third quarter 2016 standard setter update€¦ · fasb clarifies the classification of certain cash...

Third Quarter 2016 Standard Setter Update Financial reporting and accounting developments (current through 30 September 2016)

October 2016

Third Quarter 2016 Standard Setter Update Financial reporting and accounting developments

This Third Quarter 2016 Standard Setter Update highlights significant developments in financial reporting and accounting between 1 July 2016 and 30 September 2016, except as noted. Our Standard Setter Update publications also summarize certain proposals under consideration by the Financial Accounting Standards Board (FASB), the Emerging Issues Task Force (EITF), the Private Company Council (PCC), the Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), the Auditing Standards Board (ASB) and the Governmental Accounting Standards Board (GASB). For additional details on these developments, we refer you to related EY publications, many of which can be found on our AccountingLink website. We will continue to keep you informed about important developments as they occur.

October 2016

To our clients and other friends

Contents Financial Accounting Standards Board ...................................................................... 1 Securities and Exchange Commission ..................................................................... 11 Public Company Accounting Oversight Board .......................................................... 16 Auditing Standards Board ...................................................................................... 18 Governmental Accounting Standards Board ............................................................ 20 Effective date matrices .......................................................................................... 22

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Financial Accounting Standards Board

Final FASB guidance Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and

Cash Payments (a consensus of the Emerging Issues Task Force) (ASU 2016-15) ................. 1 Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit

Entities (ASU 2016-14) ...................................................................................................... 1

Final guidance expected soon Income Taxes (Topic 740), Intra-Entity Asset Transfers.............................................................. 2 Consolidation (Topic 810), Interests Held through Related Parties That Are under

Common Control ................................................................................................................ 2 Statement of Cash Flows (Topic 230), Restricted Cash (a consensus of the FASB

Emerging Issues Task Force) ............................................................................................... 3

FASB exposure documents Issued this quarter

Financial Services — Insurance (Topic 944), Targeted Improvements to the Accounting for Long-Duration Contracts ............................................................................................... 4

Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities ............................................................ 4

Technical Corrections and Improvements to Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) — Additional Corrections ........................................... 5

Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities ............................................................................................................... 5

Concepts Statement 8 — Conceptual Framework for Financial Reporting — Chapter 7: Presentation ...................................................................................................... 6

Not-for-Profit Entities — Consolidation (Subtopic 958-810), Clarifying When a Not-for-Profit Entity That Is a General Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity ...................................................................................................................... 6

Plan Accounting — Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965), Employee Benefit Plan Master Trust Reporting (a consensus of the Emerging Issues Task Force) .......... 7

Income Taxes (Topic 740), Disclosure Framework — Changes to the Disclosure Requirements for Income Taxes .......................................................................................... 7

Approved but not issued in Q3 2016 Accounting for Service Concession Arrangements (a consensus of the FASB

Emerging Issues Task Force) ............................................................................................... 8 Other proposals previously issued .................................................................................................... 8

Pronouncements and proposals

ii Third Quarter 2016 Standard Setter Update Financial reporting and accounting developments

Other FASB Invitation to comment, Agenda Consultation ............................................................................ 10 What’s next — agenda highlights............................................................................................... 10

Securities and Exchange Commission

SEC rule proposals and other releases Issued this quarter

Disclosure Update and Simplification (Release No. 33-10110) .................................................. 11 Exhibit Hyperlinks and HTML Format (Release No. 33-10201) .................................................. 12 Request for comment on compensation and governance disclosure requirements in

Regulation S-K (Release No. 33-10198) ............................................................................ 12 Highlights of certain proposals previously issued

Amendments to Smaller Reporting Company Definition (Release No. 33-10107) ...................... 12 Other proposals and releases previously issued .............................................................................. 13

Other SEC ACSEC recommends changes to accredited investor definition ................................................. 15 FASB issues proposed 2017 XBRL US GAAP financial reporting taxonomy ................................ 15 Companies may submit filings using inline XBRL ....................................................................... 15

Public Company Accounting Oversight Board

PCAOB proposed standards and other projects Highlights of certain proposals previously issued

The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion (PCAOB Release No. 2016-003) ..................................................... 16

Proposed Amendments Relating to the Supervision of Audits Involving Other Auditors and Proposed Auditing Standard — Dividing Responsibility for the Audit with Another Accounting Firm (PCAOB Release No. 2016-002) .............................................................. 16

Other proposals previously issued .................................................................................................. 17

Auditing Standards Board

ASB exposure drafts Issued this quarter

Proposed Statement on Auditing Standards, Auditor Involvement with Exempt Offering Documents .......................................................................................................... 18

Proposed Statement on Auditing Standards, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern ............................................................................................. 18

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AICPA — other Final standards

Compilation of Pro Forma Financial Information (Statements on Standards for Accounting and Review Services No. 22) ........................................................................... 19

Proposals issued this quarter Proposed Statement on Standards for Accounting and Review Services, Amendment to

Statement on Standards for Accounting and Review Services No. 21 Section 90, Review of Financial Statements ......................................................................................... 19

Governmental Accounting Standards Board

GASB exposure drafts Issued this quarter

Omnibus 201X........................................................................................................................ 20 Certain Debt Extinguishment Issues ......................................................................................... 20

Highlights of certain proposals previously issued Leases .................................................................................................................................... 20 Fiduciary Activities.................................................................................................................. 21

Other proposals previously issued .................................................................................................. 21

Effective date matrices

Effective date matrix — final FASB pronouncements ................................................................. 22 Effective date matrix — final SEC pronouncements and interpretive releases ............................. 29 Effective date matrix — final PCAOB pronouncements and rules ................................................ 30 Effective date matrix — final AICPA standards .......................................................................... 31 Effective date matrix — final GASB pronouncements ................................................................. 32

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Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) (ASU 2016-15)

Date issued: 26 August 2016

Summary The guidance clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. The guidance also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows.

Effective date and transition The guidance is effective for public business entities (PBEs) for fiscal years beginning after 15 December 2017, and interim periods within those years. For all other entities, it is effective for fiscal years beginning after 15 December 2018, and interim periods within fiscal years beginning after 15 December 2019. Early adoption is permitted. Entities will have to apply the guidance retrospectively, but if it is impracticable to do so for an issue, the amendments related to that issue would be applied prospectively.

Other resources • To the Point, FASB clarifies the classification of certain cash receipts and cash payments

(SCORE No. 02677-161US)

Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities (ASU 2016-14)

Date issued: 18 August 2016

Summary The guidance will change certain financial statement requirements for not-for-profit (NFP) entities within the scope of Accounting Standards Codification (ASC) 958. NFPs will no longer be required to distinguish between resources with temporary and permanent restrictions on the face of their financial statements, meaning they will present two classes of net assets instead of three. They will be required to present expenses by their natural and functional classification and present investment returns net of external and direct internal investment expenses. NFPs also will be required to provide more information about their available resources and liquidity.

Effective date and transition The guidance is effective for fiscal years beginning after 15 December 2017, and interim periods within fiscal years beginning after 15 December 2018. Early application is permitted. The guidance must be initially adopted for an annual fiscal period or for the first interim period within the fiscal year of adoption. The guidance will be applied retrospectively.

Other resources • To the Point, FASB changes certain requirements for the financial statements of not-for-profit

entities (SCORE No. 02604 -161US)

Financial Accounting Standards Board

Final FASB guidance

http://www.ey.com/Publication/vwLUAssetsAL/TothePoint_02677-161US_CashFlowClassification_1September2016/$FILE/TothePoint_02677-161US_CashFlowClassification_1September2016.pdf

http://www.ey.com/Publication/vwLUAssetsAL/TothePoint_02677-161US_CashFlowClassification_1September2016/$FILE/TothePoint_02677-161US_CashFlowClassification_1September2016.pdf

http://www.ey.com/Publication/vwLUAssetsAL/TothePoint_02604-161US_NFP_26August2016/$FILE/TothePoint_02604-161US_NFP_26August2016.pdf


2 Third Quarter 2016 Standard Setter Update Financial reporting and accounting developments

The FASB has completed deliberations on these proposals or approved consensuses reached by the EITF and is expected to issue final guidance soon.

Income Taxes (Topic 740), Intra-Entity Asset Transfers

Date proposal issued: 22 January 2015 — comment period ended 29 May 2015

Summary The FASB issued an exposure draft that would require companies to immediately recognize income tax effects of intercompany transactions in their income statements, eliminating the current exception that requires companies to defer the income tax effects of certain intercompany transactions.

In subsequent deliberations, the Board decided to retain the existing exception only for intercompany inventory transactions.

