Standardsetterupdate 01902-171us 25april2017

First Quarter 2017
Standard Setter Update

Financial reporting and accounting developments
(current through 31 March 2017)
April 2017
To our clients and other friends
This First Quarter 2017 Standard Setter Update highlights significant developments in financial reporting
and accounting between 1 January 2017 and 31 March 2017, except as noted. Our Standard Setter
Update publications also summarize certain proposals under consideration by the Financial Accounting
Standards Board (FASB or Board), the Emerging Issues Task Force (EITF), the Private Company Council
(PCC), the Securities and Exchange Commission (SEC or Commission), 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.
April 2017
Contents
Financial Accounting Standards Board...................................................................... 1
Securities and Exchange Commission ..................................................................... 11
Public Company Accounting Oversight Board.......................................................... 17
Auditing Standards Board ...................................................................................... 19
Governmental Accounting Standards Board ............................................................ 23
Effective date matrices .......................................................................................... 26
First Quarter 2017 Standard Setter Update Financial reporting and accounting developments
Pronouncements and proposals
Financial Accounting Standards Board

Final FASB guidance
Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium
Amortization on Purchased Callable Debt Securities (ASU 2017-08) .................................... 1
Compensation — Retirement Benefits (Topic 715), Improving the Presentation of Net
Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (ASU 2017-07) ............ 1
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) (ASU 2017-06) ..... 2
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 (ASU 2017-05)...................................... 2
Intangibles — Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment
(ASU 2017-04)................................................................................................................... 3
Accounting Changes and Error Corrections (Topic 250) and Investments — Equity Method
and Joint Ventures (Topic 323), Amendments to SEC Paragraphs Pursuant to Staff
Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings
(SEC Update) (ASU 2017-03) .............................................................................................. 4
Not-for-Profit Entities — Consolidation (Subtopic 958-810), Clarifying When a Not-for-Profit
Entity That Is a General Partner or a Limited Partner Should Consolidate a For-Profit
Limited Partnership or Similar Entity (ASU 2017-02) ........................................................... 4
Business Combinations (Topic 805), Clarifying the Definition of a Business (ASU 2017-01) ......... 5
Final guidance expected soon

Compensation — Stock Compensation (Topic 718), Scope of Modification Accounting ................. 6
Service Concession Arrangements (Topic 853), Determining the Customer of the Operation
Services (a consensus of the Emerging Issues Task Force) ................................................... 6
FASB exposure documents

Issued this quarter
Compensation — Stock Compensation (Topic 718), Improvements to Nonemployee
Share-Based Payment Accounting....................................................................................... 7
Inventory (Topic 330), Disclosure Framework — Changes to the Disclosure Requirements
for Inventory ...................................................................................................................... 7
Debt (Topic 470), Simplifying the Classification of Debt in a Classified Balance Sheet
(Current versus Noncurrent) ............................................................................................... 8
Other proposals previously issued .................................................................................................... 8
Other FASB
Invitation to comment, Agenda Consultation............................................................................ 10
What’s next — agenda highlights .............................................................................................. 10
i
Securities and Exchange Commission
SEC final rules
Inflation Adjustments and Other Technical Amendments under Titles I and III of the JOBS Act
(Release No. 33-10332) ................................................................................................... 11
Exhibit Hyperlinks and HTML Format (Release No. 33-10322) .................................................. 11
SEC rule proposals

Issued this quarter
Inline XBRL Filing of Tagged Data (Release No. 33-10323) ....................................................... 12
Highlights of certain proposals previously issued
Universal Proxy (Release No. 34-79164) ................................................................................. 12
Other proposals previously issued .................................................................................................. 12
SEC staff guidance

SEC staff updates guidance on Form 20-F ................................................................................ 14
SEC staff updates guidance on Regulation A ............................................................................ 14
Other SEC
2017 financial reporting taxonomy .......................................................................................... 15
SEC publishes IFRS taxonomy for FPIs ..................................................................................... 15
SEC seeks feedback on Industry Guide 3 bank disclosure rules .................................................. 15
Congress eliminates rules on disclosures of payments by resource extraction issuers ................ 15
SEC seeks public input on pay ratio rule ................................................................................... 15
SEC seeks public input on conflict minerals rule ........................................................................ 16
Public Company Accounting Oversight Board

PCAOB proposed standards and other projects
The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an
Unqualified Opinion (PCAOB Release No. 2016-003) ......................................................... 17
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) .............................................................. 17
ii First Quarter 2017 Standard Setter Update Financial reporting and accounting developments
Auditing Standards Board
Final ASB standards
The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern
(Statement on Auditing Standards No. 132) ...................................................................... 19
ASB exposure drafts

Proposed Statement on Auditing Standards, Auditor Involvement with Exempt
Offering Documents ......................................................................................................... 20
Other ASB
Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans
Subject to ERISA .............................................................................................................. 21
AICPA — other
Proposals previously issued ........................................................................................................... 22
Governmental Accounting Standards Board

Final GASB guidance
GASB Statement No. 85, Omnibus 2017 ................................................................................. 23
GASB Statement No. 84, Fiduciary Activities ........................................................................... 23
GASB exposure drafts

Leases.................................................................................................................................... 24
Other GASB
Invitation to Comment, Financial Reporting Model Improvements — Governmental Funds .......... 25
Effective date matrices

Effective date matrix — final FASB pronouncements ................................................................. 26
Effective date matrix — final SEC pronouncements and interpretive releases ............................. 34
Effective date matrix — final PCAOB pronouncements and rules ................................................ 35
Effective date matrix — final AICPA standards .......................................................................... 36
Effective date matrix — final GASB pronouncements ................................................................. 37
iii
Financial Accounting Standards Board
Final FASB guidance
Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium

Amortization on Purchased Callable Debt Securities (ASU 2017-08)
Date issued: 30 March 2017
Summary
The FASB shortened the amortization period for the premium on certain purchased callable debt
securities to the earliest call date. Today, entities generally amortize the premium as a yield adjustment
over the contractual life of the security. The accounting for purchased callable debt securities held at a
discount does not change under the new guidance.
Effective date and transition
The guidance is effective for public business entities (PBEs) for fiscal years beginning after
15 December 2018, and interim periods therein. For other entities, it is effective for fiscal years
beginning after 15 December 2019, and interim periods within fiscal years beginning after
15 December 2020. Early adoption is permitted. The guidance will be applied using a modified
retrospective approach.
Other resources
• To the Point, FASB shortens the amortization period for certain purchased callable debt securities
held at a premium (SCORE No. 01543-171US)
Compensation — Retirement Benefits (Topic 715), Improving the Presentation of Net

Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (ASU 2017-07)
Summary
Employers that sponsor defined benefit pension and/or other postretirement benefit plans will present
the service cost component of net periodic benefit cost in the same income statement line item(s) as
other employee compensation costs arising from services rendered during the period. Only the service
cost component will be eligible for capitalization in assets. Employers will present the other components
of the net periodic benefit cost separately from the line item(s) that includes the service cost and
outside of any subtotal of operating income, if one is presented. These components will not be eligible
for capitalization in assets.
The guidance is effective for PBEs for annual periods beginning after 15 December 2017, and interim
periods therein. For other entities, it is effective for annual periods beginning after 15 December 2018,
and interim periods within annual periods beginning after 15 December 2019. Early adoption is
permitted as of the beginning of an annual period for which financial statements (interim or annual)
have not been issued or made available for issuance. Employers will apply the guidance on the
presentation of the components of net periodic benefit cost in the income statement retrospectively.
The guidance limiting the capitalization of net periodic benefit cost in assets to the service cost
component will be applied prospectively.
1
Other resources
• To the Point, Employers’ presentation of defined benefit retirement plan costs will change
(SCORE No. 01039-171US)
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)
(ASU 2017-06)
Date issued: 27 February 2017
Summary
An employee benefit plan will be required to report an interest in a master trust and the change in the
value of that interest as separate line items on the statement of net assets available for benefits and
the statement of changes in net assets available for benefits, respectively. A plan will have to disclose
the master trust’s investments and other assets and liabilities, as well as the dollar amount of its
interest in these balances. Investments measured at fair value will have to be presented by general
type of investment. The guidance also eliminates a disclosure requirement related to 401(h) retiree
health accounts for health and welfare plans.
The guidance is effective for fiscal years beginning after 15 December 2018 and will be applied
retrospectively. Early adoption is permitted.
Other resources
• To the Point, FASB amends employee benefit plan master trust reporting (SCORE No. 00914-171US)
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 (ASU 2017-05)
Summary
The guidance clarifies the scope and application of Accounting Standards Codification (ASC or
Codification) 610-20, which was issued with the new revenue recognition standard, on the sale or
transfer of nonfinancial assets and in substance nonfinancial assets to noncustomers, including partial
sales. The guidance applies to nonfinancial assets, including real estate (e.g., buildings, land, solar
farms), ships and intellectual property. The guidance also defines an in substance nonfinancial asset.
The Accounting Standards Update (ASU) clarifies that ASC 610-20 applies to all nonfinancial assets
unless another scope exception applies or the sale is to a customer. The ASU also clarifies that all
businesses are derecognized using the guidance in ASC 810. When determining whether to derecognize
the asset, the selling entity will need to consider the guidance in ASC 810 and ASC 606 to conclude
whether control of the asset has transferred.
2 First Quarter 2017 Standard Setter Update Financial reporting and accounting developments
The new guidance, like the new revenue standard, is effective for public entities (as defined) for annual
reporting periods beginning after 15 December 2017, and interim periods therein. The new guidance
is effective for nonpublic entities for annual reporting periods beginning after 15 December 2018, and
interim periods within annual reporting periods beginning after 15 December 2019. All entities can
early adopt as of annual reporting periods beginning after 15 December 2016, including interim
periods therein. The new revenue standard and ASC 610-20 must be adopted concurrently.
Entities may adopt the new guidance using either a full or modified retrospective approach, as they
can for the new revenue standard. However, an entity does not have to apply the same transition
method for both the new revenue standard and ASC 610-20.
Other resources
• To the Point, Clarifications to guidance on the derecognition of nonfinancial assets and in
substance nonfinancial assets (SCORE No. 00864-171US)
Intangibles — Goodwill and Other (Topic 350), Simplifying the Test for Goodwill
Impairment (ASU 2017-04)
Date issued: 26 January 2017
Summary
The guidance simplifies the accounting for goodwill impairment for all entities by eliminating the
requirement to calculate the implied fair value of goodwill (i.e., Step 2 of today’s goodwill impairment
test) to measure a goodwill impairment charge. Instead, entities will record an impairment charge
based on the excess of a reporting unit’s carrying amount over its fair value (i.e., measure the charge
based on today’s Step 1). The standard does not change the guidance on completing Step 1 of the
goodwill impairment test. An entity will still be able to perform today’s optional qualitative goodwill
impairment assessment before determining whether to proceed to Step 1. In addition, private
companies will still have the option to elect the Private Company Council alternative on goodwill.
The standard will be applied prospectively and is effective for annual and interim impairment tests
performed in periods beginning after (1) 15 December 2019 for PBEs that meet the definition of an
SEC filer, (2) 15 December 2020 for PBEs that are not SEC filers and (3) 15 December 2021 for all
other entities. Early adoption is permitted for annual and interim goodwill impairment testing dates
after 1 January 2017.
Other resources
• To the Point, FASB simplifies the accounting for goodwill impairment (SCORE No. 00381-171US)
3
Accounting Changes and Error Corrections (Topic 250) and Investments — Equity
Method and Joint Ventures (Topic 323), Amendments to SEC Paragraphs Pursuant to
Staff Announcements at the September 22, 2016 and November 17, 2016 EITF
Meetings (SEC Update) (ASU 2017-03)
Summary
The ASU amends the Accounting Standards Codification for SEC staff announcements made at two
EITF meetings. At the September 2016 meeting, the SEC staff expressed its expectations about the
extent of disclosures registrants should make about the effects of the new FASB guidance (including
any amendments issued prior to adoption) on revenue (ASU 2014-09), leases (ASU 2016-02) and
credit losses on financial instruments (ASU 2016-13) in accordance with Staff Accounting Bulletin
(SAB) Topic 11.M. The ASU incorporates these SEC staff views into ASC 250 and adds references to
that guidance in the transition paragraphs of each of the three new standards.
The ASU also conforms ASC 323-740-S99-2, which describes the SEC staff’s views on accounting for
investments in qualified affordable housing projects, to the guidance issued in ASU 2014-01. The staff
announced the change at the November 2016 EITF meeting.
Not-for-Profit Entities — Consolidation (Subtopic 958-810), Clarifying When a Not-for-

Profit Entity That Is a General Partner or a Limited Partner Should Consolidate a For-
Profit Limited Partnership or Similar Entity (ASU 2017-02)
Summary
The guidance retains the presumption that a not-for-profit (NFP) entity that is a general partner of a for-
profit limited partnership or similar entity controls the limited partnership, unless that presumption can
be overcome. That presumption was eliminated by the amendments in ASU 2015-02 but is now
reinstated in the NFP consolidation guidance in ASC 958-810. The ASU also clarifies that NFP entities
(other than business-oriented health care entities) with investments in certain for-profit entities may
continue to elect to measure those investments at fair value.
The latest amendments on the presumption are effective for annual periods beginning after
15 December 2016, and interim periods within annual periods beginning after 15 December 2017. An
NFP that has not yet adopted ASU 2015-02 must adopt both ASUs using the same transition method.
Early adoption is permitted for annual and interim periods. An NFP that early adopted ASU 2015-02
must apply the latest amendments on the presumption as of the effective date discussed above, using
a retrospective approach for all relevant prior periods beginning with the fiscal year in which the
amendments in ASU 2015-02 were initially adopted. An NFP that has not yet adopted ASU 2015-02
must adopt the latest amendments at the same time it adopts ASU 2015-02.
Other resources
• To the Point, FASB retains consolidation guidance for NFP general partners of for-profit limited
partnerships (SCORE No. 00261-171US)
Business Combinations (Topic 805), Clarifying the Definition of a Business

(ASU 2017-01)
Summary
The FASB changed its definition of a business in an effort to help entities determine whether a set of
transferred assets and activities is a business. The guidance requires an entity to first evaluate
whether substantially all of the fair value of the gross assets acquired is concentrated in a single
identifiable asset or a group of similar identifiable assets. If this threshold is met, the set of transferred
assets and activities is not a business. If the threshold is not met, the entity evaluates whether the set
meets the requirement that a business include, at a minimum, an input and a substantive process that
together significantly contribute to the ability to create outputs. The guidance narrows the definition
of outputs by more closely aligning it with how outputs are described in the new revenue guidance.
Effective date
The guidance is effective for PBEs for annual periods beginning after 15 December 2017, and interim
periods within those periods. For all other entities, it is effective for annual periods beginning after
15 December 2018, and interim periods within annual periods beginning after 15 December 2019.
Early adoption is permitted.
Other resources
• Technical Line, A closer look at the FASB’s new guidance on the definition of a business
(SCORE No. 00635-171US)
• To the Point, FASB narrows the definition of a business (SCORE No. 00058-171US)
• Technical Line, How changes to the definition of a business will affect life sciences entities
(SCORE No. 00345-171US)
• Technical Line, How changes to the definition of a business will affect real estate entities
(SCORE No. 00347-171US)
5
Final guidance expected soon
The FASB has completed deliberations on these proposals or approved consensuses reached by the EITF
and is expected to issue final guidance soon.
Compensation — Stock Compensation (Topic 718), Scope of Modification Accounting

Date proposal issued: 17 November 2016 — comment period ended 6 January 2017
Summary
The proposal would clarify which changes to the terms or conditions of a share-based payment award
are subject to the guidance on modification accounting. Entities would apply the modification
accounting guidance unless the value, vesting requirements and classification of a share-based payment
award are the same immediately before and after a change to the terms or conditions of the award.
The guidance would be effective for fiscal years beginning after 15 December 2017, and interim
periods within those fiscal years. Early adoption is permitted. The guidance would be applied
prospectively to awards modified on or after the effective date.
Other resources
• FASB Project Update: Scope of Modification Accounting in Topic 718
• To the Point, FASB proposes changes to the scope of modification accounting for share-based
payments (SCORE No. 03909-161US)
• Comment letter (SCORE No. 00059-171US)
Service Concession Arrangements (Topic 853), Determining the Customer of the

