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FASB ASU No. 2016-01

In January 2016, FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.

These amendments in this Update provide guidance for measuring and recording fair value of equity investments, eliminate some disclosure requirements for financial instruments measured at amortized cost, simplify impairment assessment of equity investments, and clarify some disclosure requirements.

ASU 2016-01 is effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For all other entities, including not-for-profit entities and employee benefit plans within the scope of FASB ASC 960, 962, and 965, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. All entities that are not public business entities may adopt the amendments in this ASU earlier as of the fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Otherwise early adoption is limited to specific amendments, available only under certain conditions and subject to specific early adoption guidance.

FASB ASU No. 2018-03

In February 2018, FASB issued FASB ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.

This update was issued to clarify certain aspects of the guidance issued in ASU No. 2016-01. To provide a period of time to allow entities to continue their current adoption plans for ASU No. 2016-01, FASB concluded that for public business entities the amendments in FASB ASU No. 2018-03 are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. Public business entities with fiscal years beginning between December 15, 2017, and June 15, 2018, are not required to adopt these amendments until the interim period beginning after June 15, 2018, and public business entities with fiscal years beginning between June 15, 2018, and December 15, 2018, are not required to adopt these amendments before adopting the amendments in ASU No. 2016-01. For all other entities, the effective date is the same as the effective date in ASU No. 2016-01. All entities may early adopt these amendments for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, as long as they have adopted ASU No. 2016-01 Readers are encouraged to consult the full text of FASB ASU No. 2016-01and ASU No. 2018-03 on FASB’s website at www.fasb.org.