,

excl

udin

g en

titie

s el

igib

le to

be

SRCs

as

defin

ed b

y th

e SE

C, th

e am

endm

ents

in th

e AS

U a

re

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

, 201

9. F

or P

BEs

that

are

not

SE

C fil

ers,

the

ASU

’s am

endm

ents

ar

e 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 1

5,

2022

.

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

022.

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,

an

d N

ovem

ber

19, 2

019,

Hea

ds U

p ne

wsl

ette

rs

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,

2017

, Hea

ds U

p an

d Ap

pend

ix C

of

A R

oadm

ap

to A

ccou

ntin

g fo

r Bus

ines

s Co

mbi

natio

ns

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

27

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

6-13

, Mea

sure

men

t of

Cre

dit L

osse

s on

Fin

anci

al

Inst

rum

ents

(iss

ued

June

16,

20

16; e

ffect

ive

date

am

ende

d by

AS

U 2

018-

19 a

nd A

SU 2

019-

10)

For P

BEs

that

are

SEC

file

rs,

excl

udin

g en

titie

s el

igib

le to

be

SRCs

, the

am

endm

ents

in th

e AS

U a

re e

ffect

ive

for fi

scal

yea

rs

begi

nnin

g af

ter D

ecem

ber 1

5, 2

019,

in

clud

ing

inte

rim p

erio

ds w

ithin

th

ose

fisca

l yea

rs. F

or a

ll ot

her P

BEs,

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

022,

incl

udin

g in

terim

per

iods

with

in th

ose

fisca

l ye

ars.

For a

ll ot

her e

ntiti

es, i

nclu

ding

NFP

en

titie

s an

d em

ploy

ee b

enefi

t pla

ns

with

in 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

022,

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.

A Ro

adm

ap to

Ac

coun

ting

for

Curr

ent E

xpec

ted

Cred

it Lo

sses

and

Ju

ne 1

7, 2

016,

and

N

ovem

ber

19, 2

019,

H

eads

Up

new

slet

ters

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

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

28

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

6-08

, 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

6-04

, 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

en

titie

s, a

nd c

erta

in e

mpl

oyee

be

nefit

pla

ns fo

r fina

ncia

l sta

tem

ents

is

sued

for fi

scal

yea

rs b

egin

ning

afte

r D

ecem

ber 1

5, 2

017,

and

inte

rim

perio

ds w

ithin

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

ASU

201

6-02

, Lea

ses

(issu

ed

Febr

uary

25,

201

6; e

ffect

ive

date

am

ende

d by

ASU

201

9-10

and

AS

U 2

020-

05)

Effec

tive

for 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,

for a

ny o

f the

follo

win

g:

• PB

Es.

• Em

ploy

ee b

enefi

t pla

ns th

at

file

finan

cial

sta

tem

ents

with

th

e SE

C.

For N

FP e

ntiti

es th

at h

ave

issu

ed,

or a

re a

con

duit

bond

obl

igor

for,

secu

ritie

s th

at a

re tr

aded

, lis

ted,

or

quot

ed o

n an

exc

hang

e or

an

over

-th

e-co

unte

r mar

ket t

hat h

ave

not

yet i

ssue

d fin

anci

al s

tate

men

ts (o

r m

ade

finan

cial

sta

tem

ents

ava

ilabl

e fo

r iss

uanc

e as

of J

une

3, 2

020)

, th

is A

SU is

effe

ctiv

e fo

r fisc

al y

ears

be

ginn

ing

afte

r Dec

embe

r 15,

201

9.

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,

202

1, a

nd

inte

rim p

erio

ds w

ithin

fisc

al y

ears

be

ginn

ing

afte

r Dec

embe

r 15,

202

2.

Yes

A Ro

adm

ap to

Ap

plyi

ng th

e N

ew

Leas

ing

Stan

dard

and

N

ovem

ber 1

9, 2

019,

H

eads

Up

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

en

titie

s an

d em

ploy

ee b

enefi

t pla

ns

with

in 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

29

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

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

and

AS

U 2

020-

05)

For P

BEs,

cer

tain

NFP

ent

ities

, and

ce

rtai

n em

ploy

ee b

enefi

t pla

ns, t

he

ASU

is e

ffect

ive

for a

nnua

l rep

ortin

g pe

riods

(inc

ludi

ng in

terim

repo

rtin

g pe

riods

with

in th

ose

perio

ds)

begi

nnin

g af

ter D

ecem

ber 1

5, 2

017.

Non

-PBE

s th

at h

ave

not y

et is

sued

th

eir fi

nanc

ial s

tate

men

ts (o

r mad

e fin

anci

al s

tate

men

ts a

vaila

ble

for

issu

ance

) refl

ectin

g th

e ad

optio

n of

the

reve

nue

stan

dard

as

of

June

3, 2

020,

may

ele

ct to

ado

pt

the

guid

ance

for a

nnua

l rep

ortin

g pe

riods

beg

inni

ng a

fter D

ecem

ber

15, 2

019,

and

for i

nter

im re

port

ing

perio

ds w

ithin

ann

ual r

epor

ting

perio

ds b

egin

ning

afte

r Dec

embe

r 15

, 202

0.

