Effective Dates of Recent FASB Documents

Statements and Interpretations (Updated: May 2008)
FASB Staff Positions (Updated: January 2009)
EITF Consensuses (Updated: December 2008)
Statement 133 Implementation Issues (Updated: January 2008)

The full text of the FASB documents listed below can be downloaded by their corresponding links.

Copyright Notice for FASB Pronouncements Listed Below

Copyright © by Financial Accounting Standards Board. All rights reserved. Permission is granted to make copies of this work provided that such copies are for personal or intraorganizational use only and are not sold or disseminated and provided further that each copy bears the following credit line: "Copyright © by Financial Accounting Standards Board. All rights reserved. Used by permission."

FINAL DOCUMENT DATE ISSUED EFFECTIVE DATES
Statements and Interpretations
FAS 163, Accounting for Financial Guarantee Insurance Contracts—an interpretation of FASB Statement No. 60 [Download] May 2008

Effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. Disclosure requirements in paragraphs 30(g) and 31 are effective for the first period (including interim periods) beginning after issuance of the Statement. Except for those disclosures, earlier application is not permitted.

FAS 162, The Hierarchy of Generally Accepted Accounting Principles [Download] May 2008

Effective 60 days following the SEC’s approval of the Public Company Accounting Oversight Board amendments to AU Section 411, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles.

FAS 161, Disclosures about Derivative Instruments and Hedging Activities—an amendment of FASB Statement No. 133 [Download] March 2008

Effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008, with early application encouraged.

FAS 160, Noncontrolling Interests in Consolidated Financial Statements—an amendment of ARB No. 51 [Download] December 2007

Effective for annual periods beginning after December 15, 2008.

FAS 141 (revised 2007), Business Combinations [Download] December 2007

Effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008.

FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities—including an amendment of FASB Statement No. 115 [Download] February 2007

Effective as of the beginning of an entity’s first fiscal year that begins after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FASB Statement No. 157, Fair Value Measurements. No entity is permitted to apply the Statement retrospectively to fiscal years preceding the effective date unless the entity chooses early adoption. The choice to adopt early should be made after issuance of the Statement but within 120 days of the beginning of the fiscal year of adoption, provided the entity has not yet issued financial statements, including required notes to those financial statements, for any interim period of the fiscal year of adoption.

This Statement permits application to eligible items existing at the effective date (or early adoption date).

FAS 158, Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans [Download] September 2006

For an employer with publicly traded equity securities, the requirement to recognize the funded status of a benefit plan and the disclosure requirements are effective as of the end of the fiscal year ending after December 15, 2006.

For an employer without publicly traded equity securities, the requirement to recognize the funded status of a benefit plan and the disclosure requirements are effective as of the end of the fiscal year ending after June 15, 2007.

The requirement to measure plan assets and benefit obligations as of the date of the employer's fiscal year-end statement of financial position (paragraphs 5, 6, and 9) is effective for fiscal years ending after December 15, 2008.

Earlier application is permitted if for all of an employer's benefit plans.

FAS 157, Fair Value Measurements [Download] September 2006 Updated—Except as provided in subparagraphs (a) (b) below, this Statement is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. Earlier application is encouraged, provided that the reporting entity has not yet issued financial statements for that fiscal year, including any financial statements for an interim period within that fiscal year.
  1. Delayed application of this Statement is permitted for nonfinancial assets and nonfinancial liabilities, except for items that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually), until fiscal years beginning after November 15, 2008, and interim periods within those fiscal years.
  2. An entity that has issued interim or annual financial statements reflecting the application of the measurement and disclosure provisions of this Statement prior to the issuance of FSP FAS 157-2, Effective Date of FASB Statement No. 157, must continue to apply all of the provisions of this Statement.

 

FIN 48, Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109 [Download] June 2006

Updated—For public enterprises (as defined in paragraph 289, as amended, of  FAS  109) and nonpublic consolidated entities of public enterprises that apply U.S. GAAP, this Interpretation is effective for fiscal years beginning after December 15, 2006.

For nonpublic enterprises (as defined in paragraph 289, as amended, of  FAS  109), except for nonpublic consolidated entities of public enterprises that apply U.S. GAAP, this Interpretation is effective for annual financial statements for fiscal years beginning after December 15, 2007 unless the nonpublic enterprises issued a full set of annual financial statements using the recognition, measurement, and disclosure provisions of this Interpretation before the issuance of FSP FIN 48-2.  For nonpublic enterprises that issued a full set of annual financial statements using the recognition, measurement, and disclosure provisions of this Interpretation, this Interpretation is effective for fiscal years beginning after December 15, 2006.

Earlier application is permitted as of the beginning of an enterprise’s fiscal year.

