Overview; Project Listing; Documents for Comment; Effective Dates for New Standards; Plain Language Resources; Effective Dates for New Standards Pronouncement Application April 1, 2023: Revenue, Section PS 3400. Greg Engel is anticipating another year of tumultuous changes as clients deal with the coronavirus pandemic and new policies from the incoming Biden administration. Discover announcements from companies in your industry. New lease accounting standards are expected to provide investors and other stakeholders with a more transparent view of a company’s financial picture. 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From new accounting standards to COVID-19 legislation, here’s what NFP leaders, finance and accounting professionals, auditors, tax advisers, and board members need to be aware of for the remainder of 2020 and into 2021. Public Sector Accounting Standards. The FASB met on Wednesday, May 20, 2020 and voted to extend the effective date of Topics 606, Revenue from Contracts with Customers, and 842, Leases, for certain entities and has directed the staff to draft a final Accounting Standards Update (ASU) for vote by written ballot. The Financial Accounting Standards Board voted Wednesday to give private companies and not-for-profit organizations an extra year to comply with the revenue recognition and leases standards, giving them some more time as organizations struggle to adjust to the novel coronavirus pandemic. Additional hedge accounting disclosures (and consequential amendments) resulting from the introduction of the hedge accounting chapter in IFRS 9; November 2013: Applies when IFRS 9 is applied (At the time of issue of the revised version of IFRS 9 including the hedge accounting chapter, IFRS 9 had no stated mandatory effective date, see below) Artificial Intelligence (AI) is producing positive results in the accounting industry. 134–140 prior to December 15, 2021, a “Pre-SAS No. Also time-consuming is gathering contract amendments and other documents related to the lease that have not had to be organized and accounted for in the past. The FASB met on Wednesday, May 20, 2020 and voted to extend the effective date of Topics 606, Revenue from Contracts with Customers, and 842, Leases, for certain entities and has directed the staff to draft a final Accounting Standards Update (ASU) for vote by written ballot. Describe the key accounting changes prescribed in FASB’s 2020 and 2021 Accounting Standards and the GASB 2020 and 2021 standards; Identify which of the ASUs are applicable to non-SEC entities (non-issuer) and which ASUs are SEC-related; Discuss the controversy surrounding non-GAAP reporting Insurers in over 100 countries face a “once in a lifetime” accounting change from January 2021 with the introduction of a uniform international book-keeping standard, designed […] Starting January 1, 2021, several new accounting standards regarding revenue, leases, and financial instruments, will soon apply to all entities that have already adopted the Chinese Accounting Standards for Business Enterprises (CAS). The IFRS Foundation has called for the creation of a new sustainability standards board sitting alongside the IASB. Audit & Assurance Home ... must apply the amendments in this Update to all new and existing leases. Partner KPMG LLP New York. 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