For P

BEs,

cer

tain

NFP

ent

ities

, and

ce

rtai

n em

ploy

ee b

enefi

t pla

ns,

early

app

licat

ion

is p

erm

itted

onl

y as

of a

nnua

l rep

ortin

g pe

riods

(in

clud

ing

inte

rim re

port

ing

perio

ds

with

in th

ose

perio

ds) b

egin

ning

af

ter D

ecem

ber 1

5, 2

016.

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

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

Audi

ting

Stan

dard

s fo

r Aud

itor’s

Use

of

the

Wor

k of

Spe

cial

ists

(issu

ed

Dec

embe

r 20,

201

8, a

nd a

ppro

ved

by th

e SE

C on

July

1, 2

019)

Effec

tive

for a

udits

of fi

nanc

ial

stat

emen

ts fo

r fisc

al y

ears

end

ing

on

or a

fter D

ecem

ber 1

5, 2

020.

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, a

nd a

ppro

ved

by th

e SE

C on

Ju

ly 1

, 201

9)

Effec

tive

for a

udits

of fi

nanc

ial

stat

emen

ts fo

r fisc

al y

ears

end

ing

on

or a

fter D

ecem

ber 1

5, 2

020.

No

Janu

ary

16, 2

019,

Au

dit &

Ass

uran

ce

Upd

ate

30

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 Exp

ress

es

an U

nqua

lified

Opi

nion

and

Rel

ated

Am

endm

ents

to P

CAO

B St

anda

rds

(issu

ed Ju

ne 1

, 201

7, 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 l

arge

ac

cele

rate

d fil

ers

for fi

scal

yea

rs

endi

ng o

n or

afte

r Jun

e 30

, 201

9,

and

for a

udits

of a

ll ot

her c

ompa

nies

fo

r fisc

al y

ears

end

ing

on o

r afte

r 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

143,

Aud

iting

Acc

ount

ing

Estim

ates

and

Rel

ated

Disc

losu

res

(issu

ed Ju

ly 2

020)

Effec

tive

for a

udits

of fi

nanc

ial

stat

emen

ts fo

r per

iods

end

ing

on o

r af

ter D

ecem

ber 1

5, 2

023.

SAS

142,

Aud

it Ev

iden

ce (i

ssue

d Ju

ly

2020

)Eff

ectiv

e fo

r aud

its o

f fina

ncia

l st

atem

ents

for p

erio

ds e

ndin

g on

or

afte

r Dec

embe

r 15,

202

2.

July

10,

202

0, D

ART

new

s ite

m

SAS

141,

Am

endm

ent t

o th

e Eff

ectiv

e Da

tes o

f SAS

Nos

. 134

–140

(iss

ued

May

1, 2

020)

This

SAS

am

ends

the

effec

tive

date

s of

SAS

s 13

4–14

0 by

one

yea

r to

pro

vide

mor

e tim

e fo

r firm

s to

im

plem

ent t

hese

SAS

s in

ligh

t of t

he

effec

ts o

f the

cor

onav

irus

pand

emic

.

May

1, 2

020,

DAR

T ne

ws

item

SAS

140,

Am

endm

ents

to A

U-C

Se

ctio

ns 7

25, 7

30, 9

30, 9

35, a

nd

940

to In

corp

orat

e Au

dito

r Rep

ortin

g Ch

ange

s Fr

om S

AS N

os. 1

34 a

nd 1

37

(issu

ed A

pril

8, 2

020;

effe

ctiv

e da

te

amen

ded

by S

AS 1

41)

Effec

tive

for p

erio

ds e

ndin

g on

or

afte

r Dec

embe

r 15,

202

1.

SAS

139,

Am

endm

ents

to A

U-C

Se

ctio

ns 8

00, 8

05, a

nd 8

10 to

In

corp

orat

e Au

dito

r Rep

ortin

g Ch

ange

s Fr

om S

AS N

o. 1

34 (i

ssue

d M

arch

10,

20

20; e

ffect

ive

date

am

ende

d by

SA

S 14

1)

Effec

tive

for p

erio

ds e

ndin

g on

or

afte

r Dec

embe

r 15,

202

1.M

arch

12,

201

9,

DAR

T ne

ws

item

SAS

138,

Am

endm

ents

to th

e D

escr

iptio

n of

the

Conc

ept o

f M

ater

ialit

y (is

sued

Dec

embe

r 5,

2019

; effe

ctiv

e da

te a

men

ded

by

SAS

141)

Effec

tive

for a

udits

of fi

nanc

ial

stat

emen

ts fo

r per

iods

end

ing

on o

r af

ter D

ecem

ber 1

5, 2

021.

Dec

embe

r 6, 2

019,

D

ART

new

s ite

m

31

SAS

137,

The

Aud

itor’s

Res

pons

ibili

ties

Rela

ting

to O

ther

Info

rmat

ion

Incl

uded

in

Ann

ual R

epor

ts (i

ssue

d Ju

ly 1

0,

2019

; effe

ctiv

e da

te a

men

ded

by

SAS

141)

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

021.

