Surprisingly, neither the Financial Accounting Standards Board (FASB) nor the Government Accounting Standards Board (GASB) issued any new standards in the first quarter of 2026. This is rare and as, it relates to the FASB, is a sign of the board’s current focus on agenda recalibration and reshaping standard-setting priorities. However, we’ve included a comprehensive listing of all newly effective standards for public business entities in the first quarter of 2026, June 30 year-end governments, and calendar year-end December 31, 2026. These standards are broken down by public business entities, private entities and governments. Hopefully, the standard setters will be more active in the coming months. For summaries of standards issued in previous periods, view previous Accounting Rundowns here.

Effective Date Reminders
March 31, 2026 Quarter-end Public Business Entities
The following ASUs are effective for public business entities for the quarter-ended March 31, 2026:
- ASU 2024-04: Induced Conversions of Convertible Debt Instruments
- ASU 2025-05: Measurement of Credit Losses for Accounts Receivable and Contract Assets
June 30, 2026 Year-end Governmental Entities
The following GASB statements are effective for governmental entities for fiscal year-end June 30, 2026:
- GASB Statement No. 103: Financial Reporting Model Improvements
- GASB Statement No. 104: Disclosure of Certain Capital Assets Held for Sale
- GASB Implementation Guide 2025-1 (FN 1)
FN 1: Questions 4.1–4.15, 5.1, and 5.2 and the supersession of Question 2.18.2 are effective for fiscal years beginning after June 15, 2025, and all reporting periods thereafter.
December 31, 2026 Year-end Public Business Entities
The following FASB statements are effective for public business entities for fiscal year-end December 31, 2026:
- ASU 2024-04: Induced Conversions of Convertible Debt Instruments
- ASU 2025-05: Measurement of Credit Losses for Accounts Receivable and Contract Assets
December 31, 2026 Year-end Private Entities
The following FASB statements are effective for private entities for fiscal year-end December 31, 2026:
- ASU 2023-09: Improvements to Income Tax Disclosures
- ASU 2024-01: Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards
- ASU 2024-04: Induced Conversions of Convertible Debt Instruments
- ASU 2025-05: Measurement of Credit Losses for Accounts Receivable and Contract Assets
December 31, 2026 Year-end Governmental Entities
The following FASB statements are effective for private entities for fiscal year-end December 31, 2026:
- GASB Statement No. 103: Financial Reporting Model Improvements
- GASB Statement No. 104: Disclosure of Certain Capital Assets Held for Sale
- GASB Implementation Guide 2025-1 (FN 1)
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