Skyscrapers and a purple sky

The Financial Accounting Standards Board (FASB) issued 20 Accounting Standards Updates (ASUs) in 2018, including updates to ASC 842—Leases, various codification improvements and more. Links are provided below to the detailed FASB information for each of the 2018 ASUs.

Update 2018-01—Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842

Update 2018-02—Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

Update 2018-03—Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

Update 2018-04—Investments—Debt Securities (Topic 320) and Regulated Operations (Topic 980): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273 (SEC Update)

Update 2018-05—Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (SEC Update)

Update 2018-06—Codification Improvements to Topic 942, Financial Services—Depository and Lending

Update 2018-07—Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting

Update 2018-08—Not-For-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made

Update 2018-09—Codification Improvements

[Revised 07/18/18—Wording corrected in summary to reflect actual Codification wording.]

Update 2018-10—Codification Improvements to Topic 842, Leases

Update 2018-11—Leases (Topic 842): Targeted Improvements

Update 2018-12—Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts

Update 2018-13—Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement

Update 2018-14—Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans

Update 2018-15—Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)

Update 2018-16—Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes

Update 2018-17—Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities

Update 2018-18—Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606

Update 2018-19—Codification Improvements to Topic 326, Financial Instruments—Credit Losses

Update 2018-20—Leases (Topic 842): Narrow-Scope Improvements for Lessors

If your organization is affected by any of the FASB’s 2018 ASUs, your organization should begin evaluating the impact these changes have on your internal processes. We recommend consulting with your Baker Tilly advisor on the impacts these changes have on your organization.

For more information on these topics, or to learn how Baker Tilly's specialists can help, contact our team.

Wisconsin enacts a pass-through entity tax
Next up

Wisconsin enacts a pass-through entity tax