Ear

ly

adop

tion

is p

erm

itted

.

July

10,

201

9, D

ART

new

s ite

m

SAS

136,

For

min

g an

Opi

nion

and

Re

port

ing

on F

inan

cial

Sta

tem

ents

of

Em

ploy

ee B

enefi

t Pla

ns S

ubje

ct to

ER

ISA

(issu

ed Ju

ly 1

0, 2

019;

effe

ctiv

e da

te a

men

ded

by S

AS 1

41)

Effec

tive

for a

udits

of E

RISA

pla

n fin

anci

al s

tate

men

ts fo

r per

iods

en

ding

on

or a

fter D

ecem

ber 1

5,

2021

. Ear

ly a

dopt

ion

is p

erm

itted

.

July

10,

201

9, D

ART

new

s ite

m

SAS

135,

Om

nibu

s St

atem

ent o

n Au

ditin

g St

anda

rds

— 2

019

(issu

ed

May

8, 2

019;

effe

ctiv

e da

te a

men

ded

by S

AS 1

41)

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

021.

Ear

ly

adop

tion

is p

erm

itted

.

May

10,

201

9, D

ART

new

s ite

m

SAS

134,

Aud

itor R

epor

ting

and

Amen

dmen

ts, I

nclu

ding

Am

endm

ents

Ad

dres

sing

Disc

losu

res

in th

e Au

dit o

f Fi

nanc

ial S

tate

men

ts (i

ssue

d M

ay 8

, 20

19; e

ffect

ive

date

am

ende

d by

SA

S 14

1)

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

021.

Ear

ly

adop

tion

is p

erm

itted

.

May

10,

201

9, D

ART

new

s ite

m

SEC

Effec

tive

Dat

eD

eloi

tte

Reso

urce

s

Fina

l Gui

danc

e

Fina

l Rul

e, P

roce

dura

l Req

uire

men

ts

and

Resu

bmiss

ion

Thre

shol

ds U

nder

Ex

chan

ge A

ct R

ule

14a-

8 (3

4-89

964)

(is

sued

Sep

tem

ber 2

3, 2

020)

60 d

ays

afte

r the

dat

e of

pub

licat

ion

in th

e Fe

dera

l Reg

ister

, with

one

ex

cept

ion

deta

iled

in th

e ru

le.

Sept

embe

r 23,

202

0,

DAR

T ne

ws

item

Fina

l Rul

e, W

hist

lebl

ower

Pro

gram

Ru

les

(34-

8996

3) (i

ssue

d Se

ptem

ber

23, 2

020)

30 d

ays

afte

r the

dat

e of

pub

licat

ion

in th

e Fe

dera

l Reg

ister

, with

cer

tain

ex

cept

ions

det

aile

d in

the

rule

.

Sept

embe

r 23,

202

0,

DAR

T ne

ws

item

Fina

l Rul

e, A

dopt

ion

of U

pdat

ed

EDG

AR F

iler M

anua

l (33

-108

45)

(issu

ed S

epte

mbe

r 18,

202

0)

Dat

e of

pub

licat

ion

in th

e Fe

dera

l Re

gist

er.

Fina

l Rul

e, P

ublic

atio

n or

Sub

miss

ion

of Q

uota

tions

With

out S

peci

fied

Info

rmat

ion

(33-

1084

2) (i

ssue

d Se

ptem

ber 1

6, 2

020)

60 d

ays

afte

r the

dat

e of

pub

licat

ion

in th

e Fe

dera

l Reg

ister

.Se

ptem

ber 1

7, 2

020,

D

ART

new

s ite

m

Fina

l Rul

e, U

pdat

e of

Sta

tistic

al

Disc

losu

res

for B

ank

and

Savi

ngs

and

Loan

Reg

istra

nts

(33-

1083

5) (i

ssue

d Se

ptem

ber 1

1, 2

020)

30 d

ays

afte

r the

dat

e of

pub

licat

ion

in th

e Fe

dera

l Reg

ister

.Se

ptem

ber 1

1, 2

020,

D

ART

new

s ite

m

32

Fina

l Rul

e, M

oder

niza

tion

of

Regu

latio

n S-

K Ite

ms

101,

103

, and

10

5 (3

3-10

825)

(iss

ued

Augu

st 2

6,

2020

)

30 d

ays

afte

r the

dat

e of

pub

licat

ion

in th

e Fe

dera

l Reg

ister

.Au

gust

26,

202

0,

DAR

T ne

ws

item

Fina

l Rul

e, A

men

ding

the

“Acc

redi

ted

Inve

stor

” Defi

nitio

n (3

3-10

824)

(iss

ued

Augu

st 2

6, 2

020)

60 d

ays

afte

r the

dat

e of

pub

licat

ion

in th

e Fe

dera

l Reg

ister

.Au

gust

26,

202

0,

DAR

T ne

ws

item

Fina

l Rul

e, R

esci

ssio

n of

Effe

ctiv

e-U

pon-

Filin

g Pr

oced

ure

for N

MS

Plan

Fee

Am

endm

ents

and

Mod

ified

Pr

oced

ures

for P

ropo

sed

NM

S Pl

ans

and

Plan

Am

endm

ents

(34-

8961

8)