Effective date The guidance would be effective for PBEs in annual periods beginning after 15 December 2017, including interim reporting periods therein. The guidance would be effective for other entities in annual periods beginning after 15 December 2018, and interim periods in annual periods beginning after 15 December 2019. Early adoption would be permitted as of the beginning of an annual period.

Other resources • FASB Project Update: Accounting for Income Taxes: Intra-Entity Asset Transfers

• To the Point, FASB decides to issue final income tax guidance on intercompany transactions (SCORE No. 01658-161US)

Consolidation (Topic 810), Interests Held through Related Parties That Are under Common Control

Date proposal issued: 23 June 2016 — comment period ended 25 July 2016

Summary The proposal would change the variable interest entity (VIE) guidance in ASU 2015-02 for determining a VIE’s primary beneficiary when indirect interests are held by related parties under common control. Indirect interests held by related parties that are under common control with a decision maker would be considered on a proportionate basis, rather than as direct interests in their entirety, when determining whether the decision maker is the primary beneficiary.

Effective date The guidance would be effective for PBEs for annual periods beginning after 15 December 2016, including interim periods within that period. For all other entities, the guidance would be effective for annual periods beginning after 15 December 2016, and interim periods within annual periods after 15 December 2017. Entities that have not yet adopted ASU 2015-02 would be required to adopt the guidance when they adopt ASU 2015-02. Early adoption would be permitted.

Final guidance expected soon

http://www.fasb.org/jsp/FASB/FASBContent_C/ProjectUpdatePage&cid=1176164344537

http://www.ey.com/Publication/vwLUAssetsAL/TothePoint_01658-161US_IncomeTaxIntercompanyTransactions_20June2016/$FILE/TothePoint_01658-161US_IncomeTaxIntercompanyTransactions_20June2016.pdf

http://www.ey.com/Publication/vwLUAssetsAL/TothePoint_01658-161US_IncomeTaxIntercompanyTransactions_20June2016/$FILE/TothePoint_01658-161US_IncomeTaxIntercompanyTransactions_20June2016.pdf

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Other resources • FASB Project Update: Consolidation: Interests Held Through Related Parties That Are Under

Common Control

• To the Point, VIE guidance on evaluating indirect interests held by related parties under common control may change (SCORE No. 01847-161US)

• Comment letter (SCORE No. 02167-161US)

Statement of Cash Flows (Topic 230), Restricted Cash (a consensus of the FASB Emerging Issues Task Force)

Date proposal issued: 28 April 2016 — comment period ended 27 June 2016 (Final consensus reached by the EITF in September 2016 and ratified by the FASB in October 2016. An ASU has not yet been issued.)

Summary The FASB proposed that the statement of cash flows show the changes in the total of cash, cash equivalents and amounts generally described as restricted cash. As a result, entities would no longer have to determine how to classify transfers to or from restricted cash within the statement of cash flows. An entity would be required to reconcile the total of cash, cash equivalents and amounts generally described as restricted cash on the statement of cash flows to amounts in the balance sheet and disclose the nature of any restrictions on its cash, cash equivalents or amounts generally described as restricted cash.

Effective date and transition The guidance would be effective for PBEs for fiscal years beginning after 15 December 2017, and interim periods within those years. For other entities, the consensus would be effective for fiscal years beginning after 15 December 2018, and interim periods within fiscal years beginning after 15 December 2019. Early adoption would be permitted. The guidance would be applied retrospectively. If it is impractical for an entity to do so, the entity would apply the guidance prospectively as of the earliest date that is practicable.

Other resources • FASB Project Update: EITF Issue No. 16-A: Restricted Cash

• EITF Update, September 2016 meeting highlights (SCORE No. 02993-161US)



http://www.ey.com/Publication/vwLUAssetsAL/TothePoint_01847-161US_IndirectInterests_29June2016/$FILE/TothePoint_01847-161US_IndirectInterests_29June2016.pdf

http://www.ey.com/Publication/vwLUAssetsAL/TothePoint_01847-161US_IndirectInterests_29June2016/$FILE/TothePoint_01847-161US_IndirectInterests_29June2016.pdf

http://www.ey.com/Publication/vwLUAssetsAL/CommentLetter_02167-161US_IndirectInterest_25July2016/$FILE/CommentLetter_02167-161US_IndirectInterest_25July2016.pdf


http://www.ey.com/Publication/vwLUAssetsAL/EITFUpdate_02993-161US_23September2016/$FILE/EITFUpdate_02993-161US_23September2016.pdf


Issued this quarter

Financial Services — Insurance (Topic 944), Targeted Improvements to the Accounting for Long-Duration Contracts

Date issued: 29 September 2016 — comment period ends 15 December 2016

Summary The proposal would change how insurers account for long-duration contracts, including how they measure, recognize and make disclosures about insurance liabilities and deferred acquisition costs. Insurers would be required to make annual updates to cash flow assumptions and quarterly updates to discount rate assumptions they use to measure the liability for future policyholder benefits for certain long-duration contracts. The proposal would significantly change practice. Insurers currently base their liability for future policyholder benefits in traditional long-duration contracts, limited-payment contracts and participating life contracts on assumptions that are locked in at contract inception.

Effective date The effective date has not yet been determined.

Other resources • FASB Project Update: Insurance — Targeted Improvements to the Accounting for Long-Duration

Contracts

• To the Point, Proposal would change accounting and disclosures for long-duration contracts for insurers (SCORE No. 03105-161US)

Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities

Date issued: 22 September 2016 — comment period ends 28 November 2016

Summary The proposal would shorten the amortization period to the earliest call date for callable debt securities purchased at a premium. Today, entities generally amortize the premium as a yield adjustment over the contractual life of the security. The proposal would not change the accounting for callable debt securities purchased at a discount.

Effective date and transition The effective date has not yet been determined. The guidance would be applied using a modified retrospective approach.

Other resources • FASB Project Update: Accounting for Interest Income Associated with the Purchase of Callable

Debt Securities

FASB exposure documents



http://www.ey.com/Publication/vwLUAssetsAL/TothePoint_03105-161US_LongDurationContracts_29September2016/$FILE/TothePoint_03105-161US_LongDurationContracts_29September2016.pdf

http://www.ey.com/Publication/vwLUAssetsAL/TothePoint_03105-161US_LongDurationContracts_29September2016/$FILE/TothePoint_03105-161US_LongDurationContracts_29September2016.pdf



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Technical Corrections and Improvements to Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) — Additional Corrections

Date issued: 19 September 2016 — comment period ends 4 October 2016 Summary The FASB proposed four more technical corrections and improvements on narrow aspects of the guidance it issued in ASU 2014-09. The proposal would (1) clarify that guarantee fees (other than product or service warranties) are not in the scope of the new revenue guidance, (2) more closely align an example in the standard with the new guidance on presentation of receivables, (3) eliminate a reference to a contract liability in an example on refund liabilities and (4) retain today’s guidance on the accrual of advertising costs.

Effective date and transition The effective date and transition requirements would be the same as those in the new revenue standard.

Other resources • FASB Project Update: Revenue from Contracts with Customers • To the Point, FASB proposes more technical corrections and improvements to the new revenue

standard (SCORE No. 02951-161US) • Comment letter (SCORE No. 03205-161US)

Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities

Date issued: 8 September 2016 — comment period ends 22 November 2016 Summary The proposed targeted amendments to the FASB’s hedge accounting guidance are aimed at more clearly portraying the economics of an entity’s risk management activities in its financial statements. The proposal would eliminate the need to separately measure and report hedge ineffectiveness and generally require the entire change in fair value of a hedging instrument to be presented in the same income statement line as the hedged item. Entities would be permitted to hedge contractually specified risk components in cash flow hedges of variable-rate financial instruments and forecasted transactions involving nonfinancial items. Certain documentation and assessment requirements would be relaxed and aspects of the long-haul method for fair value hedges of interest rate risk would be simplified.

Effective date and transition The effective date has not yet been determined. The guidance would be applied to hedging relationships that exist on the date of adoption using a modified retrospective approach. The FASB proposed transition relief that entities could elect to ease the burden associated with dedesignating and redesignating existing hedge relationships to take advantage of certain of the proposed amendments. Early adoption would be permitted at the beginning of any fiscal year before the effective date.