Operation Services (a consensus of the Emerging Issues Task Force)
Date proposal issued: 4 November 2016 — comment period ended 6 January 2017
(Final consensus reached by the EITF and ratified by the FASB in March 2017. An 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
The effective date for the consensus will be aligned with the effective date in ASC 606. However, an
entity may adopt this guidance before it adopts ASC 606.
Other resources
• FASB Project Update: EITF Issue No. 16-C: Determining the Customer of the Operation Services in
a Service Concession Arrangement
• EITF Update, March 2017 meeting highlights (SCORE No. 01303-171US)
FASB exposure documents
Issued this quarter

Compensation — Stock Compensation (Topic 718), Improvements to Nonemployee
Share-Based Payment Accounting
Date issued: 7 March 2017 — comment period ends 5 June 2017
Summary
The proposal would align the accounting for share-based payments to nonemployees with that for
employees, with certain exceptions. The scope of ASC 718 would be expanded to include share-based
payments made to nonemployees in exchange for goods and/or services used or consumed in the
entity’s own operations. The proposal would retain the cost attribution guidance for nonemployee
awards currently in ASC 505-50 by moving it to ASC 718. The proposal would also expand two
practical expedients in ASC 718 for nonpublic entities to nonemployee awards.
Effective date
The effective date has not yet been determined.
Other resources
• FASB Project Update: Nonemployee Share-Based Payment Accounting Improvements
• To the Point, FASB proposes simplifying the accounting for share-based payments to
nonemployees (SCORE No. 01123-171US)
Inventory (Topic 330), Disclosure Framework — Changes to the Disclosure

Requirements for Inventory
Date issued: 10 January 2017 — comment period ended 13 March 2017
Summary
All entities would be require to make additional disclosures about changes in inventory that are outside
the normal purchase, manufacture or sale of inventory and the composition of inventory. All entities
also would have to make certain inventory disclosures currently required by the SEC. Entities that
make segment disclosures would have to make disclosures about inventory by reportable segment if
they provide that information to the chief operating decision maker. Entities that apply the retail
inventory method would have to make additional qualitative and quantitative disclosures about the critical
assumptions they use in their inventory calculations.
The effective date has not yet been determined. The guidance would be applied prospectively.
Other resources
• FASB Project Update: Disclosure Framework—Disclosure Review: Inventory
• To the Point, FASB proposes changes to inventory disclosure requirements (SCORE No. 00156-171US)
7
Debt (Topic 470), Simplifying the Classification of Debt in a Classified Balance Sheet
(Current versus Noncurrent)
Date issued: 10 January 2017 — comment period ends 5 May 2017
Summary
Today’s rules-based guidance for determining whether to classify debt as current or noncurrent on the
balance sheet would be replaced with a principles-based approach. Debt would be classified as
noncurrent only when it is contractually due to be settled more than one year (or operating cycle, if
longer) after the balance sheet date or when the entity has a contractual right to defer settlement for
at least one year (or operating cycle, if longer) after the balance sheet date.
While this approach would require entities to classify debt based on legal rights existing at the balance
sheet date, an exception would be provided for waivers of debt covenant violations received after the
balance sheet date but before the financial statements are issued. Entities would no longer be able to
consider their intent and ability to refinance short-term obligations after the balance sheet date on a
long-term basis to support noncurrent classification.
The effective date has not yet been determined. The guidance would be applied prospectively to all
debt arrangements that exist as of the date of initial adoption. Early adoption would be permitted.
Other resources
• FASB Project Update: Simplifying the Balance Sheet Classification of Debt
• To the Point, Proposal would simplify how entities determine the balance sheet classification of
debt (SCORE No. 00154-171US)
Other proposals previously issued

• Distinguishing Liabilities from Equity (Topic 480), I. Accounting for Certain Financial Instruments
with Down Round Features and II. Replacement of the Indefinite Deferral for Mandatorily
Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily
Redeemable Noncontrolling Interests with a Scope Exception
• Date issued: 7 December 2016 — comment period ended 6 February 2017
• Financial Services — Insurance (Topic 944), Targeted Improvements to the Accounting for Long-
Duration Contracts
• Date issued: 29 September 2016 — comment period ended 15 December 2016
• Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities
• Date issued: 8 September 2016 — comment period ended 22 November 2016
• Concepts Statement 8 — Conceptual Framework for Financial Reporting — Chapter 7: Presentation
• Date issued: 11 August 2016 — comment period ended 9 November 2016
• Income Taxes (Topic 740), Disclosure Framework — Changes to the Disclosure Requirements for
Income Taxes
• Date issued: 26 July 2016 — comment period ended 30 September 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
• 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
• 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
• Conceptual Framework for Financial Reporting Chapter 3, Qualitative Characteristics of Useful
Financial Information
• Conceptual Framework for Financial Reporting, Chapter 8: Notes to Financial Statements
• Date issued: 4 March 2014 — comment period ended 14 July 2014
Other resources
• Comment letter – Distinguishing liabilities from equity (SCORE No. 00580-171US)
• 2016 Standard Setter Update (SCORE No. 00262-171US)
9
Other FASB
Invitation to comment, Agenda Consultation

Date issued: 4 August 2016 — comment period ended 17 October 2016
Summary
The FASB asked for 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.
As a result of feedback it received on the invitation to comment, the Board discussed additional
research and analysis it would like the staff to perform that will be discussed at future Board meetings.
Other resources
What’s next — agenda highlights

FASB agenda
In addition to the topics above, the FASB’s agenda includes:
• Disclosure framework: disclosure review (interim reporting)
• Revenue recognition of grants and contracts by not-for-profit entities
• Financial statements of not-for-profit entities (phase 2)
• Collaborative arrangements: targeted improvements
• Consolidation reorganization and targeted improvements
• Consolidation targeted improvements to related party guidance for variable interest entities
• Improving the accounting for asset acquisition and business combinations
• Conceptual framework: measurement
• Technical corrections and improvements
EITF agenda
The next EITF meeting is scheduled for 8 June 2017.
PCC agenda
The next PCC meeting is scheduled for 4 April 2017.
Other resources
• FASB Technical Agenda
• EITF Update, March 2017 meeting highlights (SCORE No. 01303-171US)
Securities and Exchange Commission
SEC final rules
Inflation Adjustments and Other Technical Amendments under Titles I and III of the
JOBS Act (Release No. 33-10332)
Summary
The SEC amended the definition of an emerging growth company (EGC) to increase the annual gross
revenue threshold for new or existing EGCs to $1.07 billion from $1 billion to reflect inflation as required
by the Jumpstart Our Business Startups (JOBS) Act every five years.
The final rule also makes inflation adjustments in the thresholds specified under the crowdfunding rules
for the maximum offering amount allowed in a 12-month period by a company, the investment limits for
individual investors and the financial statement requirements for offerings.
The final rule also amends the cover pages of various SEC forms (e.g., Forms S-1, S-3, 10-K, 10-Q, 20-F)
to add check boxes for issuers to indicate whether, at the time of the filing, they are EGCs and whether
they have elected not to use the extended transition period relief available to EGCs under the JOBS Act
for complying with any new or revised financial accounting standards.
Effective date
The rule is effective 12 April 2017.
Exhibit Hyperlinks and HTML Format (Release No. 33-10322)

Summary
The rule will require registrants to include a hyperlink to each exhibit listed in the exhibit index of nearly all
filings subject to Item 601 of Regulation S-K, as well as in Form F-10 and Form 20-F filings. To enable the
inclusion of such hyperlinks, the rule also will require registrants to submit such filings in HTML.
Effective date
The rule is effective 1 September 2017 for accelerated filers and large accelerated filers and
1 September 2018 for smaller reporting companies and non-accelerated filers.
11
SEC rule proposals
Issued this quarter

Inline XBRL Filing of Tagged Data (Release No. 33-10323)
Date issued: 1 March 2017 — comment period ends 16 May 2017
Summary
The proposed rule would require operating companies and mutual funds to use Inline XBRL and embed
tags in their financial statements and their risk/return summaries, respectively, rather than provide
this data in separate XBRL exhibits. The requirement would be phased in over three years for operating
companies based on their filing status and over two years for mutual funds based on their net assets.
As is the case for XBRL exhibits, officers would not have to certify the Inline XBRL information and
companies would not need to involve their auditors with the Inline XBRL information.
Effective date
The proposal does not suggest an effective date, but compliance under the phase-in schedule would
begin one year after the effective date.
Other resources
• To the Point, SEC proposes requiring the use of Inline XBRL (SCORE No. 00974-171US)

Universal Proxy (Release No. 34-79164)
Date issued: 26 October 2016 — comment period ended 9 January 2017
Summary
The proposed rule would require the use of a universal proxy ballot listing the names of all board of
director nominees, regardless of whether they are nominated by the company or a dissident
shareholder. The proposed rule would allow shareholders voting by proxy to use a single ballot to vote
for any combination of candidates nominated by either the company or dissident shareholders.
Effective date
The proposal does not suggest an effective date.