(issu

ed A

ugus

t 19,

202

0)

30 d

ays

afte

r the

dat

e of

pub

licat

ion

in th

e Fe

dera

l Reg

ister

.Au

gust

20,

202

0,

DAR

T ne

ws

item

Fina

l Rul

e, C

over

ed B

roke

r-D

eale

r Pr

ovisi

ons

Und

er T

itle

II of

the

Dod

d-Fr

ank

Wal

l Str

eet R

efor

m a

nd

Cons

umer

Pro

tect

ion

Act (

34-8

9394

) (is

sued

July

24,

202

0)

Oct

ober

30,

202

0.Ju

ly 2

4, 2

020,

DAR

T ne

ws

item

Fina

l Rul

e, E

xem

ptio

ns F

rom

the

Prox

y Ru

les

for P

roxy

Vot

ing

Advi

ce

(34-

8937

2) (i

ssue

d Ju

ly 2

2, 2

020)

Nov

embe

r 2, 2

020.

July

22,

202

0, D

ART

new

s ite

m

Fina

l Rul

e, A

men

dmen

ts to

Pro

cedu

res

With

Res

pect

to A

pplic

atio

ns U

nder

th

e In

vest

men

t Com

pany

Act

of 1

940

(IC-3

3921

) (is

sued

July

6, 2

020)

June

14,

202

1.Ju

ly 7

, 202

0, D

ART

new

s ite

m

Fina

l Rul

e, P

rohi

bitio

ns a

nd

Rest

rictio

ns o

n Pr

oprie

tary

Tra

ding

an

d Ce

rtai

n In

tere

sts

in, a

nd

Rela

tions

hips

With

, Hed

ge F

unds

and

Pr

ivat

e Eq

uity

Fun

ds (i

ssue

d Ju

ne 2

5,

2020

) (BH

CA-9

)

Oct

ober

1, 2

020.

Fina

l Rul

e, A

men

dmen

ts to

Fin

anci

al

Disc

losu

res

Abou

t Acq

uire

d an

d D

ispos

ed B

usin

esse

s (3

3-10

786)

(is

sued

May

20,

202

0)

Janu

ary

1, 2

021.

May

21,

202

0, D

ART

new

s ite

m

Fina

l Rul

e, A

men

dmen

ts to

the

Nat

iona

l Mar

ket S

yste

m P

lan

Gov

erni

ng th

e Co

nsol

idat

ed A

udit

Trai

l (3

4-88

890)

(iss

ued

May

15,

202

0)

June

22,

202

0.M

ay 1

8, 2

020,

DAR

T ne

ws

item

33

Inte

rim F

inal

Rul

e, T

empo

rary

Am

endm

ents

to R

egul

atio

n Cr

owdf

undi

ng (3

3-10

781)

(iss

ued

May

4, 2

020)

The

amen

dmen

ts a

re e

ffect

ive

from

May

4, 2

020,

thro

ugh

Mar

ch

1, 2

021,

and

app

ly to

sec

uriti

es

offer

ings

initi

ated

und

er R

egul

atio

n Cr

owdf

undi

ng b

etw

een

May

4, 2

020,

an

d Au

gust

31,

202

0.

May

4, 2

020,

DAR

T ne

ws

item

Fina

l Rul

e, D

efini

tion

of "C

over

ed

Clea

ring

Agen

cy" (

34-8

8616

) (is

sued

Ap

ril 9

, 202

0)

July

13,

202

0.

Fina

l Rul

e, S

ecur

ities

Offe

ring

Refo

rm

for C

lose

d-En

d In

vest

men

t Com

pani

es

(33-

1077

1) (i

ssue

d Ap

ril 8

, 202

0)

Augu

st 1

, 202

0, e

xcep

t for

am

enda

tory

inst

ruct

ions

21,

22,

30,

31

, 33,

34,

41,

42,

and

45,

whi

ch a

re

effec

tive

Augu

st 1

, 202

1.

April

9, 2

020,

DAR

T ne

ws

item

Fina

l Rul

e, A

men

dmen

ts to

the

Acce

lera

ted

File

r and

Lar

ge A

ccel

erat

ed

File

r Defi

nitio

ns (3

4-88

365)

(iss

ued

Mar

ch 1

2, 2

020)

April

27,

202

0.

Mar

ch 1

9, 2

020,

H

eads

Up

Fina

l Rul

e, U

pdat

ed D

isclo

sure

Re

quire

men

ts a

nd S

umm

ary

Pros

pect

us fo

r Var

iabl

e An

nuity

and

Va

riabl

e Li

fe In

sura

nce

Cont

ract

s (3

3-10

765)

(iss

ued

Mar

ch 1

1, 2

020)

July

1, 2

020,

exc

ept a

s de

fined

in th

e ru

le.

Mar

ch 1

2, 2

020,

D

ART

new

s ite

m

Fina

l Rul

e, F

inan

cial

Disc

losu

res

Abou

t G

uara

ntor

s an

d Iss

uers

of G

uara

ntee

d Se

curit

ies

and

Affilia

tes

Who

se

Secu

ritie

s Co

llate

raliz

e a

Regi

stra

nt’s

Secu

ritie

s (3

3-10

762)

(iss

ued

Mar

ch

2, 2

020)

Janu

ary

4, 2

021.