FASB Staff Positions
New—FSP EITF 99-20-1, "Amendments to the Impairment Guidance of EITF Issue No. 99-20"
[Download]
January 2009 Effective for interim and annual reporting periods ending after December 15, 2008, and shall be applied prospectively. Retrospective application to a prior interim or annual reporting period is not permitted.

 

New—FSP FAS 132(R)-1, "Employers’ Disclosures about Postretirement Benefit Plan Assets"
[Download]
December 2008 Effective for fiscal years ending after December 15, 2009.

 

New—FSP FIN 48-3, "Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises"
[Download]
December 2008 Effective upon issuance.

 

New—FSP FAS 140-4 and FIN 46(R)-8, "Disclosures by Public Entities (Enterprises) about Transfers of Financial Assets and Interests in Variable Interest Entities"
[Download]
December 2008 Effective for the first reporting period (interim or annual) ending after December 15, 2008, with earlier application encouraged.

 

FSP FAS 157-3, "Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active"
[Download]
October 2008 Effective upon issuance, including prior periods for which financial statements have not been issued.

 

FSP FAS 133-1 and
FIN 45-4, "Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161"
[Download]
September 2008 Effective for reporting periods (annual or interim) ending after November 15, 2008.

 

FSP FAS 117-1, "Endowments of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act, and Enhanced Disclosures for All Endowment Funds"
[Download]
August 2008 Effective for fiscal years ending after December 15, 2008. Early application is permitted provided that annual financial statements for that fiscal year have not been previously issued.

 

FSP EITF 03-6-1, "Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities"
[Download]
June 2008 Effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those years.

 

FSP SOP 94-3-1 and AAG HCO-1, "Omnibus Changes to Consolidation and Equity Method Guidance for Not-for-Profit Organizations"
[Download]
May 2008 Applied to fiscal years beginning after June 15, 2008, and to interim periods therein.

 

FSP APB 14-1, "Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)"
[Download]
May 2008 Effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. Early adoption is not permitted.

 

FSP FAS 142-3, "Determination of the Useful Life of Intangible Assets"
[Download]
April 2008 Effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. Early adoption is prohibited.

 

FSP SOP 90-7-1, "Amendment of AICPA Statement of Position 90-7"
[Download]
April 2008 Effective for financial statements issued subsequent to the date of issuance of this FSP.

 

FSP FAS 140-3, "Accounting for Transfers of Financial Assets and Repurchase Financing Transactions"
[Download]
February 2008 Effective for financial statements issued for fiscal years beginning after November 15, 2008, and interim periods within those fiscal years. Earlier application is not permitted.

 

FSP SOP 07-1-1, "Effective Date of AICPA Statement of Position 07-1"
[Download]
February 2008

Effective as of December 15, 2007.

FSP FAS 157-2, "Effective Date of FASB Statement No. 157" [Download] February 2008

Effective upon issuance.

FSP FAS 157-1, "Application of FASB Statement No. 157 to FASB Statement No. 13 and Other Accounting Pronouncements That Address Fair Value Measurements for Purposes of Lease Classification or Measurement under Statement 13"
[Download]
February 2008

Effective upon the initial adoption of Statement 157.

FSP FIN 48-2, "Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises" [Download] February 2008

Effective upon issuance.

FSP FIN 46(R)-7, "Application of FASB Interpretation No. 46(R) to Investment Companies" [Download] May 2007

Paragraph 36 of Interpretation 46(R) is amended as follows: The effective date for applying the provisions of Interpretation 46 or this Interpretation is deferred for investment companies that are not subject to SEC Regulation S-X, Rule 6-03(c)(1) but are currently accounting for their investments in accordance with the specialized accounting guidance in the AICPA Audit and Accounting Guide, Investment Companies, until the date that the investment company initially adopts AICPA Statement of Position 07-01, Clarification of the Scope of the Audit and Accounting Guide Investment Companies and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies. An entity that is required to discontinue application of the specialized accounting in the Guide as a result of adoption of SOP 07-01 is subject to the provisions of this Interpretation at that time. Paragraph 4(e) of this Interpretation states that "investments accounted for at fair value in accordance with the specialized accounting guidance in the AICPA Audit and Accounting Guide, Investment Companies, are not subject to consolidation according to the requirements of this Interpretation" (footnote reference omitted). Accordingly, an entity that meets the definition of an investment company after adoption of SOP 07-01 shall continue to apply the specialized accounting in the Guide to its investments.

FSP FIN 48-1, "Definition of Settlement in FASB Interpretation No. 48" [Download] May 2007

The guidance shall be applied upon the initial adoption of Interpretation 48. An enterprise that applied Interpretation 48 in a manner consistent with the provisions of this FSP would continue to apply the provisions in this FSP from the date of initial adoption of Interpretation 48. However, an enterprise that did not apply Interpretation 48 in a manner consistent with the provisions of this FSP is required to retrospectively apply the provisions in this FSP to the date of the initial adoption of Interpretation 48.

