Standard |
Description |
Effective date and financial statement impact |
In March 2017 , the FASB issued ASU 2017-07 “ Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Cost .” |
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In January 2016 , the FASB issued ASU 2016-01 “ Recognition and Measurement of Financial Assets and Financial Liabilities .”
In February 2016 , the FASB issued ASU 2016-02 “ Leases .”
In June 2016 , the FASB issued ASU 2016- 13 “ Financial Instruments – Credit Losses .”
This guidance requires that an employer disaggregate the service cost component from the other components of net benefit cost . Specifically , the guidance requires non-service cost components of net benefit cost to be recognized in a non-operating income line item of the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization .
The guidance is intended to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information . The amendments address certain aspects of recognition , measurement , presentation , and disclosure of financial statements .
The guidance modifies the recognition and accounting for lessees and lessors and requires expanded disclosures regarding assumptions used to recognize revenue and expenses related to leases .
The guidance replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates . Credit losses relating to available-forsale securities would also be recorded through an allowance for credit losses .
The guidance is effective for public business entities for annual reporting periods beginning after December 15 , 2017 , including interim periods within those annual periods . For other entities , the amendments in this update are effective for annual reporting periods beginning after December 15 , 2018 , and interim periods within annual periods beginning after December 15 , 2019 . Early adoption is permitted with certain restrictions . However , we have no plans to early adopt . We are currently evaluating the impact of the guidance on our results of operations and financial statement disclosures . The guidance will have no impact on the financial condition or cash flows . The guidance is effective for public entities for annual reporting periods beginning after December 15 , 2017 , including interim periods within that year . The guidance is effective for nonpublic entities for annual reporting periods beginning after December 15 , 2018 , and interim periods within annual periods beginning after December 15 , 2019 . Certain disclosure changes are permitted to be immediately adopted for annual reporting periods that have not yet been made available for issuance . Nonpublic entities are no longer required to include certain fair value of financial instruments disclosures as part of these disclosure changes . We have immediately adopted this guidance and have excluded such disclosures from our Notes to Consolidated Financial Statements . Early adoption is permitted for interim and annual reporting periods beginning after December 15 , 2017 , for other applicable sections of the guidance . We are currently evaluating the impact of the remaining guidance on our financial condition , results of operations , cash flows , and financial statement disclosures . The guidance is effective for public entities for annual reporting periods beginning after December 15 , 2018 , including interim periods within that year . The guidance is effective for nonpublic entities for annual reporting periods beginning after December 15 , 2019 , and interim periods the subsequent year . Early adoption is permitted and modified retrospective adoption is required . However , we have no plans to early adopt . We have determined after preliminary review , this guidance will not have a material impact on our financial condition , results of operations , and financial statement disclosures , and will have no impact on combined cash flows . The guidance is effective for non-U . S . Securities Exchange Commission filers for annual reporting periods beginning after December 15 , 2020 , including interim periods within those annual periods . The guidance is effective for nonpublic entities for annual reporting periods beginning after December 15 , 2020 , and interim periods within annual periods beginning after December 15 , 2021 . Early adoption is permitted as of annual reporting periods beginning after December 15 , 2018 , including interim periods within those annual periods . However , we have no plans to early adopt . We are currently evaluating the impact of the guidance on our financial condition , results of operations , cash flows , and financial statement disclosures .
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