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In July 2018, FASB issued ASU No. 2018-09, Codification Improvements. The amendments in FASB ASU No. 2018-09 represent changes to clarify, correct errors in, or make minor improvements to FASB ASC. Among the amendments, an illustration in ASC 962 was modified. The ASU stated the following: “The amendment to Subtopic 962-325 in this Update removes the stable value common collective trust fund from the illustrative example in paragraph 962-325- 55-17 to avoid the interpretation that such an investment would never have a readily determinable fair value and, therefore, would always use the net asset value per share as practical expedient. Rather, a plan should evaluate whether a readily determinable fair value exists to determine whether those investments may qualify for the practical expedient to measure at net asset value in accordance with Topic 820.”

The transition and effective date guidance for the amendments in FASB ASU No. 2018-09 is based on the facts and circumstances of each amendment. Some of the amendments in FASB ASU No. 2018-09 do not require transition guidance and were effective upon issuance. However, many of the amendments do have transition guidance with effective dates for annual periods beginning after December 15, 2018, for public business entities.

Participants are encouraged to consult the full text of ASU No. 2018-09 on FASB’s website at www.fasb.org