• Disclosure Update and Simplification (Release No. 33-10110)
• Date issued: 13 July 2016 — comment period ended 2 November 2016
• Amendments to Smaller Reporting Company Definition (Release No. 33-10107)
• Date issued: 27 June 2016 — comment period ended 30 August 2016
• 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)
• Date issued: 6 May 2016 — comment period ended 22 July 2016
• 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
• Listing Standards for Recovery of Erroneously Awarded Compensation (Release No. 33-9861)
• Date issued: 1 July 2015 — comment period ended 14 September 2015
• Pay Versus Performance (Release No. 34-74835)
• Date issued: 29 April 2015 — comment period ended 6 July 2015
• 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
Other resources
13
SEC staff guidance
SEC staff updates guidance on Form 20-F

Summary
The SEC staff issued Compliance and Disclosure Interpretations (C&DIs) to clarify that:
• A foreign private issuer (FPI) may use an F-series registration statement when it guarantees
securities of non-FPI subsidiaries or issues securities guaranteed by non-FPI subsidiaries. The FPI
may use Form 20-F with respect to any reporting obligations associated with that registration
statement if certain requirements of Rule 3-10 of Regulation S-X are met.
• A wholly owned subsidiary of an FPI may omit certain information from its Form 20-F annual report
if it meets the requirements in General Instruction I to Form 10-K, in the same manner that a wholly
owned subsidiary may omit certain information from a Form 10-K.
• An FPI’s annual report on Form 20-F is due on the last day of the fourth month after its fiscal year
end if its fiscal year ends on the last day of a month. If an FPI’s fiscal year ends on a date other than
the last day of the month, its Form 20-F annual report is due on the same date four months after its
fiscal year end.
• An FPI may incorporate by reference into a Form 20-F annual report information that was
previously filed on Form 6-K.
SEC staff updates guidance on Regulation A

Summary
The SEC staff issued C&DIs to clarify that:
• The staff will not object if a Regulation A issuer does not include an auditor’s consent to use its
auditor’s report on the financial statements in Form 1-K.
• An issuer of a Regulation A Tier 2 offering may follow the age of financial statements requirements
specified in paragraph (b)(3)-(4) of Part F/S of Form 1-A, which permit the annual financial
statements to be up to nine months old before requiring interim financial statements.
Other SEC
2017 financial reporting taxonomy

Summary
The SEC staff has updated the EDGAR system to allow companies to use the 2017 XBRL US GAAP
taxonomy, which adds tags for Accounting Standards Updates and makes certain industry-related
changes and other revisions. The SEC staff strongly encourages companies to transition to the 2017
taxonomy for their first reporting period ending after 6 March 2017 (e.g., the first quarter Form 10-Q
for calendar-year registrants). Companies also may continue to use the 2016 or 2015 taxonomies.
The staff does not expect to remove the 2015 taxonomy before June 2017.
SEC publishes IFRS taxonomy for FPIs

Summary
The SEC published its first IFRS Taxonomy for use by FPIs that prepare their financial statements in
accordance with IFRS as issued by the International Accounting Standards Board. FPIs are required to
file XBRL-tagged financial statements in annual reports for fiscal periods ending on or after
15 December 2017.
SEC seeks feedback on Industry Guide 3 bank disclosure rules

Date issued: 1 March 2017 — comment period ends 8 May 2017
The SEC is seeking public comment on statistical and other disclosures required by Industry Guide 3,
Statistical Disclosure by Bank Holding Companies. The request seeks comment on potential improvements
to the disclosure regime and the effects of regulation on bank holding companies, among other things.
Congress eliminates rules on disclosures of payments by resource extraction issuers

Summary
Congress eliminated SEC rules that would have required disclosures of payments made by resource
extraction issuers to domestic and foreign governments for the commercial development of oil,
natural gas or minerals. President Trump signed the bill into law. The rule was mandated by the Dodd-
Frank Wall Street Reform Act.
SEC seeks public input on pay ratio rule

Date issued: 6 February 2017 — comment period ended 23 March 2017
Summary
The SEC invited the public to comment about any unexpected challenges that issuers are facing as
they prepare to comply with the pay ratio rule. The Commission also directed the SEC staff to
reconsider the implementation of the rule to determine whether additional guidance or relief is
appropriate. The pay ratio rule, mandated by the Dodd-Frank Wall Street Reform Act, requires most
public companies to disclose the ratio between the principal executive officer’s total compensation and
the median total compensation of all other employees, along with both amounts. The rule is effective
for fiscal years beginning on or after 1 January 2017 and requires calendar-year public companies to
begin making pay ratio disclosures in their 2018 proxy statements.
15
SEC seeks public input on conflict minerals rule
Date issued: 31 January 2017 — comment period ended 17 March 2017
Summary
The SEC invited the public to comment on all aspects of the conflict minerals rule. The Commission
directed the SEC staff to reconsider the guidance it issued in 2014 on compliance with the rule and
determine whether to provide any more relief. The Commission had stayed some of the rule’s
requirements in 2014 after a federal appeals court found that they violated the First Amendment.
Public Company Accounting Oversight Board
PCAOB proposed standards and other projects

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). The communication of each critical audit matter (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 that the financial statements
are free of material misstatement 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 proposal would amend the PCAOB’s 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 following terms:
• Lead auditor — the registered public accounting firm that issues the audit report and its engagement
partner and other team members
17
• 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)

• Concept Release on Audit Quality Indicators (PCAOB Release No. 2015-005)
• Date issued: 30 June 2015 — comment period ended 29 September 2015
• 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
Other resources
Auditing Standards Board
Final ASB standards
The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern

(Statement on Auditing Standards No. 132)
Summary
Statement on Auditing Standards (SAS) No. 132 supersedes SAS No. 126 but retains the requirement
for the auditor to separately conclude whether there is substantial doubt about an entity’s ability to
continue as a going concern. The new SAS also:
• Clarifies the auditor’s responsibility to separately conclude on the appropriateness of management’s
use of the going concern basis of accounting in the preparation of the financial statements
• Requires the auditor to evaluate management’s going concern assessment required by ASC 205-
40, Presentation of Financial Statements — Going Concern
• Aligns the definition of substantial doubt and the auditor’s assessment period with the guidance in
ASC 205-40
• Requires the auditor to obtain sufficient appropriate audit evidence about the intent and ability of a
third party or owner-manager to provide financial support when management’s plans to alleviate
substantial doubt depend on that support
Effective date
SAS No. 132 is effective for audits of financial statements for periods ending on or after
15 December 2017 and reviews of financial information for interim periods beginning after fiscal
years ending on or after 15 December 2017.
19
ASB exposure drafts

Proposed Statement on Auditing Standards, Auditor Involvement with Exempt
Offering Documents
Date issued: 13 July 2016 — comment period ended 13 October 2016
Summary
The proposed SAS would require the auditor to perform certain procedures when the auditor is involved
with an exempt offering document. 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.
Other resources
Other ASB
Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans

Subject to ERISA
Summary
The ASB is expected to issue a proposed standard that would require auditors to perform certain audit
procedures related to financial statements of benefit plans subject to the Employee Retirement Income
Security Act of 1974 (ERISA) regardless of the assessed risks of material misstatement. Auditors
would have to communicate their findings either in the auditor’s report on the financial statements or
in a separate report.
When management imposes an ERISA-permitted audit scope limitation for information related to
assets held for investment and certified by a qualified institution, the auditor would be required to
evaluate whether the form and content of the financial statement disclosures about the certified
investment information are in accordance with the applicable financial reporting framework. Also, the
proposal would change the form and content of the auditor’s limited scope audit report, replacing the
disclaimer of opinion typically issued under current standards.
Effective date
The proposed standard would be effective for audits of ERISA plan financial statements for periods
ending on or after 15 December 2018.
Other resources
• To the Point, Auditors would perform more tests and provide more information in reports on ERISA
plans (SCORE No. 01831-171US)
21
AICPA — other
Proposals previously issued

• Proposed Description Criteria for Management’s Description of an Entity’s Cybersecurity Risk
Management Program
• Proposed Revision of Trust Services Criteria for Security, Availability, Processing Integrity,
Confidentiality, and Privacy
Other resources
Governmental Accounting Standards Board
Final GASB guidance
GASB Statement No. 85, Omnibus 2017

Summary
The guidance addresses several accounting and financial reporting issues identified during the
implementation and application of certain GASB pronouncements, including:
• Blending a component unit in circumstances in which the primary government is a business-type
activity reporting in a single column for financial statement presentation
• Reporting amounts previously reported as goodwill and “negative” goodwill
• Classifying real estate held by insurance entities
• Measuring certain money market investments and participating interest-earning investment
contracts at amortized cost
• Timing of the measurement of pension and other postemployment benefits (OPEB) liabilities and
related expenditures recognized in financial statements prepared using the current financial
resources measurement focus
• Recognizing on-behalf payments for pensions or OPEB in employer financial statements
• Simplifying certain aspects of the alternative measurement method for OPEB
The guidance also addresses issues similar to those covered in GASB Statements No. 78, Pensions
Provided through Certain Multiple-Employer Defined Benefit Pension Plans, and No. 82, Pension Issues.
Effective date
The guidance is effective for reporting periods beginning after 15 June 2017. Earlier application is
encouraged.
GASB Statement No. 84, Fiduciary Activities

Summary
The guidance addresses what constitutes fiduciary activities for financial reporting purposes, how
fiduciary activities should be reported and when liabilities to beneficiaries should be recognized. The
criteria for identifying fiduciary activities focus on (1) whether a state or local government controls the
assets and (2) the beneficiaries with whom a fiduciary relationship exists. The guidance provides
separate criteria for identifying fiduciary component units of governments and postemployment
benefit arrangements that are fiduciary activities. Activities that meet these criteria should generally
be reported as fiduciary funds in the basic financial statements.
Effective date
The guidance is effective for reporting periods beginning after 15 December 2018. Earlier application
is encouraged.
23
GASB exposure drafts

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.
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.

• Implementation Guide No. 201X-Y, Implementation Guidance Update — 201X
• Date issued: 30 November 2016 — comment period ended 31 January 2017
• Implementation Guide No. 201X-X, Financial Reporting for Postemployment Benefit Plans Other
Than Pension Plans
• Date issued: 18 October 2016 — comment period ended 19 December 2016
• Certain Debt Extinguishment Issues
• Date issued: 29 August 2016 — comment period ended 28 October 2016
Other resources
Other GASB
Invitation to Comment, Financial Reporting Model Improvements —

Governmental Funds
Date issued: 22 December 2016 — comment period ended 31 March 2017
Summary
The GASB asked for feedback on potential improvements to the existing financial reporting model
for governmental funds, including:
• Recognition approaches (measurement focus and basis of accounting)
• Format of the governmental funds statement of resource flows
• Specific terminology
• Reconciliation to the government-wide statements
• A statement of cash flows for certain recognition approaches
25
Effective date matrices
Effective date matrix — final FASB pronouncements

Effective date matrix — final FASB pronouncements
Note: Early adoption generally is permitted unless otherwise noted.
Effective in 2017 for public1 calendar year-end entities2
ASU 2017-03 Accounting Changes and Error Corrections Effective upon announcement.
(Topic 250) and Investments — Equity Method
and Joint Ventures (Topic 323), Amendments
to SEC Paragraphs Pursuant to Staff
Announcements at the September 22, 2016
and November 17, 2016 EITF Meetings (SEC
Update)3
ASU 2017-02 Not-for-Profit Entities — Consolidation Effective for fiscal years beginning after 15 December 2016, and interim
(Subtopic 958-810), Clarifying When a Not- periods within fiscal years beginning after 15 December 2017.
for-Profit Entity That Is a General Partner or a
Limited Partner Should Consolidate a For-
Profit Limited Partnership or Similar Entity
ASU 2016-19 Technical Corrections and Improvements Effective upon issuance (14 December 2016) 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 2016.
ASU 2016-17 Consolidation (Topic 810), Interests Held Effective for fiscal years beginning after 15 December 2016, including
through Related Parties That Are under interim periods within those fiscal years.
Common Control
ASU 2016-09 Compensation — Stock Compensation Effective for fiscal years beginning after 15 December 2016, including
(Topic 718), Improvements to Employee interim periods within those fiscal years.
ASU 2016-07 Investments — Equity Method and Joint Effective for fiscal years, and interim periods within those fiscal years,
Ventures (Topic 323), Simplifying the beginning after 15 December 2016.
Transition to the Equity Method of Accounting
ASU 2016-06 Derivatives and Hedging (Topic 815), Effective for fiscal years beginning after 15 December 2016, and interim
Contingent Put and Call Options in Debt periods within those fiscal years.
Instruments
ASU 2016-05 Derivatives and Hedging (Topic 815), Effect of Effective for fiscal years beginning after 15 December 2016, and interim
Derivative Contract Novations on Existing periods within those fiscal years.
Hedge Accounting Relationships
ASU 2015-17 Income Taxes (Topic 740), Balance Sheet Effective for annual periods beginning after 15 December 2016, and
Classification of Deferred Taxes interim periods within those annual periods.
ASU 2015-11 Inventory (Topic 330), Simplifying the Effective for fiscal years beginning after 15 December 2016, including
Measurement of Inventory interim periods within those fiscal years.
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 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 after 2017 for public1 calendar year-end entities2
ASU 2017-08 Receivables — Nonrefundable Fees and Other Effective for fiscal years, and interim periods within those fiscal years,
Costs (Subtopic 310-20), Premium beginning after 15 December 2018.
Amortization on Purchased Callable Debt
Securities
ASU 2017-07 Compensation — Retirement Benefits (Topic 715), Effective for annual periods beginning after 15 December 2017, including
Improving the Presentation of Net Periodic interim periods within those annual periods.
Pension Cost and Net Periodic Postretirement
Benefit Cost
ASU 2017-06 Plan Accounting: Defined Benefit Pension Effective for fiscal years beginning after 15 December 2018.
Plans (Topic 960), Defined Contribution
Pension Plans (Topic 962), Health and Welfare
Benefit Plans (Topic 965), Employee Benefit
Plan Master Trust Reporting
ASU 2017-05 Other Income — Gains and Losses from the Effective upon adoption of the amendments in ASU 2014-09.
Derecognition of Nonfinancial Assets
(Subtopic 610-20), Clarifying the Scope of
Asset Derecognition Guidance and Accounting
for Partial Sales of Nonfinancial Assets
ASU 2017-04 Intangibles — Goodwill and Other (Topic 350), Public business entities that meet the definition of an SEC filer: Effective for
Simplifying the Test for Goodwill Impairment annual and any interim impairment tests performed for periods beginning
after 15 December 2019.
Other public business entities: Effective for annual and any interim
impairment tests performed for periods beginning after 15 December 2020.
ASU 2017-01 Business Combinations (Topic 805), Clarifying Effective for annual periods beginning after 15 December 2017, including
the Definition of a Business interim periods within those periods.
ASU 2016-20 Technical Corrections and Improvements to Effective upon adoption of the amendments in ASU 2014-09.
Topic 606, Revenue from Contracts with
Customers
ASU 2016-18 Statement of Cash Flows (Topic 230), Effective for fiscal years beginning after 15 December 2017, and interim
Restricted Cash periods within those fiscal years.
ASU 2016-16 Income Taxes (Topic 740), Intra-Entity Effective for annual reporting periods beginning after 15 December 2017,
Transfers of Assets Other Than Inventory including interim reporting periods within those annual reporting periods.
Classification of Certain Cash Receipts and periods within those fiscal years.
Cash Payments
ASU 2016-14 Not-for-Profit Entities (Topic 958), Effective for fiscal years beginning after 15 December 2017, and interim
Presentation of Financial Statements of Not- periods within fiscal years beginning after 15 December 2018.
for-Profit Entities
ASU 2016-13 Financial Instruments — Credit Losses Public business entities that meet the definition of an SEC filer: Effective for
(Topic 326), Measurement of Credit Losses on fiscal years beginning after 15 December 2019, including interim periods
Financial Instruments 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
ASU 2016-12 Revenue from Contracts with Customers Effective upon adoption of the amendments in ASU 2014-09.
(Topic 606), Narrow-Scope Improvements and
Practical Expedients
27
Effective after 2017 for public1 calendar year-end entities2
ASU 2016-11 Revenue Recognition (Topic 605) and Amendments to ASC 815: Effective for fiscal years, and interim periods
Derivatives and Hedging (Topic 815), within those fiscal years, beginning after 15 December 2015.
Rescission of SEC Guidance Because of Amendments to ASC 605 and ASC 932: Effective upon adoption of the
Accounting Standards Updates 2014-09 and amendments in ASU 2014-09.
2014-16 Pursuant to Staff Announcements at
the March 3, 2016 EITF Meeting (SEC Update)3
(Topic 606), Identifying Performance
Obligations and Licensing
(Topic 606), Principal versus Agent
Considerations (Reporting Revenue Gross
versus Net)
ASU 2016-04 Liabilities — Extinguishments of Liabilities Effective for fiscal years beginning after 15 December 2017, and interim
(Subtopic 405-20), Recognition of Breakage periods within those fiscal years.
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), Effective for fiscal years, and interim periods within those fiscal years,
Recognition and Measurement of Financial beginning after 15 December 2017. Earlier application is prohibited except
Assets and Financial Liabilities for the presentation guidance in ASC 825-10-45-5 through 45-7.
ASU 2014-09 Revenue from Contracts with Customers Effective for annual reporting periods beginning after 15 December 2017,
(Topic 606) 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 2017 for public1 calendar year-end entities2

