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2004
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2005
June 15, 2005.
Several accounting standards take effect
as of this date:
·
Public entities that do not file as small business issuers must
adopt FASB Statement No. 123(R),
Share-Based Payment, as of the beginning of the first
interim or annual reporting period that begins after June 15, 2005
·
FASB
Statement No. 151, Inventory Costs – An Amendment of ARB No. 43,
Chapter 4, takes effect for inventory costs incurred during
fiscal years beginning after June 15, 2005.
·
FASB
Statement No. 152, Accounting for Real Estate Time-Sharing
Transactions, and AICPA Statement of Position No. 04-2, Accounting
for Real Estate Time-Sharing Transactions, are effective for fiscal
years beginning after June 15, 2005.
·
FASB
Statement No. 153, Exchanges of Nonmonetary Assets, is effective for
nonmonetary asset exchanges occurring in fiscal periods beginning after
June 15, 2005. |
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June 15, 2004
.
Certain provisions of FASB Statement No. 132(R), Employers’
Disclosures about Pensions and Other Postretirement Benefit, took
effect for fiscal years ending after this date. These provisions include:
·
Disclosure of certain information about foreign plans,
·
Disclosure of future benefit payments, and
·
Disclosure of information for nonpublic entities. |
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December 15, 2005. FASB Statement No. 123(R),
Share-Based Payment, takes effect for small business
issuers and nonpublic entities.
·
Public entities that file as small business issuers must adopt
Statement 123(R) as of the beginning of the first interim or annual
reporting period that begins after December 15, 2005
·
Nonpublic entities must adopt Statement 123(R) as of the
beginning of the first annual reporting period that begins after December
15, 2005.
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December 15, 2004.
Several major accounting standards took effect for private companies as of
this date:
·
Private
companies must apply certain provisions of FASB Statement No. 150,
Accounting for Certain Financial Instruments with Characteristics of Both
Liabilities and Equity, for fiscal periods beginning after this date.
These provisions address instruments that are mandatorily redeemable on
fixed dates for amounts that are fixed or determinable.
·
Private
companies must apply FASB Interpretation No. 46(R), Consolidation of
Variable Interest Entities, to variable interest entities created
before January 1, 2004 during the first annual period beginning after
December 15, 2004
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