Other resources • FASB Project Update: Accounting for Financial Instruments — Hedge Accounting

• To the Point, FASB aims to more clearly portray entities’ hedging activities in the financial statements (SCORE No. 02783-161US)


http://www.ey.com/Publication/vwLUAssetsAL/TothePoint_02951-161US_AdditionalRevRecCorrections_21September2016/$FILE/TothePoint_02951-161US_AdditionalRevRecCorrections_21September2016.pdf

http://www.ey.com/Publication/vwLUAssetsAL/TothePoint_02951-161US_AdditionalRevRecCorrections_21September2016/$FILE/TothePoint_02951-161US_AdditionalRevRecCorrections_21September2016.pdf

http://www.ey.com/Publication/vwLUAssetsAL/CommentLetter_03205-161US_RevenueTechnicalCorrections_4October2016/$FILE/CommentLetter_03205-161US_RevenueTechnicalCorrections_4October2016.pdf


http://www.ey.com/Publication/vwLUAssetsAL/TothePoint_02783-161US_Hedging_8September2016/$FILE/TothePoint_02783-161US_Hedging_8September2016.pdf

http://www.ey.com/Publication/vwLUAssetsAL/TothePoint_02783-161US_Hedging_8September2016/$FILE/TothePoint_02783-161US_Hedging_8September2016.pdf


Concepts Statement 8 — Conceptual Framework for Financial Reporting — Chapter 7: Presentation

Date issued: 11 August 2016 — comment period ends 9 November 2016

Summary The FASB proposed adding a new chapter to its conceptual framework that would provide the Board with a framework to use when determining how information should be presented in the financial statements. The objective is to enhance the ability of financial statement users to assess prospects for future cash flows by addressing how to (1) group individual recognized items into line items and subtotals and (2) clarify the relationships among assets, liabilities and equity and the effects of related changes of those assets and liabilities on comprehensive income and cash flows.

Other resources • FASB Project Update: Conceptual Framework—Presentation

Not-for-Profit Entities — Consolidation (Subtopic 958-810), Clarifying When a Not-for-Profit Entity That Is a General Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity

Date issued: 3 August 2016 — comment period ends 3 October 2016

Summary The proposal would retain the pre-ASU 2015-02 consolidation guidance in ASC 810-20 that requires a NFP entity that is a general partner in a for-profit limited partnership or similar entity to presume that it controls the entity, unless that presumption can be overcome. The FASB would include the guidance about the presumption in the NFP consolidation guidance in ASC 958-810.

The proposal also would clarify that the consequential amendments in the new guidance on classifying and measuring financial instruments in ASU 2016-01 were not intended to affect the ability of NFPs (other than business-oriented health care entities) with investments in certain for-profit entities to elect to measure those investments at fair value.

Effective date and transition Entities would adopt the proposed changes related to the presumption at the same time they adopt ASU 2015-02. Transition guidance would be provided for entities that have already adopted ASU 2015-02. The proposed changes related to measuring certain investments at fair value would be adopted concurrently with ASU 2016-01.

Other resources • FASB Project Update: Clarifying When a Not-For-Profit Entity That Is a General Partner Should

Consolidate a For-Profit Limited Partnership (or Similar Entity)

• To the Point, Consolidation guidance for NFP general partners of for-profit limited partnerships would be retained (SCORE No. 02400-161US)







http://www.ey.com/Publication/vwLUAssetsAL/CommentLetter_03167-161US_NFPGPs_3October2016/$FILE/CommentLetter_03167-161US_NFPGPs_3October2016.pdf

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Plan Accounting — Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965), Employee Benefit Plan Master Trust Reporting (a consensus of the Emerging Issues Task Force)

Date issued: 28 July 2016 — comment period ended 26 September 2016

Summary The FASB proposed clarifying or amending the presentation and disclosure guidance for employee benefit plans that hold investments in a master trust. The proposal also would eliminate a redundancy relating to 401(h) account disclosures.

Effective date and transition The effective date has not yet been determined. The guidance would be applied retrospectively.

Other resources • FASB Project Update: EITF Issue No. 16-B: Employee Benefit Plan Master Trust Reporting

• EITF Update, June 2016 meeting highlights (SCORE No. 01556-161US)

Income Taxes (Topic 740), Disclosure Framework — Changes to the Disclosure Requirements for Income Taxes


Summary Entities would be required to make additional disclosures about foreign earnings (including those an entity asserts are indefinitely reinvested) and other income tax topics. The proposal would change the disclosure requirements related to uncertain tax positions and broaden the applicability of certain existing income tax disclosure requirements by replacing the term public entity with public business entity. The proposal is part of the FASB’s broader disclosure framework project.

Effective date and transition The effective date has not yet been determined. The guidance would be applied prospectively.

Other resources • FASB Project Update: Disclosure Framework — Disclosure Review: Income Taxes

• To the Point, FASB proposes changes to income tax disclosure requirements (SCORE No. 02231-161US)



http://www.ey.com/Publication/vwLUAssetsAL/EITFUpdate_01556-161US_14June2016/$FILE/EITFUpdate_01556-161US_14June2016.pdf


http://www.ey.com/Publication/vwLUAssetsAL/TothePoint_02231-161US_IncomeTaxDisclosure_28July2016/$FILE/TothePoint_02231-161US_IncomeTaxDisclosure_28July2016.pdf

http://www.ey.com/Publication/vwLUAssetsAL/CommentLetter_03169-161US_IncomeTaxes_30September2016/$FILE/CommentLetter_03169-161US_IncomeTaxes_30September2016.pdf


Approved but not issued in Q3 2016

Accounting for Service Concession Arrangements (a consensus of the FASB Emerging Issues Task Force)

Date issued: (Consensus-for-exposure reached by the EITF in September 2016 and ratified by the FASB in October 2016. A Proposed ASU has not yet been issued.)

Summary The operating entity in a service concession arrangement should consider the grantor the customer of both construction and operation services it provides when applying the revenue guidance in ASC 606.

Effective date and transition The effective date and transition approach of the consensus-for-exposure would be aligned with those in ASC 606.

Other resources • FASB Project Update: EITF Issue No. 16-C: Accounting for Service Concession Arrangements

• EITF Update, September 2016 meeting highlights (SCORE No. 02993-161US)

Other proposals previously issued • Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20),

Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets

• Date issued: 6 June 2016 — comment period ended 5 August 2016

• Technical Corrections and Improvements to Update 2014-09, Revenue from Contracts with Customers (Topic 606)

• Date issued: 18 May 2016 — comment period ended 2 July 2016

• Intangibles — Goodwill and Other (Topic 350), Simplifying the Accounting for Goodwill Impairment


• Technical Corrections and Improvements

• Date issued: 21 April 2016 — comment period ended 5 July 2016

• Compensation — Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

• Date issued: 26 January 2016 — comment period ended 25 April 2016

• Compensation — Retirement Benefits — Defined Benefit Plans — General (Subtopic 715-20), Changes to the Disclosure Requirements for Defined Benefit Plans

• Date issued: 26 January 2016 — comment period ended 25 April 2016


http://www.ey.com/Publication/vwLUAssetsAL/EITFUpdate_02993-161US_23September2016/$FILE/EITFUpdate_02993-161US_23September2016.pdf

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• Fair Value Measurement (Topic 820), Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement

• Date issued: 3 December 2015 — comment period ended 29 February 2016

• Business Combinations (Topic 805), Clarifying the Definition of a Business

• Date issued: 23 November 2015 — comment period ended 22 January 2016

• Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance

• Date issued: 12 November 2015 — comment period ended 10 February 2016

• Notes to Financial Statements (Topic 235), Assessing Whether Disclosures Are Material

• Date issued: 24 September 2015 — comment period ended 8 December 2015

• Conceptual Framework for Financial Reporting, Chapter 3: Qualitative Characteristics of Useful Financial Information

• Date issued: 24 September 2015 — comment period ended 8 December 2015

• Conceptual Framework for Financial Reporting, Chapter 8: Notes to Financial Statements

• Date issued: 4 March 2014 — comment period ended 14 July 2014

Other resources • 2015 Standard Setter Update (SCORE No. BB3128)

• Comment letter, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (SCORE No. 02340-161US)

http://www.ey.com/Publication/vwLUAssetsAL/StandardSetterUpdate_BB3128_14January2016/$FILE/StandardSetterUpdate_BB3128_14January2016.pdf

http://www.ey.com/Publication/vwLUAssetsAL/CommentLetter_02340-161US_ISNFA_5August2016/$FILE/CommentLetter_02340-161US_ISNFA_5August2016.pdf

http://www.ey.com/Publication/vwLUAssetsAL/CommentLetter_02340-161US_ISNFA_5August2016/$FILE/CommentLetter_02340-161US_ISNFA_5August2016.pdf


Invitation to comment, Agenda Consultation Date issued: 4 August 2016 — comment period ends 17 October 2016 The FASB is seeking comment on financial reporting issues it should consider adding to its agenda. In its invitation to comment, the Board identified perceived issues and possible solutions for four major financial reporting topics: intangible assets, pensions and other postretirement benefit plans, distinguishing liabilities from equity, and reporting performance and cash flows. The FASB plans to gather more feedback at public roundtable meetings in November 2016 in Norwalk, Conn. and Stanford, Calif.