ASU 2015-16 Business Combinations (Topic 805), Effective for fiscal years, including interim periods within those fiscal years,
Simplifying the Accounting for Measurement- beginning after 15 December 2015.
Period Adjustments
Benefit Plans (Topic 965): (Part I) Fully
Benefit-Responsive Investment Contracts,
(Part II) Plan Investment Disclosures, (Part III)
Measurement Date Practical Expedient
ASU 2015-10 Technical Corrections and Improvements Effective upon issuance (12 June 2015) for amendments that do not have
transition guidance.
15 December 2015.
ASU 2015-09 Financial Services — Insurance (Topic 944), Effective for annual periods beginning after 15 December 2015, and
Disclosures about Short-Duration Contracts interim periods within annual periods beginning after 15 December 2016.
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.
Effective prior to 2017 for public1 calendar year-end entities2
ASU 2015-07 Fair Value Measurement (Topic 820), Effective for fiscal years beginning after 15 December 2015, and interim
Disclosures for Investments in Certain Entities periods within those fiscal years.
That Calculate Net Asset Value per Share (or Its
Equivalent)
ASU 2015-06 Earnings Per Share (Topic 260), Effects on Effective for fiscal years beginning after 15 December 2015, and interim
Historical Earnings per Unit of Master Limited periods within those fiscal years.
Partnership Dropdown Transactions
ASU 2015-05 Intangibles — Goodwill and Other — Internal-Use Effective for annual periods, including interim periods within those annual
Software (Subtopic 350-40), Customer’s periods, beginning after 15 December 2015.
Accounting for Fees Paid in a Cloud Computing
Arrangement
ASU 2015-04 Compensation — Retirement Benefits (Topic 715), Effective for fiscal years beginning after 15 December 2015, and interim
Practical Expedient for the Measurement Date periods within those fiscal years.
of an Employer’s Defined Benefit Obligation
and Plan Assets
ASU 2015-03 Interest — Imputation of Interest Effective for fiscal years beginning after 15 December 2015, and interim
(Subtopic 835-30), Simplifying the periods within those fiscal years.
Presentation of Debt Issuance Costs
ASU 2015-02 Consolidation (Topic 810), Amendments to the Effective for fiscal years, and for interim periods within those fiscal years,
Consolidation Analysis beginning after 15 December 2015.
ASU 2015-01 Income Statement — Extraordinary and Effective for fiscal years, and interim periods within those fiscal years,
Unusual Items (Subtopic 225-20), Simplifying beginning after 15 December 2015.
Income Statement Presentation by Eliminating
the Concept of Extraordinary Items
ASU 2014-16 Derivatives and Hedging (Topic 815), Effective for fiscal years, and interim periods within those fiscal years,
Determining Whether the Host Contract in a beginning after 15 December 2015.
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 Effective for annual periods ending after 15 December 2016, and interim
Concern (Subtopic 205-40), Disclosure of periods within annual periods beginning after 15 December 2016.
Uncertainties about an Entity’s Ability to
Continue as a Going Concern
ASU 2014-13 Consolidation (Topic 810), Measuring the Effective for annual periods, and interim periods within those annual
Financial Assets and the Financial Liabilities of periods, beginning after 15 December 2015.
a Consolidated Collateralized Financing Entity
ASU 2014-12 Compensation — Stock Compensation Effective for annual periods, and interim periods within those annual
(Topic 718), Accounting for Share-Based periods, beginning after 15 December 2015.
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), Amendments to ASC 915: Effective for annual reporting periods beginning
Elimination of Certain Financial Reporting after 15 December 2014, and interim periods therein.
Requirements, Including an Amendment to Amendments to ASC 810: Effective for annual reporting periods beginning
Variable Interest Entities Guidance in after 15 December 2015, and interim periods therein.
Topic 810, Consolidation
29
Effective in 2017 for nonpublic5 calendar year-end entities
ASU 2017-02 Not-for-Profit Entities — Consolidation Effective for fiscal years beginning after 15 December 2016, and interim
(Subtopic 958-810), Clarifying When a Not-for- periods within fiscal years beginning after 15 December 2017.
Profit Entity That Is a General Partner or a
Limited Partner Should Consolidate a For-
Profit Limited Partnership or Similar Entity
ASU 2016-19 Technical Corrections and Improvements Effective upon issuance (14 December 2016) for amendments that do not
have transition guidance.
Amendments to ASC 350-40: Effective for annual periods beginning after
15 December 2017, and interim periods in annual periods beginning after
15 December 2018.
Other amendments that are subject to transition guidance: Effective for
fiscal years, and interim periods within those fiscal years, beginning after
15 December 2016.
ASU 2016-17 Consolidation (Topic 810), Interests Held Effective for fiscal years beginning after 15 December 2016, and interim
through Related Parties That Are under periods within fiscal years beginning after 15 December 2017, or upon
Common Control adoption of the amendments in ASU 2015-02 if that standard is early
adopted.
ASU 2016-07 Investments — Equity Method and Joint Effective for fiscal years, and interim periods within those fiscal years,
Ventures (Topic 323), Simplifying the beginning after 15 December 2016.
Transition to the Equity Method of Accounting
ASU 2015-16 Business Combinations (Topic 805), Effective for fiscal years beginning after 15 December 2016, and interim
Simplifying the Accounting for Measurement- periods within fiscal years beginning after 15 December 2017.
Period Adjustments
ASU 2015-11 Inventory (Topic 330), Simplifying the Effective for fiscal years beginning after 15 December 2016, and interim
Measurement of Inventory periods within fiscal years beginning after 15 December 2017.
ASU 2015-09 Financial Services — Insurance (Topic 944), Effective for annual periods beginning after 15 December 2016, and
Disclosures about Short-Duration Contracts interim periods within annual periods beginning after 15 December 2017.
ASU 2015-07 Fair Value Measurement (Topic 820), Effective for fiscal years beginning after 15 December 2016, and interim
Disclosures for Investments in Certain Entities periods within those fiscal years.
That Calculate Net Asset Value per Share (or
Its Equivalent)
ASU 2015-04 Compensation — Retirement Benefits Effective for fiscal years beginning after 15 December 2016, and interim
(Topic 715), Practical Expedient for the periods within fiscal years beginning after 15 December 2017.
Measurement Date of an Employer’s Defined
Benefit Obligation and Plan Assets
ASU 2015-02 Consolidation (Topic 810), Amendments to the Effective for fiscal years beginning after 15 December 2016, and for
Consolidation Analysis interim periods within fiscal years beginning after 15 December 2017.
ASU 2014-10 Development Stage Entities (Topic 915), Amendments to ASC 915: Effective for annual reporting periods beginning
Elimination of Certain Financial Reporting after 15 December 2014, and for interim reporting periods beginning after
Requirements, Including an Amendment to 15 December 2015.
Variable Interest Entities Guidance in Amendments to ASC 810: Effective for annual reporting periods beginning
Topic 810, Consolidation after 15 December 2016, and for interim reporting periods beginning after
15 December 2017.
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 after 2017 for nonpublic5 calendar year-end entities
ASU 2017-08 Receivables — Nonrefundable Fees and Other Effective for fiscal years beginning after 15 December 2019, and interim
Costs (Subtopic 310-20), Premium periods within fiscal years beginning after 15 December 2020.
Amortization on Purchased Callable Debt
Securities
ASU 2017-07 Compensation — Retirement Benefits Effective for annual periods beginning after 15 December 2018, and
(Topic 715), Improving the Presentation of Net interim periods within annual periods beginning after 15 December 2019.
Periodic Pension Cost and Net Periodic
Postretirement Benefit Cost
Benefit Plans (Topic 965), Employee Benefit
Plan Master Trust Reporting
ASU 2017-05 Other Income — Gains and Losses from the Effective upon adoption of the amendments in ASU 2014-09.
Derecognition of Nonfinancial Assets
(Subtopic 610-20), Clarifying the Scope of
Asset Derecognition Guidance and Accounting
for Partial Sales of Nonfinancial Assets
ASU 2017-04 Intangibles — Goodwill and Other (Topic 350), Effective for annual and any interim impairment tests performed for periods
Simplifying the Test for Goodwill Impairment beginning after 15 December 2021.
ASU 2017-01 Business Combinations (Topic 805), Clarifying Effective for annual periods beginning after 15 December 2018, and
the Definition of a Business interim periods within annual periods beginning after 15 December 2019.
ASU 2016-20 Technical Corrections and Improvements to Effective upon adoption of the amendments in ASU 2014-09.
Topic 606, Revenue from Contracts with
Customers
Restricted Cash periods within fiscal years beginning after 15 December 2019.
ASU 2016-16 Income Taxes (Topic 740), Intra-Entity Effective for annual reporting periods beginning after 15 December 2018,
Transfers of Assets Other Than Inventory and interim reporting periods within annual reporting periods beginning
after 15 December 2019.
Classification of Certain Cash Receipts and periods within fiscal years beginning after 15 December 2019.
Cash Payments
ASU 2016-14 Not-for-Profit Entities (Topic 958), Effective for fiscal years beginning after 15 December 2017, and interim
Presentation of Financial Statements of Not- periods within fiscal years beginning after 15 December 2018.
for-Profit Entities
ASU 2016-13 Financial Instruments — Credit Losses Effective for fiscal years beginning after 15 December 2020, and interim
(Topic 326), Measurement of Credit Losses on periods within fiscal years beginning after 15 December 2021. Earlier
Financial Instruments application is permitted only for fiscal years beginning after
(Topic 606), Narrow-Scope Improvements and
Practical Expedients
(Topic 606), Identifying Performance
Obligations and Licensing
ASU 2016-09 Compensation — Stock Compensation Effective for fiscal years beginning after 15 December 2017, and interim
(Topic 718), Improvements to Employee periods within fiscal years beginning after 15 December 2018.
31
Effective after 2017 for nonpublic5 calendar year-end entities
(Topic 606), Principal versus Agent
Considerations (Reporting Revenue Gross
versus Net)
Contingent Put and Call Options in Debt periods within fiscal years beginning after 15 December 2018.
Instruments
ASU 2016-05 Derivatives and Hedging (Topic 815), Effect of Effective for fiscal years beginning after 15 December 2017, and interim
Derivative Contract Novations on Existing periods within fiscal years beginning after 15 December 2018.
Hedge Accounting Relationships
ASU 2016-04 Liabilities — Extinguishments of Liabilities Effective for fiscal years beginning after 15 December 2018, and interim
(Subtopic 405-20), Recognition of Breakage periods within fiscal years beginning after 15 December 2019.
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), Effective for fiscal years beginning after 15 December 2018, and interim
Recognition and Measurement of Financial periods within fiscal years beginning after 15 December 2019. Application
Assets and Financial Liabilities 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 Effective for annual periods beginning after 15 December 2017, and
Classification of Deferred Taxes interim periods within annual periods beginning after 15 December 2018.
ASU 2014-09 Revenue from Contracts with Customers Effective for annual reporting periods beginning after 15 December 2018,
(Topic 606) 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 2017 for nonpublic5 calendar year-end entities