Mar

ch 1

0, 2

020,

H

eads

Up

Fina

l Rul

e, E

xem

ptio

ns F

rom

In

vest

men

t Adv

iser R

egist

ratio

n fo

r Ad

vise

rs to

Cer

tain

Rur

al B

usin

ess

Inve

stm

ent C

ompa

nies

(IA-

5454

) (is

sued

Mar

ch 2

, 202

0)

Mar

ch 1

0, 2

020.

Mar

ch 2

, 202

0, D

ART

new

s ite

m

Fina

l Rul

e, D

eleg

atio

n of

Aut

horit

y to

th

e G

ener

al C

ouns

el o

f the

Com

miss

ion

(33-

1075

7) (i

ssue

d Fe

brua

ry 1

9,

2020

)

Mar

ch 2

, 202

0.Fe

brua

ry 2

0, 2

020,

D

ART

new

s ite

m

Fina

l Rul

e, A

dopt

ion

of U

pdat

ed

EDG

AR F

iler M

anua

l (33

-107

49)

(issu

ed Ja

nuar

y 27

, 202

0)

Febr

uary

19,

202

0.Ja

nuar

y 27

, 202

0,

DAR

T ne

ws

item

34

Fina

l Rul

e, R

isk M

itiga

tion

Tech

niqu

es

for U

ncle

ared

Sec

urity

-Bas

ed S

wap

s (3

4-87

782)

(iss

ued

Dec

embe

r 18,

20

19)

April

6, 2

020.

Dec

embe

r 19,

201

9,

DAR

T ne

ws

item

Fina

l Rul

e, R

ule

Amen

dmen

ts a

nd

Gui

danc

e Ad

dres

sing

Cros

s-Bo

rder

Ap

plic

atio

n of

Cer

tain

Sec

urity

-Bas

ed

Swap

Req

uire

men

ts (3

4-87

780)

(is

sued

Dec

embe

r 18,

201

9)

April

6, 2

020.

Dec

embe

r 19,

201

9,

DAR

T ne

ws

item

Staff

Acc

ount

ing

Bulle

tin N

o. 1

19

(issu

ed N

ovem

ber 1

9, 2

019)

Nov

embe

r 25,

201

9.N

ovem

ber 2

2, 2

019,

D

ART

new

s ite

m

Fina

l Rul

e, A

dopt

ion

of U

pdat

ed

EDG

AR F

iler M

anua

l (33

-107

09)

(issu

ed S

epte

mbe

r 27,

201

9)

Oct

ober

24,

201

9.Se

ptem

ber 3

0, 2

019,

D

ART

new

s ite

m

Fina

l Rul

e, S

olic

itatio

ns o

f Int

eres

t Pr

ior t

o a

Regi

ster

ed P

ublic

Offe

ring

(33-

1069

9) (i

ssue

d Se

ptem

ber 2

5,

2019

)

Dec

embe

r 3, 2

019.

Sept

embe

r 26,

201

9,

DAR

T ne

ws

item

Fina

l Rul

e, E

xcha

nge-

Trad

ed F

unds

(3

3-10

695)

(iss

ued

Sept

embe

r 25,

20

19)

Dec

embe

r 23,

201

9.Se

ptem

ber 2

6, 2

019,

D

ART

new

s ite

m

Fina

l Rul

e, R

ecor

dkee

ping

and

Re

port

ing

Requ

irem

ents

for S

ecur

ity-

Base

d Sw

ap D

eale

rs, M

ajor

Sec

urity

-Ba

sed

Swap

Par

ticip

ants

, and

Br

oker

-Dea

lers

(34-

8700

5) (i

ssue

d Se

ptem

ber 1

9, 2

019)

Febr

uary

14,

202

0.Se

ptem

ber 1

9, 2

019,

D

ART

new

s ite

m

Fina

l Rul

e, R

evisi

ons

to P

rohi

bitio

ns

and

Rest

rictio

ns o

n Pr

oprie

tary

Tr

adin

g an

d Ce

rtai

n In

tere

sts

in, a

nd

Rela

tions

hips

With

, Hed

ge F

unds

and

Pr

ivat

e Eq

uity

Fun

ds (B

HCA

-7) (

issu

ed

Sept

embe

r 18,

201

9)

Janu

ary

1, 2

020.

Fina

l Rul

e, C

apita

l, M

argi

n, a

nd

Segr

egat

ion

Requ

irem

ents

for S

ecur

ity-

Base

d Sw

ap D

eale

rs a

nd M

ajor

Se

curit

y-Ba

sed

Swap

Par

ticip

ants

and

Ca

pita

l and

Seg

rega

tion

Requ

irem

ents

fo

r Bro

ker-

Dea

lers

(34-

8617

5) (i

ssue

d Ju

ne 2

1, 2

019)

Oct

ober

21,

201

9.Ju

ne 2

1, 2

019,

DAR

T ne

ws

item

35

Fina

l Rul

e, A

udito

r Ind

epen

denc

e W

ith

Resp

ect t

o Ce

rtai

n Lo

ans

or D

ebto

r-Cr

edito

r Rel

atio

nshi

ps (3

3-10

648)

(is

sued

June

18,

201

9)

Oct

ober

3, 2

019.