What’s next — agenda highlights FASB agenda In addition to the topics above, the FASB’s agenda includes:

• Simplifying the balance sheet classification of debt

• Disclosure framework: disclosure review (various topics)

• Liabilities and equity: targeted improvements

• Accounting for identifiable intangible assets in a business combination for public business entities and not-for-profit entities

• Subsequent accounting for goodwill for public business entities and not-for-profit entities

• Nonemployee share-based payment accounting improvements

• Revenue recognition of grants and contracts by not-for-profit entities

• Scope of modification accounting in Topic 718

• Financial statements of not-for-profit entities (phase 2)

• Conceptual framework: measurement

EITF agenda The next EITF meeting is scheduled for 17 November 2016.

PCC agenda Members of the PCC and the FASB discussed several FASB projects at its 30 September 2016 meeting. The next PCC meeting is scheduled for 13 December 2016.

Other resources • FASB Technical Agenda

Other FASB

http://www.fasb.org/jsp/FASB/Page/TechnicalAgendaPage&cid=1175805470156

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Issued this quarter

Disclosure Update and Simplification (Release No. 33-10110)

Date issued: 13 July 2016 — comment period ends on 2 November 2016

Summary As part of its disclosure effectiveness initiative, the SEC proposed eliminating disclosure requirements that are redundant or outdated in light of changes in SEC requirements, US GAAP or IFRS or changes in technology or the business environment. The Commission is also seeking comments on whether it should modify or eliminate certain disclosure requirements that overlap with US GAAP and refer others to the FASB for potential incorporation into US GAAP. The proposal was mandated by the Fixing America’s Surface Transportation (FAST) Act.

The SEC proposed eliminating requirements within 15 areas that require substantially the same information as other Commission rules, US GAAP or IFRS. The topics include foreign currency, consolidation, income taxes, related parties, contingencies, earnings per share and interim reporting, as well as disclosures by insurance and bank holding companies.

The SEC also proposed eliminating overlapping requirements that are related to but not the same as US GAAP, IFRS or other Commission requirements. These items involve topics such as consolidation, derivatives, repurchase agreements, segments, seasonality and interim financial statement disclosures, as well as disclosures by real estate investment trusts (REITs) and insurance companies. The SEC also proposed eliminating the ratio of earnings to fixed charges currently required by Item 503(d).

The SEC also is asking whether it should refer certain of its disclosures requirements to the FASB for potential inclusion in the ASC. These items involve topics including consolidation, preferred shares, income taxes, interim reporting, legal proceedings and common control transactions.

Other resources • To the Point, SEC proposes eliminating redundant and outdated disclosures

(SCORE No. 02048-161US)

Securities and Exchange Commission

SEC rule proposals and other releases

https://www.sec.gov/rules/final/2016/34-77104.pdf

http://www.ey.com/Publication/vwLUAssetsAL/TothePoint_02048-161US_RedundantDisclosures_14July2016/$FILE/TothePoint_02048-161US_RedundantDisclosures_14July2016.pdf

http://www.ey.com/Publication/vwLUAssetsAL/TothePoint_02048-161US_RedundantDisclosures_14July2016/$FILE/TothePoint_02048-161US_RedundantDisclosures_14July2016.pdf


Exhibit Hyperlinks and HTML Format (Release No. 33-10201)

Date issued: 31 August 2016 — comment period ends on 27 October 2016

Summary The SEC proposed requiring registrants to include a hyperlink to each exhibit listed in the exhibit index of all filings subject to exhibit requirements under Item 601 of Regulation S-K. The proposal would also require registrants to submit these filings in HTML format. This proposal is part of the SEC’s broader disclosure effectiveness initiative.

Request for comment on compensation and governance disclosure requirements in Regulation S-K (Release No. 33-10198)

Date issued: 25 August 2016 — comment period ends on 31 October 2016

Summary The SEC is seeking comment on its disclosure requirements for executive compensation, beneficial security holders, related parties and other corporate governance matters addressed in Subpart 400 of Regulation S-K. These disclosures generally are included in the annual proxy statement. This request for comment is part of the SEC’s disclosure effectiveness initiative and will help to inform its study on the modernization and simplification of Regulation S-K that was mandated by the FAST Act.

Highlights of certain proposals previously issued

Amendments to Smaller Reporting Company Definition (Release No. 33-10107) Date issued: 27 June 2016 — comment period ended on 30 August 2016

Summary The SEC proposed a rule that would allow companies to qualify as smaller reporting companies (SRCs) if they have a public float of less than $250 million (up from $75 million) or, if they have no public float, revenue of less than $100 million in the previous year (up from $50 million). The proposal would increase the number of companies eligible to use disclosure accommodations for SRCs, such as providing only two years of audited financial statements, reduced executive compensation disclosures and exemption from disclosing selected financial data.

Under the proposal, once companies exceed the applicable threshold, they would no longer qualify as SRCs until they have a public float of less than $200 million (up from $50 million) at the end of their second fiscal quarter or, if they have no public float, annual revenues of less than $80 million in their most recent fiscal year (up from $40 million).

The proposal would not change the $75 million public float threshold in the definition of an accelerated filer, meaning that companies could qualify as SRCs under the proposed rule but still be subject to the reporting deadlines for accelerated filers, as well as auditor attestation to internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act.

Other resources • Comment letter, Amendments to Smaller Reporting Company Definition (SCORE No. 02785-161US)


http://gaait-aa.ey.net/Document.aspx?gotoString=SEC%20Proposed%20-%2031%20August%202016&ProductId=111&IsTreeForTesting=False


http://www.ey.com/Publication/vwLUAssetsAL/CommentLetter_02785-161US_ExpansionSRCDefinition_8September2016/$FILE/CommentLetter_02785-161US_ExpansionSRCDefinition_8September2016.pdf

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Other proposals and releases previously issued • Modernization of Property Disclosures for Mining Registrants (Release No. 33-10098)

• Date issued: 16 June 2016 — comment period ended 26 September 2016

• Incentive-based Compensation Arrangements (Release No. 34-77776)


• Business and Financial Disclosure Required by Regulation S-K (Release No. 33-10064)


• Covered Broker-Dealer Provisions under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Release No. 34-77157)

• Date issued: 17 February 2016 — comment period ended 2 May 2016

• Use of Derivatives by Registered Investment Companies and Business Development Companies (Release No. IC-31933)

• Date issued: 11 December 2015 — comment period ended 28 March 2016

• Exemptions to Facilitate Intrastate and Regional Securities Offerings (Release No. 33-9973)

• Date issued: 30 October 2015 — comment period ended 11 January 2016

• Request for Comment on the Effectiveness of Financial Disclosures about Entities Other than the Registrant (Release No. 33-9929)

• Date issued: 25 September 2015 — comment period ended 30 November 2015

• Open-End Fund Liquidity Risk Management Programs; Swing Pricing (Release No. 33-9922)

• Date issued: 22 September 2015 — comment period ended 13 January 2016

• Possible Revisions to Audit Committee Disclosures (Release No. 33-9862)

• Date issued: 1 July 2015 — comment period ended 8 September 2015

• Listing Standards for Recovery of Erroneously Awarded Compensation (Release No. 33-9861)


• Investment Company Reporting Modernization (Release No. 33-9776)

• Date issued: 20 May 2015 — re-opened comment period ended 13 January 2016

• Pay versus Performance (Release No. 34-74835)


• Disclosure of Hedging by Employees, Officers and Directors (Release No. 33-9723)

• Date issued: 9 February 2015 — comment period ended 20 April 2015


• Amendments to Regulation D, Form D and Rule 156 under the Securities Act (Release No. 33-9416)

• Date issued: 10 July 2013 — comment period ended 4 November 2013

• Prohibition against Conflicts of Interest in Certain Securitizations (Release No. 34-65355)

• Date issued: 19 September 2011 — comment period ended 13 February 2012

• End-User Exception to Mandatory Clearing of Security-Based Swaps (Release No. 34-63556)

• Date issued: 15 December 2010 — comment period ended 22 July 2013

• Reporting of Proxy Votes on Executive Compensation and Other Matters (Release No. 34-63123)

• Date issued: 18 October 2010 — comment period ended 18 November 2010


• Comment letter, Concept Release on Business and Financial Disclosure Required by Regulation S-K (SCORE No. 02125 -161US)


http://www.ey.com/Publication/vwLUAssetsAL/CommentLetter_02125-161US_RegulationS-K_21July2016/$FILE/CommentLetter_02125-161US_RegulationS-K_21July2016.pdf

http://www.ey.com/Publication/vwLUAssetsAL/CommentLetter_02125-161US_RegulationS-K_21July2016/$FILE/CommentLetter_02125-161US_RegulationS-K_21July2016.pdf

15

ACSEC recommends changes to accredited investor definition Summary The SEC Advisory Committee on Small and Emerging Companies (ACSEC) held a meeting in July 2016 to discuss its recommendations for changes in the definition of an accredited investor. ACSEC recommended that the definition of accredited investors generally be expanded to include individuals who have passed examinations (e.g., Series 7, Series 65, Series 82) testing their knowledge of securities and investing. The Committee recommended not changing the current financial thresholds for defining an accredited investor, other than adjustments for inflation. The SEC is currently reviewing the ACSEC recommendations.