Benefit Plans (Topic 965): (Part I) Fully
Benefit-Responsive Investment Contracts,
(Part II) Plan Investment Disclosures, (Part III)
Measurement Date Practical Expedient
ASU 2015-10 Technical Corrections and Improvements Effective upon issuance (12 June 2015) for amendments that do not have
transition guidance.
15 December 2015.
ASU 2015-05 Intangibles — Goodwill and Other — Internal-Use Effective for annual periods beginning after 15 December 2015, and
Software (Subtopic 350-40), Customer’s interim periods in annual periods beginning after 15 December 2016.
Accounting for Fees Paid in a Cloud Computing
Arrangement
ASU 2015-03 Interest — Imputation of Interest Effective for fiscal years beginning after 15 December 2015, and interim
(Subtopic 835-30), Simplifying the periods within fiscal years beginning after 15 December 2016.
Presentation of Debt Issuance Costs
Effective prior to 2017 for nonpublic5 calendar year-end entities
ASU 2015-01 Income Statement — Extraordinary and Effective for fiscal years, and interim periods within those fiscal years,
Unusual Items (Subtopic 225-20), Simplifying beginning after 15 December 2015.
Income Statement Presentation by Eliminating
the Concept of Extraordinary Items
ASU 2014-18 Business Combinations (Topic 805), Effective upon adoption of the accounting alternative.6
Accounting for Identifiable Intangible Assets in
a Business Combination
Determining Whether the Host Contract in periods within fiscal years beginning after 15 December 2016.
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 Effective for annual periods ending after 15 December 2016, and interim
Concern (Subtopic 205-40), Disclosure of periods within annual periods beginning after 15 December 2016.
Uncertainties about an Entity’s Ability to
Continue as a Going Concern
ASU 2014-13 Consolidation (Topic 810), Measuring the Effective for annual periods ending after 15 December 2016, and interim
Financial Assets and the Financial Liabilities of periods beginning after 15 December 2016.
a Consolidated Collateralized Financing Entity
ASU 2014-12 Compensation — Stock Compensation Effective for annual periods, and interim periods within those annual
(Topic 718), Accounting for Share-Based periods, beginning after 15 December 2015.
Payments When the Terms of an Award
Provide That a Performance Target Could Be
Achieved after the Requisite Service Period
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 PCC. The guidance
makes all four PCC alternatives available for election immediately.
33
Effective date matrix — final SEC pronouncements and interpretive releases
Title Effective date