June

18,

201

9, D

ART

new

s ite

m

Fina

l Rul

e, In

vest

men

t Com

pany

Re

port

ing

Mod

erni

zatio

n (3

3-10

442)

(is

sued

Dec

embe

r 8, 2

017)

Janu

ary

16, 2

018,

to M

arch

31,

202

6.

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

Inte

rest

Rat

e Be

nchm

ark

Refo

rm —

Phas

e 2

— a

men

dmen

ts to

IFRS

9, I

AS

39, I

FRS

7, IF

RS 4

and

IFRS

16

(issu

ed

Augu

st 2

7, 2

020)

Annu

al re

port

ing

perio

ds b

egin

ning

on

or a

fter J

anua

ry 1

, 202

1.Ye

sSe

ptem

ber 2

, 202

0,

IFRS

in F

ocus

Clas

sifica

tion

of L

iabi

litie

s as

Cur

rent

or

Non

-Cur

rent

— D

efer

ral o

f Effe

ctiv

e D

ate

— a

men

dmen

t to

IAS

1 (is

sued

Ju

ly 1

5, 2

020)

Annu

al re

port

ing

perio

ds b

egin

ning

on

or a

fter J

anua

ry 1

, 202

3.Ye

sJu

ly 2

2, 2

020,

IFRS

in

Focu

s

Amen

dmen

ts to

IFRS

17

(issu

ed Ju

ne

25, 2

020)

Annu

al re

port

ing

perio

ds b

egin

ning

on

or a

fter J

anua

ry 1

, 202

3.Ye

s, fo

r ent

ities

that

app

ly IF

RS 9

an

d IF

RS 1

5.Ju

ne 2

9, 2

020,

IFRS

in

Focu

s

Exte

nsio

n of

the

Tem

pora

ry E

xem

ptio

n Fr

om A

pply

ing

IFRS

9 —

am

endm

ents

to

IFRS

4 (i

ssue

d Ju

ne 2

5, 2

020)

Annu

al re

port

ing

perio

ds b

egin

ning

be

fore

Janu

ary

1, 2

023.

Yes

Covi

d-19

-Rel

ated

Ren

t Con

cess

ions

—

amen

dmen

t to

IFRS

16

(issu

ed M

ay

28, 2

020)

June

1, 2

020,

but

the

amen

dmen

t ca

n be

app

lied

imm

edia

tely

in

any

inte

rim o

r ann

ual fi

nanc

ial

stat

emen

ts th

at a

re n

ot y

et

auth

oriz

ed fo

r iss

ue.

Yes

May

29,

202

0, IF

RS in

Fo

cus

Upd

atin

g a

Refe

renc

e to

the

Conc

eptu

al

Fram

ewor

k —

am

endm

ents

to IF

RS 3

(is

sued

May

14,

202

0)

Annu

al re

port

ing

perio

ds b

egin

ning

on

or a

fter J

anua

ry 1

, 202

2.Ye

sM

ay 1

9, 2

020,

IFRS

in

Focu

s

Prop

erty

, Pla

nt a

nd E

quip

men

t: Pr

ocee

ds B

efor

e In

tend

ed U

se —

am

endm

ents

to IA

S 16

(iss

ued

May

14

, 202

0)

Annu

al re

port

ing

perio

ds b

egin

ning

on

or a

fter J

anua

ry 1

, 202

2.Ye

sM

ay 1

9, 2

020,

IFRS

in

Focu

s

36

One

rous

Con

trac

ts —

Cos

t of F

ulfil

ling

a Co

ntra

ct —

am

endm

ents

to IA

S 37

(is

sued

May

14,

202

0)

Annu

al re

port

ing

perio

ds b

egin

ning

on

or a

fter J

anua

ry 1

, 202

2.Ye

sM

ay 1

9, 2

020,

IFRS

in

Focu

s

Annu

al Im

prov

emen

ts to

IFRS

St

anda

rds

2018

–202

0 (is

sued

May

14,

20

20)

Annu

al re

port

ing

perio

ds b

egin

ning

on

or a

fter J

anua

ry 1

, 202

2.Ye

sM

ay 1

9, 2

020,

IFRS

in

Focu

s

Clas

sifica

tion

of L

iabi

litie

s as

Cur

rent

or

Non

-Cur

rent

— a

men

dmen

ts to

IAS

1 (is

sued

Janu

ary

23, 2

020;

effe

ctiv

e da

te a

men

ded

on Ju

ly 1

5, 2

020)

Annu

al re

port

ing

perio

ds b

egin

ning

on

or a

fter J

anua

ry 1

, 202

3.Ye

sJa

nuar

y 29

, 202

0,

IFRS

in F

ocus

Inte

rest

Rat

e Be

nchm

ark

Refo

rm —

am

endm

ents

to IF

RS 9

, IAS

39

and

IFRS

7 (i

ssue

d Se

ptem

ber 2

6, 2

019)

Annu

al p

erio

ds b

egin

ning

on

or a

fter

Janu

ary

1, 2

020.