FASB issues proposed 2017 XBRL US GAAP financial reporting taxonomy Summary The FASB issued the proposed 2017 XBRL US GAAP financial reporting taxonomy, which includes updates for accounting standard changes, common reporting practices and certain industry recommendations. The SEC must approve the new taxonomy before registrants can use it. Comments are due by 31 October 2016.

Companies may submit filings using inline XBRL Summary As a reminder, companies will be able to voluntarily submit through March 2020 filings with XBRL tag data embedded in the HTML financial statements in a manner referred to as inline XBRL. Companies otherwise are required to submit separate XBRL exhibits with their SEC filings, including annual and quarterly reports. The SEC believes that allowing the use of inline XBRL could reduce filing preparation costs, improve the quality of structured data and increase the use of XBRL data by investors and other market participants. The SEC will consider feedback to determine whether inline XBRL submissions should be required.

Other SEC


Highlights of certain proposals previously issued

The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion (PCAOB Release No. 2016-003)

Date issued: 11 May 2016 — comment period ended 15 August 2016

Summary The PCAOB’s reproposal would require auditors to include significantly more information in their auditor’s reports to make them more relevant and informative for investors and other stakeholders. The reproposal would retain today’s pass/fail approach but require auditors to include information about matters communicated or required to be communicated to the audit committee that related to material accounts or disclosures and involved especially challenging, subjective or complex auditor judgment (i.e., critical audit matters (CAMs)). The communication of each CAM within the auditor’s report would include:

• Identification of the CAM

• A description of the principal considerations that led the auditor to determine the matter is a CAM

• A description of how the CAM was addressed in the audit

• A reference to the relevant financial statement accounts and disclosure

The reproposal would also require auditors to provide information on auditor independence, auditor tenure and the auditor’s responsibility to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to fraud or error.

Other resources • To the Point, PCAOB reproposes significant changes to the auditor’s report

(SCORE No. 01015-161US)


Proposed Amendments Relating to the Supervision of Audits Involving Other Auditors and Proposed Auditing Standard — Dividing Responsibility for the Audit with Another Accounting Firm (PCAOB Release No. 2016-002)

Date issued: 12 April 2016 — comment period ended 29 July 2016

Summary The PCAOB proposal would amend its auditing standards to strengthen the requirements for lead auditors to plan, supervise and evaluate the work of other auditors and impose a more uniform approach. The proposal introduces the terms of lead auditor, other auditor and referred-to auditor:

• Lead auditor — the registered public accounting firm that issues the audit report and its engagement partner and other team members

Public Company Accounting Oversight Board

PCAOB proposed standards and other projects

http://www.ey.com/Publication/vwLUAssetsAL/TothePoint_01015-161US_ARMReproposal_13May2016/$FILE/TothePoint_01015-161US_ARMReproposal_13May2016.pdf/

http://www.ey.com/Publication/vwLUAssetsAL/TothePoint_01015-161US_ARMReproposal_13May2016/$FILE/TothePoint_01015-161US_ARMReproposal_13May2016.pdf/

http://www.ey.com/Publication/vwLUAssetsAL/CommentLetter_02478-161US_ARMReproposal_15August2016/$FILE/CommentLetter_02478-161US_ARMReproposal_15August2016.pdf

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• Other auditors — public accounting firms and their partners and team members who are not employees, partners, principals or shareholders of the lead auditor (component teams from global network firms that participate in group audits would also be considered other auditors)

• Referred-to auditors — public accounting firms, other than the lead auditor, that issue an audit report to which a reference is made within the lead auditor’s report

The proposed amendments would modify and expand upon certain existing requirements, including documentation requirements, in regard to communication with and supervision of other auditors. The proposed amendments would also require the lead auditor to evaluate his or her participation in an audit involving other auditors or referred-to auditors to determine whether it is sufficient to sign the audit opinion.

The proposal also would create a new standard that would apply when an accounting firm divides responsibility for an audit with another accounting firm. It would retain certain of today’s requirements, modify others and impose certain new requirements.

Other resources • To the Point, PCAOB proposes strengthening requirements for audits involving other auditors

(SCORE No. 00671-161US)


Other proposals previously issued • Concept Release on Audit Quality Indicators (PCAOB Release No. 2015-005)

• Date issued: 30 June 2015 — comment period ended 29 September 2015

• Concept Release on Auditor Independence and Audit Firm Rotation (PCAOB Release No. 2011-006)

• Date issued: 16 August 2011 — comment period ended 19 November 2012

• Application of the “Failure to Supervise” Provision of the Sarbanes-Oxley Act of 2002 and Solicitation of Comment on Rulemaking Concepts (PCAOB Release No. 2010-005)

• Date issued: 5 August 2010 — comment period ended 3 November 2010

• Proposed Auditing Standard, Confirmation (PCAOB Release No. 2010-003)



http://www.ey.com/Publication/vwLUAssetsAL/TothePoint_00671-161US_UseofOtherAuditors_21April2016/$FILE/TothePoint_00671-161US_UseofOtherAuditors_21April2016.pdf

http://www.ey.com/Publication/vwLUAssetsAL/TothePoint_00671-161US_UseofOtherAuditors_21April2016/$FILE/TothePoint_00671-161US_UseofOtherAuditors_21April2016.pdf

http://www.ey.com/Publication/vwLUAssetsAL/CommentLetter_02280-161US_OtherAuditors_29July2016/$FILE/CommentLetter_02280-161US_OtherAuditors_29July2016.pdf



Issued this quarter Proposed Statement on Auditing Standards, Auditor Involvement with Exempt Offering Documents

Date issued: 13 July 2016 — comment period ends 13 October 2016 Summary The proposed Statement on Auditing Standards (SAS) would require the auditor to perform certain procedures when the auditor is involved with an exempt offering document. Under the proposal, an auditor would be considered involved when (1) the auditor’s report on the financial statements or the auditor’s review report on interim financial information is included or incorporated by reference in the exempt offering document and (2) the auditor performs one or more specified activities (e.g., issues a comfort letter) in connection with the exempt offering document. Exempt offerings are those that are not required to be registered under the Securities Act of 1933 and franchise offerings that are regulated by the Federal Trade Commission.

Effective date The proposal would be effective for exempt offering documents with which the auditor is involved that are initially distributed, circulated or submitted on or after 15 June 2018.

Proposed Statement on Auditing Standards, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern

Date issued: 5 July 2016 — comment period ended 5 September 2016 Summary The revisions to the going concern auditing standard were proposed in response to the FASB’s new standard on going concern and changes that the IAASB made to ISA 570 (revised), Going Concern. Under the proposal, auditors would be required to perform procedures to conclude whether (1) the going concern basis of accounting is appropriate and (2) there are conditions or events considered in the aggregate that raise substantial doubt about the entity’s ability to continue as a going concern for a reasonable period of time.

The auditor’s evaluation period would cover the same period as management’s assessment, which under the new FASB standard is one year after the financial statements are issued (or are available to be issued). Previously, the auditor’s evaluation period was one year beyond the date of the audited financial statements.

If the auditor concludes after considering management’s plans that there are conditions or events considered in the aggregate that raise substantial doubt about the entity’s ability to continue as a going concern for a reasonable period of time, the auditor would be required to evaluate the adequacy of management’s financial statement disclosures and include an emphasis-of-matter paragraph in its auditor’s report.

Effective date The proposal would be effective for audits of financial statements for periods ending on or after 15 December 2017, and for interim periods beginning thereafter.

