Entities are permitted to early adopt any removed or modified disclosures and delay adoption of additional disclosures until their effective date. Summary The FASB issued ASU 2018-03 [1] to address questions raised about its recent standard on financial instruments, ASU 2016-01. It is required to file or furnish financial statements with the Securities and Exchange Commission. Summary: The amendments in this ASU require that an entity measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718. The insights and advice you need, everywhere you do business. Subparagraph superseded by Accounting Standards Update No. 2018-09 do not require transition guidance and will be effective upon issuance of ASU No. The range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. A collection of articles and insights to help you prepare for FASB ASU 2018-12. Baker Tilly insight Clarifying accounting guidance from contributions and grants: A look into ASU 2018-08; Update 2018-09—Codification Improvements [Revised 07/18/18—Wording corrected in summary to reflect actual Codification wording.] This ASU removes, modifies and adds certain disclosure requirements of ASC Topic 820. EisnerAmper has deployed a Coronavirus - COVID-19 tax insights resource page. The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. Early adoption is permitted. ASU 2018-13: Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement: Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019: Yes: Fair value guide: ASU 2018-15 On August 28, 2018, the FASB issued ASU 2018-14,1 which amends ASC 7152 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The FASB's framework for Accounting for Fair Value Measurement (ASC 820) continues to challenge preparers, particularly with regards to the latest disclosure requirements from the 2011 amendment. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019. ASU 2018-14 is based on a proposed ASU issued on January 26, 2016, and discussed in Deloitte’s January 28, 2016, Heads Up. Certain of these amendments have resulted in further divergence between the standards (see the summary of key differences between US … 1000. If you have any questions, we'd like to hear from you. This will give you the must updated information relating to tax changes. All companies in the scope of the new leases standard ASU 2018-13 is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted for any removed or modified disclosures. ASU 2016-13, Measurement of Credit Losses on Financial Instruments What does this standard change? This ASU removes, modifies and adds certain disclosure requirements of ASC Topic 820. Valuation process for Level 3 fair value measurements. For recurring fair value measurements categorized within Level 3 of the fair value hierarchy held at the end of the reporting period, the changes in unrealized gains and losses for the period included in other comprehensive income. ASU 2018-13. When it comes to business, innovation is changing everything. 2018- 13.For assets and liabilities held at the end of the reporting period that are measured at fair value on a recurring basis, the amounts of any transfers between Level 1 and Level 2 of the fair value hierarchy, the reasons for those transfers, and the reporting entity’s policy for determining when transfers between levels are deemed to have occurred … The ASU’s changes related to disclosures are part of the FASB’s disclosure framework project, which the Board launched in 2014 to improve the effectiveness of disclosures in notes to financial statements. Other quantitative information (such as the median or arithmetic average) may be disclosed in lieu of the weighted average if it is determined to be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop level 3 fair value measurements. 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