Yes

Sept

embe

r 26,

201

9,

IFRS

in F

ocus

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 (i

ssue

d O

ctob

er 2

2, 2

018)

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

IFRS

17,

Insu

ranc

e Co

ntra

cts

(issu

ed

May

18,

201

7; e

ffect

ive

date

am

ende

d on

June

25,

202

0)

Annu

al re

port

ing

perio

ds b

egin

ning

on

or a

fter J

anua

ry 1

, 202

3.

Yes,

for e

ntiti

es th

at a

pply

IFRS

9

and

IFRS

15.

May

18,

201

7, IF

RS in

Fo

cus

37

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). New projects are shaded in green.

Project Status and Next Steps Deloitte Resources

Recognition and Measurement Projects

Accounting by a joint venture for assets contributed by investors

On July 22, 2020, the FASB decided that, upon formation, a joint venture should account for contributions of monetary and nonmonetary assets at fair value as if the joint venture was the acquirer of a business within the scope of ASC 805-10. The FASB will discuss sweep issues, disclosures, and transition at a future meeting.

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). On November 26, 2019, the Board issued a proposed ASU that would make improvements to various Codification topics. Comments were due by December 26, 2019. On August 26, 2020, the FASB directed the staff to draft a final ASU for a vote by written ballot. The FASB expects to issue this ASU in the fourth quarter of 2020.

Amendments to Remove References to the Concepts StatementsOn August 26, 2020, the FASB directed the staff to perform additional analysis of draft amendments included in its November 26, 2019, proposed ASU on Codification improvements related to removing references to the concepts statements.

Credit LossesThe FASB is developing a proposed ASU on credit loss vintage disclosure.

Hedge Accounting On November 12, 2019, the FASB issued a proposed ASU that would make limited amendments to its hedge accounting guidance in response to stakeholder feedback on ASU 2017-12. Comments were due by January 13, 2020.

Heads Up — FASB Proposes Improvements to Hedge Accounting Guidance (November 26, 2019)

38

Premium Amortization on Purchased Callable Debt SecuritiesThe FASB’s November 26, 2019, proposed ASU on Codification improvements included draft amendments related to premium amortization on purchased callable debt securities. On August 19, 2020, the FASB directed the staff to draft a final ASU for a vote by written ballot. The amendments will be effective for public business entities for annual and interim reporting periods beginning after December 15, 2020, and for all other entities for annual reporting periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. The FASB expects to issue the final ASU in the fourth quarter of 2020.

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. 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)

Distinguishing liabilities from equity (including convertible debt)

On August 5, 2020, the FASB issued ASU 2020-06, which changes the issuer’s accounting for convertible instruments, contracts in the entity’s own equity, and earnings-per-share computations. The ASU is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years for public business entities that are not smaller reporting companies, and for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years for all other entities. Entities have an option to early adopt the final ASU for fiscal periods beginning after December 15, 2020 (including interim periods within the same fiscal year).

On February 5, 2020, the FASB decided to add to its agenda a separate project to explore improvements to ASC 815-40. On August 26, 2020, the FASB decided that the objective of this project is to improve and align the indexation guidance in ASC 480 and ASC 815-40.

Heads Up — FASB Simplifies Issuer’s Accounting for Convertible Instruments and Contracts on an Entity’s Own Equity (August 5, 2020)

Effective date deferrals InsuranceOn July 9, 2020, the FASB issued a proposed ASU that would defer for one year the effective date of ASU 2018-12 for all insurance entities. Comments were due by August 24, 2020.

39

Fair value measurements: effect of underwriter restrictions

On July 29, 2020, the FASB decided to add a project to its agenda on the effect of underwriter restrictions on fair value measurements.

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. The Board most recently discussed this project on February 22, 2020.

Identifiable intangible assets and subsequent accounting for goodwill

On July 9, 2019, the FASB issued an invitation to comment on the subsequent accounting for goodwill, the recognition of intangible assets in a business combination, and disclosures about goodwill and intangible assets. Comments were due by October 7, 2019. On July 15, 2020, the FASB discussed feedback received.

Improving the accounting for asset acquisitions and business combinations

On September 2, 2020, the FASB affirmed that the objective of this project is to improve the accounting for asset acquisitions and business combinations by narrowing differences between existing models.

Leases: targeted improvements

On July 29, 2020, the FASB decided to add to its agenda a project on targeted improvements to the leasing guidance in ASC 842. Topics addressed in the project include (1) sales-type leases with substantial variable lease payments, (2) remeasurement of lease payments on the basis of a reference index or rate, and (3) reduction of scope in a lease contract. The FASB directed the staff to draft a proposed ASU for a vote by written ballot and expects to issue this proposal in the fourth quarter of 2020.

Practical expedient to measure grant-date fair value of equity-classified share-based awards (PCC Issue 2018-01)

On August 17, 2020, the FASB issued a proposed ASU under which nonpublic entities could determine the grant-date fair value of an equity-classified share-based award by using a valuation performed in accordance with certain Treasury regulations of Internal Revenue Code Section 409A. Comments are due by October 1, 2020.