Other resources • Comment letter (SCORE No. 02732-161US)

Auditing Standards Board

ASB exposure drafts

http://www.ey.com/Publication/vwLUAssetsAL/CommentLetter_02732-161US_GoingConcern_6September2016/$FILE/CommentLetter_02732-161US_GoingConcern_6September2016.pdf

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Final standards

Compilation of Pro Forma Financial Information (Statements on Standards for Accounting and Review Services No. 22)

Date issued: September 2016

Summary The Statement on Standards for Accounting and Review Services (SSARS) supersedes and clarifies AR section 120, Compilation of Pro Forma Information.

Effective date The standard is effective for compilation reports on pro forma financial information dated on or after 1 May 2017.

Proposals issued this quarter

Proposed Statement on Standards for Accounting and Review Services, Amendment to Statement on Standards for Accounting and Review Services No. 21 Section 90, Review of Financial Statements


Summary The proposal would clarify the definition of supplementary information and revise the accountant’s reporting responsibilities when supplementary information accompanies reviewed financial statements and the related accountant’s report.

Effective date The amendments would be effective upon issuance.

AICPA — other


Issued this quarter Omnibus 201X

Date issued: 26 September 2016 — comment period ends 23 November 2016 Summary The proposed guidance would address practice issues identified during implementation and application of certain GASB Statements. The issues covered by the proposed Statement include component unit presentation, goodwill, fair value measurement and application, and postemployment benefits (pensions and other postemployment benefits).

Effective date The proposed guidance would be effective for reporting periods beginning after 15 June 2017. Earlier application would be encouraged.

Certain Debt Extinguishment Issues Date issued: 29 August 2016 — comment period ends 28 October 2016 Summary State and local governments would apply this guidance when extinguishing debt prior to its maturity using only existing resources that are placed in a trust for that purpose. The proposal is consistent with the GASB’s guidance on accounting for debt extinguishment when placing the proceeds of refunding bonds in trust for the future repayment of outstanding debt.

The proposal also addresses the accounting for prepaid insurance on extinguished debt and notes to the financial statements for certain defeased debt.

Effective date The proposed guidance would be effective for reporting periods beginning after 15 June 2017. Earlier application would be encouraged.

Highlights of certain proposals previously issued Leases

Date issued: 8 February 2016 — comment period ended 31 May 2016 Summary The proposal would establish a single approach for state and local governments to report leases based on the principle that leases are financings of the right to use an underlying asset. The proposal would provide guidance for lease contracts for nonfinancial assets but would provide certain scope exclusions, such as grants, donated assets and leases of intangible assets (such as patents and software licenses). A lessee government would be required to recognize a lease liability and intangible asset representing its right to use the leased asset. A lessor government would be required to recognize a lease receivable and a deferred inflow of resources. The proposal would provide limited exceptions for short-term leases (12 months or less) and financed purchases, among other things.

Governmental Accounting Standards Board

GASB exposure drafts

21

The proposal also would provide guidance on accounting for lease terminations and modifications, sale–leaseback transactions, non-lease components embedded in lease contracts and related party leases.

Effective date The proposed guidance would be effective for reporting periods beginning after 15 December 2018. Earlier application would be permitted.

Fiduciary Activities Date issued: 22 December 2015 — comment period ended 31 March 2016 Summary The proposal would establish guidance on what constitutes fiduciary activities for financial reporting purposes, how to recognize liabilities to beneficiaries and how fiduciary activities should be reported. The objective of this proposal is to enhance the comparability and consistency of fiduciary activity reporting by state and local governments. The proposal also would improve the usefulness of fiduciary activity information, primarily for assessing the accountability of governments in their roles as fiduciaries.

Effective date and transition The proposed guidance would be effective for reporting periods beginning after 15 December 2017. Earlier application is encouraged.

Other proposals previously issued • Certain Asset Retirement Obligations

• Date issued: 22 December 2015 — comment period ended 31 March 2016




Note: Early adoption generally is permitted unless otherwise noted.

Effective in 2016 for public(1) calendar year-end entities(2) ASU 2016-11 Revenue Recognition (Topic 605) and

Derivatives and Hedging (Topic 815), Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update)(3)

Amendments to ASC 815: Effective for fiscal years, and interim periods within those fiscal years, beginning after 15 December 2015. Amendments to ASC 605 and ASC 932: Effective upon adoption of the amendments in ASU 2014-09.

ASU 2015-16 Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments

Effective for fiscal years, including interim periods within those fiscal years, beginning after 15 December 2015.

ASU 2015-12 Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient

Effective for fiscal years beginning after 15 December 2015.

ASU 2015-10 Technical Corrections and Improvements Effective upon issuance (12 June 2015) for amendments that do not have transition guidance. Amendments that are subject to transition guidance: Effective for fiscal years, and interim periods within those fiscal years, beginning after 15 December 2015.

ASU 2015-09 Financial Services — Insurance (Topic 944), Disclosures about Short-Duration Contracts

Effective for annual periods beginning after 15 December 2015, and interim periods within annual periods beginning after 15 December 2016.

ASU 2015-07 Fair Value Measurement (Topic 820), Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

Effective for fiscal years beginning after 15 December 2015, and interim periods within those fiscal years.

ASU 2015-06 Earnings Per Share (Topic 260), Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions


ASU 2015-05 Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40), Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement

Effective for annual periods, including interim periods within those annual periods, beginning after 15 December 2015.

ASU 2015-04 Compensation — Retirement Benefits (Topic 715), Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets


ASU 2015-03 Interest — Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs


ASU 2015-02 Consolidation (Topic 810), Amendments to the Consolidation Analysis

Effective for fiscal years, and for interim periods within those fiscal years, beginning after 15 December 2015.

1 Refer to each ASU to determine which types of entities (e.g., public business entities, not-for-profits, employee benefit plans) are subject to these effective dates. 2 The Jumpstart Our Business Startups (JOBS) Act allows emerging growth companies to follow private company effective dates for new or revised accounting

standards issued after 5 April 2012. However, an emerging growth company must follow public company effective dates for all such standards if it has disclosed an election to do so.

3 This ASU adds or amends SEC paragraphs in the Codification that describe SEC guidance or SEC staff views that the FASB includes as a convenience to Codification users.

Effective date matrices

Effective date matrix — final FASB pronouncements

23

Effective in 2016 for public(1) calendar year-end entities(2) ASU 2015-01 Income Statement — Extraordinary and

Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items

Effective for fiscal years, and interim periods within those fiscal years, beginning after 15 December 2015.

ASU 2014-16 Derivatives and Hedging (Topic 815), Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity


ASU 2014-15 Presentation of Financial Statements — Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern

Effective for annual periods ending after 15 December 2016, and interim periods within annual periods beginning after 15 December 2016.

ASU 2014-13 Consolidation (Topic 810), Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity

Effective for annual periods, and interim periods within those annual periods, beginning after 15 December 2015.

ASU 2014-12 Compensation — Stock Compensation (Topic 718), Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period


ASU 2014-10 Development Stage Entities (Topic 915), Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation

Amendments to ASC 915: Effective for annual reporting periods beginning after 15 December 2014, and interim periods therein. Amendments to ASC 810: Effective for annual reporting periods beginning after 15 December 2015, and interim periods therein.

Effective after 2016 for public(1) calendar year-end entities(2) ASU 2016-15 Statement of Cash Flows (Topic 230),

Classification of Certain Cash Receipts and Cash Payments


ASU 2016-14

Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities

Effective for fiscal years beginning after 15 December 2017, and interim periods within fiscal years beginning after 15 December 2018.

ASU 2016-13 Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments

Public business entities that meet the definition of an SEC filer: Effective for fiscal years beginning after 15 December 2019, including interim periods within those years. Other public business entities: Effective for fiscal years beginning after 15 December 2020, including interim periods within those fiscal years. Earlier application is permitted only for fiscal years beginning after 15 December 2018, including interim periods within those fiscal years.

ASU 2016-12 Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients

Effective upon adoption of the amendments in ASU 2014-09.

ASU 2016-10 Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing


ASU 2016-09 Compensation — Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting

Effective for fiscal years beginning after 15 December 2016, including interim periods within those fiscal years.

ASU 2016-08 Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue Gross versus Net)

Effective upon the adoption of the amendments in ASU 2014-09.


Effective after 2016 for public(1) calendar year-end entities(2) ASU 2016-07 Investments — Equity Method and Joint

Ventures (Topic 323), Simplifying the Transition to the Equity Method of Accounting


ASU 2016-06 Derivatives and Hedging (Topic 815), Contingent Put and Call Options in Debt Instruments


ASU 2016-05 Derivatives and Hedging (Topic 815), Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships


ASU 2016-04 Liabilities — Extinguishments of Liabilities (Subtopic 405-20), Recognition of Breakage for Certain Prepaid Stored-Value Products


ASU 2016-02 Leases (Topic 842) Effective for fiscal years beginning after 15 December 2018, and interim periods within those fiscal years.