Inflation Adjustments and Other Technical Amendments under 12 April 2017.
Titles I and III of the JOBS Act
Exhibit Hyperlinks and HTML Format The rule is effective 1 September 2017 for accelerated filers and large
accelerated filers and 1 September 2018 for smaller reporting companies
and non-accelerated filers.
Exemptions to Facilitate Intrastate and Regional Securities The amendments to Rule 504 are effective 20 January 2017. Rule 147A
Offerings and the amendments to Rule 147 are effective 20 April 2017. The repeal
of Rule 505 of Regulation D is effective 22 May 2017.
Investment Companies Reporting Modernization The compliance date for Form N-PORT is 1 June 2018, for fund complexes
with $1 billion or more in net assets, or 1 June 2019 for smaller fund
complexes. The compliance date for Form N-CEN is 1 June 2018. The
amendments to Regulation S-X are effective for periods ending on or after
1 August 2017, but the SEC staff will accept full compliance with the
amendments for earlier periods.
Investment Company Liquidity Risk Management Programs Fund complexes with net assets of $1 billion or more will be required to
comply with the liquidity risk management program requirements starting
1 December 2018, while those with less than $1 billion in net assets will
have to do so starting 1 June 2019.
Investment Company Swing Pricing 19 November 2018.
Changes to Exchange Act Registration Requirements to 9 June 2016.
Implement Title V and Title VI of the JOBS Act
Form 10-K Summary 9 June 2016.
Simplification of Disclosure Requirements for Emerging Growth 19 January 2016.
Companies and Forward Incorporation by Reference on Form S-1
for Smaller Reporting Companies
Crowdfunding 16 May 2016.
Removal of Certain References to Credit Ratings and Amendment The amendments are effective 26 October 2015. The compliance date is
to the Issuer Diversification Requirement in the Money Market 14 October 2016.
Fund Rule
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.
Credit Risk Retention The new rules are effective 24 December 2015 for residential mortgage-
backed securitizations and 24 December 2016 for all other securitizations.
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 21 July 2015, but the Federal Reserve Board gave banking entities a one-
Interests in, and Relationships with, Hedge Funds and Private year extension (i.e., to 21 July 2016) to conform their ownership interests
Equity Funds in and sponsorship of certain covered funds, including collateralized loan
obligations. On 6 July 2016, the Federal Reserve Board granted 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 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 PCAOB pronouncements and rules

Improving the Transparency of Audits: Rules to Require Disclosure of the name of the audit partner will be required for auditors’ reports
Disclosure of Certain Audit Participants on a New PCAOB issued on or after 31 January 2017.
Form and Related Amendments to Auditing Standards 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 Effective as of 31 December 2016.
Standards and Related Changes to PCAOB Rules and
Attestation, Quality Control, and Ethics and Independence
Standards
35
Effective date matrix — final AICPA standards

SAS No. 132, The Auditor’s Consideration of an Entity’s Effective for audits of financial statements for periods ending on or after
Ability to Continue as a Going Concern 15 December 2017 and reviews of financial information for interim periods
beginning after fiscal years ending on or after 15 December 2017.
SAS No. 131, Amendment to Statement on Auditing Effective for audits of financial statements for periods ending on or after
Standards No. 122 Section 700, Forming an Opinion and 15 June 2016.
Reporting on Financial Statements
Statement on Standards for Attestation Engagements No. Effective for practitioners’ reports dated on or after 1 May 2017. Early adoption
18, Attestation Standards: Clarification and Recodification is permitted.
Statement on Standards for Accounting and Review Effective upon issuance other than certain amendments relating to prospective
Services (SSARS) No. 23, Omnibus Statement on financial information in AR-C Section 70 and AR-C Section 80 that are effective
Standards for Accounting and Review Services – 2016 on or after 1 May 2017.
SSARS No. 22, Compilation of Pro Forma Financial Effective for compilation reports on pro forma financial information dated on or
Information after 1 May 2017.
Effective date matrix — final GASB pronouncements

Statement No. 85, Omnibus 2017 Effective for reporting periods beginning after 15 June 2017. Earlier application
is encouraged.
Statement No. 84, Fiduciary Activities Effective for reporting periods beginning after 15 December 2018. Earlier
application is encouraged.
Statement No. 83, Certain Asset Retirement Obligations Effective for reporting periods beginning after 15 June 2018. Earlier application
is encouraged.
Statement No. 82, Pension Issues, an amendment of Effective for reporting periods beginning after 15 June 2016, except for the
GASB Statements No. 67, No. 68 and No. 73 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
Statement No. 80, Blending Requirements for Certain Effective for reporting periods beginning after 15 June 2016. Earlier application
Component Units — an amendment of GASB Statement No. 14 is encouraged.
Statement No. 79, Certain External Investment Pools and Effective for reporting periods beginning after 15 June 2015, except for certain
Pool Participants provisions on portfolio quality, custodial credit risk and shadow pricing, which
are effective for reporting periods beginning after 15 December 2015. Earlier
Statement No. 78, Pensions Provided Through Certain Effective for reporting periods beginning after 15 December 2015. Earlier
Multiple-Employer Defined Benefit Pension Plans 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 Effective for financial statements for periods beginning after 15 June 2015.
Accounting Principles for State and Local Governments Earlier application is permitted.
Statement No. 75, Accounting and Financial Reporting for Effective for fiscal years beginning after 15 June 2017. Earlier application is
Postemployment Benefits Other Than Pensions encouraged.
Statement No. 74, Financial Reporting for Effective for financial statements for fiscal years beginning after 15 June 2016.
Postemployment Benefit Plans Other Than Pension Plans Earlier application is encouraged.
Statement No. 73, Accounting and Financial Reporting for Effective for financial statements for fiscal years beginning after 15 June 2016:
Pensions and Related Assets That Are Not within the requirements that address accounting and financial reporting by employers and
Scope of GASB Statement 68, and Amendments to governmental nonemployer contributing entities for pensions that are not within
Certain Provisions of GASB Statements 67 and 68 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 Effective for financial statements for reporting periods beginning after
Application 15 June 2015. Earlier application is encouraged.
37
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First Quarter 2017

Standard Setter Update

Financial Accounting Standards Board

Final guidance expected soon

FASB exposure documents

SEC rule proposals

SEC staff guidance

Public Company Accounting Oversight Board

ASB exposure drafts

Governmental Accounting Standards Board

GASB exposure drafts

Effective date matrices

Final FASB guidance

Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium

Compensation — Retirement Benefits (Topic 715), Improving the Presentation of Net

Not-for-Profit Entities — Consolidation (Subtopic 958-810), Clarifying When a Not-for-

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

Compensation — Stock Compensation (Topic 718), Scope of Modification Accounting

Service Concession Arrangements (Topic 853), Determining the Customer of the

Issued this quarter

Inventory (Topic 330), Disclosure Framework — Changes to the Disclosure

Other proposals previously issued

Invitation to comment, Agenda Consultation

What’s next — agenda highlights

SEC final rules

Exhibit Hyperlinks and HTML Format (Release No. 33-10322)

Issued this quarter

Highlights of certain proposals previously issued

Other proposals previously issued

SEC staff updates guidance on Form 20-F

SEC staff updates guidance on Regulation A

2017 financial reporting taxonomy

SEC publishes IFRS taxonomy for FPIs

SEC seeks feedback on Industry Guide 3 bank disclosure rules

Congress eliminates rules on disclosures of payments by resource extraction issuers

SEC seeks public input on pay ratio rule

PCAOB proposed standards and other projects

Highlights of certain proposals previously issued

Proposed Amendments Relating to the Supervision of Audits Involving Other Auditors

Other proposals previously issued

Final ASB standards

The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern

Highlights of certain proposals previously issued

Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans

Proposals previously issued

Final GASB guidance

GASB Statement No. 85, Omnibus 2017

GASB Statement No. 84, Fiduciary Activities

Highlights of certain proposals previously issued

Other proposals previously issued

Invitation to Comment, Financial Reporting Model Improvements —

Effective date matrix — final FASB pronouncements

Effective prior to 2017 for public1 calendar year-end entities2

Effective prior to 2017 for nonpublic5 calendar year-end entities

Title Effective date

Title Effective date

Title Effective date

Title Effective date

© 2017 Ernst & Young LLP.

This and many of the publications produced by our US Professional Practice

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