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Summary of the FASB’s ASUs in 2019

The Financial Accounting Standards Board (FASB) issued 11 Accounting Standards Updates (ASUs) in 2019. Links are provided below to the detailed FASB information for each of the 2019 ASUs.

  • Update 2019-01—Leases (Topic 842): Codification Improvements
    - ASC 842 Lease Accounting
  • Update 2019-02—Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (Subtopic 920-350): Improvements to Accounting for Costs of Films and License Agreements for Program Materials (a consensus of the Emerging Issues Task Force)
  • Update 2019-03—Not-for-Profit Entities (Topic 958): Updating the Definition of Collections
    - Updates from the NAIC Fall 2019 National Meeting
  • Update 2019-04—Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments
  • Update 2019-05—Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief
    - Updates from the NAIC Fall 2019 National Meeting
  • Update 2019-06—Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Entities (Topic 958): Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities
    - Updates from the NAIC Fall 2019 National Meeting
  • Update 2019-07—Codification Updates to SEC Sections—Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates  (SEC Update)
  • Update 2019-08—Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer
    - ASC 606 Revenue Recognition
  • Update 2019-09—Financial Services—Insurance (Topic 944): Effective Date
  • Update 2019-10—Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates
    - Updates from the NAIC Fall 2019 National Meeting
  • Update 2019-11—Codification Improvements to Topic 326, Financial Instruments—Credit Losses

If your organization is affected by any of the FASB’s 2019 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.

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