ASU 2016-01 Financial Instruments — Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities

Effective for fiscal years, and interim periods within those fiscal years, beginning after 15 December 2017. Earlier application is prohibited except for the presentation guidance in ASC 825-10-45-5 through 45-7.

ASU 2015-17 Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes

Effective for annual periods beginning after 15 December 2016, and interim periods within those annual periods.

ASU 2015-11 Inventory (Topic 330), Simplifying the Measurement of Inventory

Effective for fiscal years beginning after 15 December 2016, including interim periods within those fiscal years.

ASU 2014-09 Revenue from Contracts with Customers (Topic 606)

Effective for annual reporting periods beginning after 15 December 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after 15 December 2016, including interim reporting periods within that reporting period. (4)

Effective prior to 2016 for public(1) calendar year-end entities(2) ASU 2015-15 Interest — Imputation of Interest (Subtopic 835-30),

Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements — Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update)(3)

Effective upon announcement (18 June 2015).

ASU 2015-13 Derivatives and Hedging (Topic 815), Application of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts within Nodal Energy Markets

Effective upon issuance (10 August 2015).

ASU 2015-08 Business Combinations (Topic 805), Pushdown Accounting — Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 (SEC Update)(3)

Effective upon issuance of SAB 115 (18 November 2014).

ASU 2014-14 Receivables — Troubled Debt Restructurings by Creditors (Subtopic 310-40), Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure


4 ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, provides a one-year deferral of the effective date for the

new revenue standard for public and nonpublic entities reporting under US GAAP.

25

Effective prior to 2016 for public(1) calendar year-end entities(2) ASU 2014-11 Transfers and Servicing (Topic 860),

Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures

Effective for the first interim or annual period beginning after 15 December 2014. Earlier application is prohibited. Disclosures for transactions accounted for as secured borrowings: Effective for annual periods beginning after 15 December 2014, and for interim periods beginning after 15 March 2015.

ASU 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity

Effective for annual periods beginning on or after 15 December 2014, and interim periods within those years.

ASU 2014-05 Service Concession Arrangements (Topic 853) Effective for annual periods, and interim periods within those annual periods, beginning after 15 December 2014.

ASU 2014-04 Receivables — Troubled Debt Restructurings by Creditors (Subtopic 310-40), Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure


ASU 2014-01 Investments — Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Qualified Affordable Housing Projects

Effective for annual periods, and interim reporting periods within those annual periods, beginning after 15 December 2014.

ASU 2013-06 Not-for-Profit Entities (Topic 958), Services Received from Personnel of an Affiliate

Effective for fiscal years beginning after 15 June 2014, and interim and annual periods thereafter.

Effective in 2016 for nonpublic(5) calendar year-end entities ASU 2015-12 Plan Accounting: Defined Benefit Pension Plans

(Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient

Effective for fiscal years beginning after 15 December 2015.

ASU 2015-10 Technical Corrections and Improvements Effective upon issuance (12 June 2015) for amendments that do not have transition guidance. Amendments that are subject to transition guidance: Effective for fiscal years, and interim periods within those fiscal years, beginning after 15 December 2015.

ASU 2015-05 Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40), Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement

Effective for annual periods beginning after 15 December 2015, and interim periods in annual periods beginning after 15 December 2016.

ASU 2015-03 Interest — Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs


5 Refer to each ASU to determine which types of entities (e.g., private companies, not-for-profits, employee benefit plans) are subject to these effective dates.


Effective in 2016 for nonpublic(5) calendar year-end entities ASU 2015-01 Income Statement — Extraordinary and Unusual

Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items


ASU 2014-18 Business Combinations (Topic 805), Accounting for Identifiable Intangible Assets in a Business Combination

Effective upon adoption of the accounting alternative.(6)

ASU 2014-16 Derivatives and Hedging (Topic 815), Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity


ASU 2014-15 Presentation of Financial Statements — Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern

Effective for annual periods ending after 15 December 2016, and interim periods within annual periods beginning after 15 December 2016.

ASU 2014-13 Consolidation (Topic 810), Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity

Effective for annual periods ending after 15 December 2016, and interim periods beginning after 15 December 2016.

ASU 2014-12 Compensation — Stock Compensation (Topic 718), Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period


Effective after 2016 for nonpublic(5) calendar year-end entities ASU 2016-15 Statement of Cash Flows (Topic 230),

Classification of Certain Cash Receipts and Cash Payments


ASU 2016-14

Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities


ASU 2016-13 Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments

Effective for fiscal years beginning after 15 December 2020, and interim periods within fiscal years beginning after 15 December 2021. Earlier application is permitted only for fiscal years beginning after 15 December 2018, including interim periods within those fiscal years.

ASU 2016-12 Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients


ASU 2016-10 Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing


ASU 2016-09 Compensation — Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting


ASU 2016-08 Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue Gross versus Net)

Effective upon the adoption of the amendments in ASU 2014-09.

6 The FASB issued ASU 2016-03, Intangibles — Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and

Hedging (Topic 815), Effective Date and Transition Guidance, that eliminates the effective dates in the four alternatives developed by the Private Company Council (PCC). The guidance makes all four PCC alternatives available for election immediately.

27

Effective after 2016 for nonpublic(5) calendar year-end entities ASU 2016-07 Investments — Equity Method and Joint

Ventures (Topic 323), Simplifying the Transition to the Equity Method of Accounting


ASU 2016-06 Derivatives and Hedging (Topic 815), Contingent Put and Call Options in Debt Instruments


ASU 2016-05 Derivatives and Hedging (Topic 815), Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships


ASU 2016-04 Liabilities — Extinguishments of Liabilities (Subtopic 405-20), Recognition of Breakage for Certain Prepaid Stored-Value Products


ASU 2016-02 Leases (Topic 842) Effective for fiscal years beginning after 15 December 2019, and interim periods within fiscal years beginning after 15 December 2020.

ASU 2016-01 Financial Instruments — Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities

Effective for fiscal years beginning after 15 December 2018, and interim periods within fiscal years beginning after 15 December 2019. Application prior to the effective date for public business entities is prohibited, except for the presentation guidance in ASC 825-10-45-5 through 45-7, and the provision in ASC 825-10-65-2 that eliminates the fair value disclosures for financial instruments required by the General Subsection of ASC 825-10-50.

ASU 2015-17 Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes


ASU 2015-16 Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments


ASU 2015-11 Inventory (Topic 330), Simplifying the Measurement of Inventory


ASU 2015-09 Financial Services — Insurance (Topic 944), Disclosures about Short-Duration Contracts


ASU 2015-07 Fair Value Measurement (Topic 820), Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)


ASU 2015-04 Compensation — Retirement Benefits (Topic 715), Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets


ASU 2015-02 Consolidation (Topic 810), Amendments to the Consolidation Analysis

Effective for fiscal years beginning after 15 December 2016, and for interim periods within fiscal years beginning after 15 December 2017.

ASU 2014-10 Development Stage Entities (Topic 915), Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation

Amendments to ASC 915: Effective for annual reporting periods beginning after 15 December 2014, and for interim reporting periods beginning after 15 December 2015. Amendments to ASC 810: Effective for annual reporting periods beginning after 15 December 2016, and for interim reporting periods beginning after 15 December 2017.

ASU 2014-09 Revenue from Contracts with Customers (Topic 606)

Effective for annual reporting periods beginning after 15 December 2018, and interim reporting periods within annual reporting periods beginning after 15 December 2019. Application prior to the original effective date for public entities is prohibited.(4)


Effective prior to 2016 for nonpublic(5) calendar year-end entities ASU 2015-13 Derivatives and Hedging (Topic 815), Application

of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts within Nodal Energy Markets

Effective upon issuance (10 August 2015).

ASU 2014-14 Receivables — Troubled Debt Restructurings by Creditors (Subtopic 310-40), Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure

Effective for annual periods ending after 15 December 2015, and interim periods beginning after 15 December 2015.

ASU 2014-11 Transfers and Servicing (Topic 860), Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures

Effective for annual periods beginning after 15 December 2014, and interim periods beginning after 15 December 2015. Application prior to the effective date for public business entities is prohibited.

ASU 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity

Effective for annual periods beginning on or after 15 December 2014, and interim periods within annual periods beginning on or after 15 December 2015.

