While several changes to clarify FASB’s Accounting Standards Codification were issued in ASU No. 2018-09, they aren’t expected to have a significant effect on current accounting practices or create significant implementation costs for most financial statement preparers.
The Accounting Standards Codification is the source of authoritative GAAP to be used by nongovernmental entities. The ASU amends a variety of topics that apply to all reporting entities.
The effective dates of the amendments differ depending on the facts and circumstances of each amendment. Some are effective immediately, and others begin after Dec. 15.