SEC Announcement Added to FASB Codification
The Financial Accounting Standards Board (“FASB”) recently announced the issuance of Accounting Standards Update (“ASU”) No. 2017-03, 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.
The amendments update the FASB Codification for the Securities and Exchange Commission (“SEC”) Staff Announcement regarding the following standards:
- ASU No. 2014- 09, Revenue from Contracts with Customers (Topic 606)
- ASU No. 2016-02, Leases (Topic 842)
- ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent amendments
In particular, the amendments include adding paragraph 250-10-S99-6, which features the text of “SEC Staff Announcement: Disclosure of the Impact That Recently Issued Accounting Standards Will Have on the Financial Statements of a Registrant When Such Standards Are Adopted in a Future Period (in accordance with Staff Accounting Bulletin Topic 11.M).”