ASU 2014-07 Consolidation (Topic 810), Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements


ASU 2014-05 Service Concession Arrangements (Topic 853) Effective for annual periods beginning after 15 December 2014, and interim periods within annual periods beginning after 15 December 2015.

ASU 2014-04 Receivables — Troubled Debt Restructurings by Creditors (Subtopic 310-40), Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure


ASU 2014-03 Derivatives and Hedging (Topic 815), Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps — Simplified Hedge Accounting Approach


ASU 2014-02 Intangibles — Goodwill and Other (Topic 350), Accounting for Goodwill


ASU 2014-01 Investments — Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Qualified Affordable Housing Projects


ASU 2013-11 Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists

Effective for fiscal years, and interim periods within those years, beginning after 15 December 2014.

ASU 2013-06 Not-for-Profit Entities (Topic 958), Services Received from Personnel of an Affiliate

Effective for fiscal years beginning after 15 June 2014, and interim and annual periods thereafter.

ASU 2013-05 Foreign Currency Matters (Topic 830), Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity

Effective for fiscal years beginning after 15 December 2014, and interim and annual periods thereafter.

29

Title Effective date Disclosure of Payments by Resource Extraction Issuers The rule is effective for fiscal years ending on or after 30 September 2018. Changes to Exchange Act Registration Requirements to Implement Title V and Title VI of the JOBS Act

9 June 2016.

Form 10-K Summary 9 June 2016. Simplification of Disclosure Requirements for Emerging Growth Companies and Forward Incorporation by Reference on Form S-1 for Smaller Reporting Companies

19 January 2016.

Security-Based Swap Transactions Connected with a Non-U.S. Person’s Dealing Activity That Are Arranged, Negotiated, or Executed By Personnel Located in a U.S. Branch or Office or in a U.S. Branch or Office of an Agent; Security-Based Swap Dealer De Minimis Exception

The rule is effective 19 April 2016, with a compliance date of the later of (a) 21 February 2017 or (b) the SBS Entity Counting Date.

Crowdfunding The rule is effective 16 May 2016. Removal of Certain References to Credit Ratings and Amendment to the Issuer Diversification Requirement in the Money Market Fund Rule

The amendments are effective 26 October 2015. The compliance date is 14 October 2016.

Pay Ratio Disclosure The rule is effective 19 October 2015. Registrants will be required to make pay ratio disclosures for their first fiscal year beginning on or after 1 January 2017.

Amendments for Small and Additional Issues Exemptions Under Section 3(b) of the Securities Act (‘Regulation A+’)

19 June 2015.

Credit Risk Retention The new rules are effective 24 December 2015 for residential mortgage-backed securitizations and 24 December 2016 for all other securitizations.

Nationally Recognized Statistical Rating Organizations Certain amendments related to NRSRO were effective as early as 14 November 2014, and others were effective 15 June 2015. The reporting requirements related to ABS third-party due diligence reports were effective 15 June 2015. The first annual report on internal controls from NRSROs is due no later than 90 days after their fiscal year ending on or after 1 January 2015.

Money Market Fund Reform; Amendments to Form PF The rule is effective 14 October 2014. The compliance date for disclosures of significant events on a fund’s website and on new Form N-CR is 14 July 2015. The compliance date for diversification, stress testing and disclosure requirements is 14 April 2016. The compliance date for amendments related to fees, gates and the floating NAV is 14 October 2016.

Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships with, Hedge Funds and Private Equity Funds

21 July 2015, but the Federal Reserve Board gave banking entities a one-year extension (i.e., to 21 July 2016) to conform their ownership interests in and sponsorship of certain covered funds, including collateralized loan obligations. The Federal Reserve Board also announced its intention to grant banking entities an additional one-year extension (i.e., to 21 July 2017) for the same covered funds. In the meantime, banks with significant trading operations will have to report certain quantitative information in phases, based on the size of the entity, with the largest banks reporting by 30 June 2014, and others reporting by 30 April 2016 or 31 December 2016, depending on the size of the bank’s consolidated trading assets and liabilities.

Effective date matrix — final SEC pronouncements and interpretive releases


Title Effective date Improving the Transparency of Audits: Rules to Require Disclosure of Certain Audit Participants on a New PCAOB Form and Related Amendments to Auditing Standards

Disclosure of the name of the audit partner will be required for auditors’ reports issued on or after 31 January 2017. Disclosure of other accounting firms participating in the audit will be required for auditors’ reports issued on or after 30 June 2017.

Rules to Implement the Reorganization of PCAOB Auditing Standards and Related Changes to PCAOB Rules and Attestation, Quality Control, and Ethics and Independence Standards

Effective as of 31 December 2016.

Auditing Standard No. 18, Related Parties and Amendments to Certain PCAOB Auditing Standards Regarding Significant Unusual Transactions and Other Amendments to PCAOB Auditing Standards

Effective for audits of financial statements for fiscal years beginning on or after 15 December 2014, including reviews of interim financial information within these fiscal years.

Amendments to Conform the Board’s Rules and Forms to the Dodd-Frank Act and Make Certain Updates and Clarifications

The amendments to Forms 1, 1-WD, 3 and 4 will take effect on 1 July 2014. The amendments to Form 2 will take effect 1 April 2015.

Effective date matrix — final PCAOB pronouncements and rules

31

Title Effective date SSAE No. 18, Attestation Standards: Clarification and Recodification Effective for practitioners’ reports dated on or after 1 May 2017. Early

adoption is permitted. SAS No. 131, Amendment to Statement on Auditing Standards No. 122 Section 700, Forming an Opinion and Reporting on Financial Statements

Effective for audits of financial statements for periods ending on or after 15 June 2016.

SAS No. 130, An Audit of Internal Control Over Financial Reporting That Is Integrated With an Audit of Financial Statements

Effective for integrated audits for periods ending on or after 15 December 2016.

SSARS No. 22, Compilation of Pro Forma Financial Information Effective for compilation reports on pro forma financial information dated on or after 1 May 2017.

SSARS No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification

Effective for reviews, compilations and engagements to prepare financial statements for periods ending on or after 15 December 2015.

Effective date matrix — final AICPA standards


Title Effective date Statement No. 82, Pension Issues, an amendment of GASB Statements No. 67, No. 68 and No. 73

Effective for reporting periods beginning after 15 June 2016, except for the requirements of this Statement for the selection of assumptions in a circumstance in which an employer’s pension liability is measured as of a date other than the employer’s most recent fiscal year-end. Earlier application is encouraged.

Statement No. 81, Irrevocable Split-Interest Agreements Effective for reporting periods beginning after 15 December 2016. Earlier application is encouraged.

Statement No. 80, Blending Requirements for Certain Component Units — an amendment of GASB Statement No. 14

Effective for reporting periods beginning after 15 June 2016. Earlier application is encouraged.

Statement No. 79, Certain External Investment Pools and Pool Participants

Effective for reporting periods beginning after 15 June 2015, except for certain provisions on portfolio quality, custodial credit risk, and shadow pricing, which are effective for reporting periods beginning after 15 December 2015. Earlier application is encouraged.

Statement No. 78, Pensions Provided Through Certain Multiple-Employer Defined Benefit Pension Plans

Effective for reporting periods beginning after 15 December 2015. Earlier application is encouraged.

Statement No. 77, Tax Abatement Disclosures Effective for financial statements for periods beginning after 15 December 2015. Earlier application is encouraged.

Statement No. 76, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments

Effective for financial statements for periods beginning after 15 June 2015. Earlier application is permitted.

Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions

Effective for fiscal years beginning after 15 June 2017. Earlier application is encouraged.

Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans

Effective for financial statements for fiscal years beginning after 15 June 2016. Earlier application is encouraged.

Statement No. 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68

Effective for financial statements for fiscal years beginning after 15 June 2016: requirements that address accounting and financial reporting by employers and governmental nonemployer contributing entities for pensions that are not within the scope of Statement 68. Effective for fiscal years beginning after 15 June 2015: requirements that address financial reporting for assets accumulated for purposes of providing those pensions. Effective for fiscal years beginning after 15 June 2015: requirements that amend Statements 67 and 68. Earlier application is encouraged.

Statement No. 72, Fair Value Measurement and Application

Effective for financial statements for reporting periods beginning after 15 June 2015. Earlier application is encouraged.

Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date — an amendment of GASB Statement No. 68

Effective simultaneously with the provisions of Statement 68, for fiscal years beginning after 15 June 2014. Earlier application is encouraged.

Statement No. 68, Accounting and Financial Reporting for Pensions — an amendment of GASB Statement No. 27

Effective for financial statements for fiscal years beginning after 15 June 2014. Earlier application is encouraged.

Effective date matrix — final GASB pronouncements

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