FSP FIN 39-1, "Amendment of FASB Interpretation No. 39" [Download] April 2007

Effective for fiscal years beginning after November 15, 2007, with early application permitted.

FSP FAS 158-1, "Conforming Amendments to the Illustrations in FASB Statements No. 87, No. 88, and No. 106 and to the Related Staff Implementation Guides" [Download] February 2007

Conforming amendments are effective as of the effective dates of Statement 158. The unaffected guidance that this FSP codifies into Statements 87, 88, and 106 does not contain new requirements, and therefore, does not require a separate effective date or transition method.

EITF Consensuses
EITF Issue No. 08-8, "Accounting for an Instrument (or an Embedded Feature) with a Settlement Amount That Is Based on the Stock of an Entity's Consolidated Subsidiary" [Download] November 2008

This Issue is effective for fiscal years beginning on or after December 15, 2008, and interim periods within those fiscal years. Earlier application is not permitted. The consensus shall be applied to outstanding instruments as of the beginning of the fiscal year in which this Issue is initially applied. The fair value of an outstanding instrument that was previously classified as an asset or liability shall become its net carrying amount at that date (that is, its current fair value). The net carrying amount shall be reclassified to noncontrolling interest. Gains or losses recorded during the period that the instrument was classified as an asset or liability shall not be reversed. The transition disclosures in paragraphs 17 and 18 of Statement 154 shall be provided.

EITF Issue No. 08-7, "Accounting for Defensive Intangible Assets" [Download] November 2008

This Issue is effective for intangible assets acquired on or after the beginning of the first annual reporting period beginning on or after December 15, 2008, in order to coincide with the effective date of Statement 141(R). This Issue shall be applied prospectively. Earlier application is not permitted.

EITF Issue No. 08-6, "Equity Method Investment Accounting Considerations" [Download] November 2008

This Issue is effective for fiscal years beginning on or after December 15, 2008, and interim periods within those fiscal years, consistent with the effective dates of Statement 141(R) and Statement 160. This Issue shall be applied prospectively. Earlier application by an entity that has previously adopted an alternative accounting policy is not permitted. The transition disclosures in paragraphs 17 and 18 of Statement 154 shall be provided, if applicable. The Task Force noted that transition is not required for the consensus on Issue 4 as it is consistent with guidance currently required by paragraph 19(l) of Opinion 18.

EITF Issue No. 08-5, "Issuer's Accounting for Liabilities Measured at Fair Value with a Third-Party Credit Enhancement" [Download] September 2008

This Issue is effective on a prospective basis in the first reporting period beginning on or after December 15, 2008. The effect of initially applying the guidance in this Issue shall be included in the change in fair value in the period of adoption. Earlier application is permitted.
In the period of adoption an entity shall disclose the valuation technique(s) used to measure the fair value of liabilities in the scope of this Issue and include a discussion of changes, if any, in the valuation techniques used to measure those liabilities in prior periods.

EITF Issue No. 08-4, "EITF Issue No. 08-4, "Transition Guidance for Conforming Changes to EITF Issue No. 98-5, 'Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios'" [Download] June 2008

Conforming changes made to Issue 98-5 that resulted from Issue 00-27 and Statement 150 shall be effective for financial statements issued for fiscal years ending after December 15, 2008. Earlier application is permitted.
The effect, if any, of applying the conforming changes shall be presented retrospectively with the cumulative-effect of the change being reported in retained earnings in the statement of financial position as of the beginning of the first period presented. If as a result of applying the conforming changes in this Issue an entity has a change to its accounting, it shall comply with the disclosure requirements of Statement 154 for changes in accounting principles.

EITF Issue No. 08-3, "Accounting by Lessees for Nonrefundable Maintenance Deposits" [Download] June 2008

This Issue is effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. Earlier application by an entity that has previously adopted an alternative accounting policy is not permitted.
Entities should recognize the effect of the change as a change in accounting principle as of the beginning of the fiscal year in which this consensus is initially applied for all arrangements existing at the effective date. The cumulative effect of the change in accounting principle shall be recognized as an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) for that fiscal year, presented separately. The transition disclosures in paragraphs 17 and 18 of Statement 154 should be provided.