Heads Up — FASB Proposes a Practical Expedient for Determining the Share Price Input for Measuring Equity-Classified Share-Option Awards for Private Companies (August 18, 2020)

Reference rate reform On July 29, 2020, the FASB decided to consider developing a principle for benchmark interest rates eligible for fair value hedge accounting.

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).

EITF Snapshot (November 2019)

40

Revenue recognition: practical expedient for private-company franchisors

On September 21, 2020, the FASB issued a proposed ASU that would allow a franchisor that is not a public business entity (“private-company franchisor”) to use a practical expedient when identifying performance obligations in its contracts with customers (i.e., franchisees) under ASC 606. Comments are due by November 5, 2020.

Heads Up — FASB Proposes a Practical Expedient for Private-Company Franchisors on the Identification of Performance Obligations Under ASC 606 (September 22, 2020)

Warrant modifications: issuer’s accounting for modifications of equity-classified freestanding call options that are not within the scope of ASC 718 or ASC 815 (EITF Issue 19-C)

On September 18, 2019, the FASB added to the EITF’s agenda a project on the issuer’s accounting for modifications of equity-classified warrants (i.e., equity-classified freestanding call options that are outside the scope of ASC 718 and ASC 815). On September 3, 2020, the EITF reached a consensus-for-exposure on this Issue.

EITF Snapshot (September 2020)

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. On February 12, 2020, the FASB discussed comment-letter feedback and directed the staff to perform additional research and outreach.

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

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

On August 19, 2020, the FASB decided to add a principle to ASC 270 under which an entity would be required to disclose significant events or transactions that have material effects and to clarify that the disclosure requirements are subject to a materiality assessment in which the financial statements of the previous annual period are considered.

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.

41

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.

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.” On December 11, 2019, the FASB decided to pause research on the project to monitor the progression of its segment reporting project and certain IASB activities.

Not-for-profit reporting of gifts in kind

On September 17, 2020, the FASB issued ASU 2020-07 to enhance transparency about the reporting of contributed nonfinancial assets (i.e., gifts in kind) by NFP entities. The ASU is effective for NFP entities for annual reporting periods beginning after June 15, 2021, and interim periods within fiscal years beginning after June 15, 2022, with early adoption permitted.

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 July 15, 2020.

A Roadmap to Segment Reporting

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 that proposal were due by May 5, 2017. On September 12, 2019, the FASB issued a revised proposed ASU on this topic. Comments were due by October 28, 2019.

Heads Up — FASB Reexposes Proposed ASU on Simplification of the Balance Sheet Classification of Debt (September 19, 2019)

42

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 November 13, 2019.

ElementsOn July 16, 2020, the FASB issued a proposed concepts statement chapter on elements of financial statements. Comments are due by November 13, 2020.

43

Appendix C: New and Updated Deloitte U.S. Accounting PublicationsRoadmap SeriesA Roadmap to SEC Reporting Considerations for Guarantees and Collateralizations (September 2020)

A Roadmap to Fair Value Measurements and Disclosures (Including the Fair Value Option) (September 2020)

A Roadmap to Initial Public Offerings (August 2020)

A Roadmap to Non-GAAP Financial Measures and Metrics (August 2020)

A Roadmap to Accounting for Environmental Obligations and Asset Retirement Obligations (August 2020)

A Roadmap to Accounting for Noncontrolling Interests (July 2020)

A Roadmap to Consolidation — Identifying a Controlling Financial Interest (July 2020)

A Roadmap to Foreign Currency Transactions and Translations (July 2020)

Heads Up Newsletters#DeloitteESGNow — Enhancing Trust in ESG Disclosures (September 22, 2020)

FASB Proposes a Practical Expedient for Private-Company Franchisors on the Identification of Performance Obligations Under ASC 606 (September 22, 2020)

Highlights of the CARES Act (April 9, 2020; updated September 18, 2020)

SEC Modernizes Certain Regulation S-K Disclosure Requirements (September 3, 2020)

FASB Proposes a Practical Expedient for Determining the Share Price Input for Measuring Equity-Classified Share-Option Awards for Private Companies (August 18, 2020)

FASB Simplifies Issuer’s Accounting for Convertible Instruments and Contracts on an Entity’s Own Equity (August 5, 2020)

Are Your CECL Disclosures in Good Standing? Observations on First-Quarter Filings (July 22, 2020)

EITF Snapshot NewsletterSeptember 2020

Financial Reporting Alert NewslettersFinancial Reporting Considerations Related to COVID-19 and an Economic Downturn (March 25, 2020; updated September 18, 2020)

COVID-19 Financial Reporting Trends — Different News or More of the Same? (September 11, 2020)

COVID-19 and Non-GAAP Measures (July 1, 2020)

Accounting Spotlight NewsletterGoing Concern — Key Concerns Related to Performing a Comprehensive Assessment (July 8, 2020)

Other Industry PublicationsMining Spotlight — Implementing the SEC’s Final Rule on Modernizing Mining Property Disclosures (September 2020)

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