SW India Global Shared Services (GSS) has summarized below major ASU to make sure you are set-up for a smooth, GAAP filled year:
| FASB | Effective Date for PBEs | Effective Date for Non-PBEs | Early Adoption (Yes/No) |
| ASU 2021-09, Discount Rate for Lessees That Are Not Public Business Entities (issued November 11, 2021) | N/A | Entities that have not yet adopted ASC 842 as of November 11, 2021, must adopt the amendments in this ASU at the same time that they adopt ASC 842. For entities that have adopted ASC 842 as of November 11, 2021, the amendments in this ASU are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022 | Yes |
| ASU, 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (issued October 28, 2021) | Fiscal years beginning after December 15, 2022, including interim periods within those fiscal years | Fiscal years beginning after December 15, 2023, including interim periods within those fiscal years | Yes |
| ASU 2021-07, Determining the Current Price of an Underlying Share (issued October 25, 2021) | N/A | Effective prospectively for all qualifying awards granted or modified during fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022 | Yes |
| ASU 2021-05, Lessors — Certain Leases with Variable Lease Payments (issued July 19, 2021) | Fiscal years beginning after December 15, 2021, and interim periods within those fiscal years | Fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022 | Yes |
| ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): | N/A | See effective date information for ASU 2016-02 below | Yes |
| ASU 2019-12, Simplifying the Accounting for Income Taxes (issued December 18, 2019) | Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 | Fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022 | Yes |
| ASU 2019-01, Leases (Topic 842): Codification Improvements (issued March 5, 2019) | See effective date information for ASU 2016-02 below | See effective date information for ASU 2016-02 below | Yes |
| ASU 2018-20, Narrow-Scope Improvements for Lessors (issued December 10, 2018) | For entities that have not adopted ASC 842, the effective date is the same as the effective date in ASU 2016-02 | For entities that have not adopted ASC 842, the effective date is the same as the effective date in ASU 2016-02 | No |
| ASU 2018-11, Leases (Topic 842): Targeted Improvements (issued July 30, 2018) | The amendments in this ASU related to separating components of a contract affect the amendments in ASU 2016-02 | The amendments in this ASU related to separating components of a contract affect the amendments in ASU 2016-02 | Yes |
| ASU 2018-10, Codification Improvements to Topic 842, Leases (issued July 18, 2018) | The amendments in this ASU affect the amendments in ASU 2016-02 | The amendments in this ASU affect the amendments in ASU 2016-02 | Yes |
| ASU 2017-04, Simplifying the Test for Goodwill Impairment (issued January 26, 2017; effective date amended by ASU 2019-10) | Goodwill impairment tests in fiscal years beginning after December 15, 2019. | Annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2022 | Yes |
| ASU 2016-02, Leases (issued February 25, 2016; effective date amended by ASU 2019-10 and ASU 2020-05) | Effective for fiscal years beginning after December 15, 2018 | For all other entities, the amendments in the ASU are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022 | Yes |