EITF Issue No. 07-5, "Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity's Own Stock" [Download] June 2008

This Issue is effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. Earlier application by an entity that has previously adopted an alternative accounting policy is not permitted.
The guidance in this Issue shall be applied to outstanding instruments as of the beginning of the fiscal year in which this Issue is initially applied. The cumulative effect of the change in accounting principle shall be recognized as an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) for that fiscal year, presented separately. The cumulative-effect adjustment is the difference between the amounts recognized in the statement of financial position before initial application of this Issue and the amounts recognized in the statement of financial position at initial application of this Issue. The amounts recognized in the statement of financial position as a result of the initial application of this Issue shall be determined based on the amounts that would have been recognized if the guidance in this Issue had been applied from the issuance date of the instrument(s). However, in circumstances in which a previously bifurcated embedded conversion option in a convertible debt instrument no longer meets the bifurcation criteria in Statement 133 at initial application of this Issue, the carrying amount of the liability for the conversion option (that is, its fair value on the date of adoption) shall be reclassified to shareholders' equity. Any debt discount that was recognized when the conversion option was initially bifurcated from the convertible debt instrument shall continue to be amortized.
Paragraphs 12 and 13 of this Issue shall not result in a transition adjustment at the effective date because that guidance is consistent with guidance previously contained in Issue 01-6, which is nullified by this Issue.
The transition disclosures in paragraphs 17 and 18 of Statement 154 shall be provided.

EITF Issue No. 07-4, "Application of the Two-Class Method under FASB Statement No. 128 to Master Limited Partnerships" [Download] March 2008

This Issue shall be effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. Earlier application is not permitted. This Issue shall be applied retrospectively for all financial statements presented.

EITF Issue No. 07-6, "Accounting for the Sale of Real Estate Subject to the Requirements of FASB Statement No. 66, When the Agreement Includes a Buy-Sell Clause" [Download] November 2007

This Issue shall be effective for new arrangements entered into and assessments performed in fiscal years beginning after December 15, 2007, and interim periods within those fiscal years. Earlier application is not permitted.
For purposes of the transition guidance, assessments are any assessment performed pursuant to Statement 66 after the effective date of this Issue for arrangements accounted for under the deposit, profit-sharing, leasing, or financing methods for reasons other than the existence of a buy-sell clause.

EITF Issue No. 07-1, "Accounting for Collaborative Arrangements" [Download] November 2007

This Issue shall be effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. This Issue shall be applied retrospectively to all prior periods presented for all collaborative arrangements existing as of the effective date. If it is impracticable to apply the effects of a change in accounting principle retrospectively pursuant to the guidance in paragraph 11 of Statement 154, an entity should disclose both the reasons why reclassification was not made and the effect of the reclassification on the current period pursuant to the guidelines in paragraph 9 of Statement 154. The evaluation of whether transition through retrospective application is practicable should be made on an arrangement by arrangement basis.
Upon initial application of this Issue, an entity shall disclose the following:
a.   A description of the prior-period information that has been retrospectively adjusted, if any
b.   The effect of the change on revenue and operating expenses (or other appropriate captions of changes in the applicable net assets or performance indicator) and on any other affected financial statement line item.

EITF Issue No. 07-3, "Accounting for Nonrefundable Advance Payments for Goods or Services Received for Use in Future Research and Development Activities" [Download] June 2007

Effective for financial statements issued for fiscal years beginning after December 15, 2007, and interim periods within those fiscal years. Earlier application is not permitted. Entities should report the effects of applying this Issue prospectively for new contracts entered into on or after the effective date of this Issue.

EITF Issue No. 06-11, "Accounting for Income Tax Benefits of Dividends on Share-Based Payment Awards" [Download] June 2007

Effective prospectively for the income tax benefits that result from dividends on equity-classified employee share-based payment awards that are declared in fiscal years beginning after December 15, 2007, and interim periods within those fiscal years. Early application is permitted as of the beginning of a fiscal year for which interim or annual financial statements have not yet been issued. Retrospective application to previously issued financial statements is prohibited. Entities shall disclose the nature of any change in their accounting policy for income tax benefits of dividends on share-based payment awards resulting from adoption.

EITF Issue No. 06-10, "Accounting for Collateral Assignment Split-Dollar Life Insurance Arrangements" [Download] March 2007

Effective for fiscal years beginning after December 15, 2007, including interim periods within those fiscal years. Earlier application is permitted.

EITF Issue No. 06-1, "Accounting for Consideration Given by a Service Provider to a Manufacturer or Reseller of Equipment Necessary for an End-Customer to Receive Service from the Service Provider" [Download] September 2006

Effective for the first annual reporting period beginning after June 15, 2007. Earlier application is permitted for financial statements that have not yet been issued.

EITF Issue No. 06-4, "Accounting for Deferred Compensation and Postretirement Benefit Aspects of Endorsement Split-Dollar Life Insurance Arrangements" [Download] September 2006

Effective for fiscal years beginning after December 15, 2007, with earlier application permitted.

Statement 133 Implementation Issues
Statement 133 Implementation Issue No. E23, "Issues Involving the Application of the Shortcut Method under Paragraph 68" [Download] January 2008

Effective for hedging relationships designated on or after January 1, 2008.