This Effective Date Reminder lists only those pronouncements issued as of November 1, 2025, which became effective on or after January 1, 2025 for most entities or have not yet become effective for all entities as of November 1, 2025. For any Accounting Standards Update (ASU) issued after the November cutoff date, please refer to the FASB website for the most current information and updates.
FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)
ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts
ASU 2019-09, Financial Services – Insurance (Topic 944): Effective Date
ASU 2020-11, Financial Services – Insurance (Topic 944): Effective Date and Early Application
ASU 2022-05, Financial Services – Insurance (Topic 944): Transition for Sold Contracts
These ASUs address the accounting for long-duration insurance contracts, such as life insurance, disability income, long-term care and annuities. For public business entities that meet the definition of a SEC filer and are not smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early application permitted. For all other entities, ASU is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025, with early application permitted.
ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
This ASU clarifies the guidance when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of the security; however, the broad principles of fair value measurement have not been changed. For public business entities, the amendments in ASU 2022-03 were effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities, the ASU is effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted.
ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)
The amendments in this ASU permit reporting entities to elect to account for their tax equity investments regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. For public business entities, the ASU was effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. For all other entities, the ASU is effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted.
ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement
The amendments in this ASU require that a joint venture, upon formation, apply a new basis of accounting. The amendments are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Early adoption is permitted.
ASU 2023-06, Disclosure Improvements: Codification Amendmenrts in Response to the SEC’s Disclosure Update and Simplification Initiative
This ASU incorporates into the Accounting Standards Codification (Codification) several U.S. Securities and Exchange Commission (SEC) disclosure requirements under Regulations S-K and S-X. The amendments in the ASU are intended to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC's regulations. For entities subject to the SEC's existing disclosure requirements and for entities that have to file or provide financial statements with or to the SEC for the purpose of selling or issuing securities that do not have contractual limits on transfer, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules.
ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets
This ASU addresses feedback from stakeholders who indicated that the FASB should give priority to improving the accounting for and disclosure of crypto assets. The aim of the ASU is to provide investors with information that better reflects the economic effect of certain crypto assets and an entity's financial position. The ASU is effective for all entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
This ASU requires enhanced disclosures about a reporting entity's effective tax rate and its income taxes paid (refunded). ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024 and for annual periods beginning after December 15, 2025, for all other entities. Early adoption is permitted.
ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards
This ASU was issued to provide guidance on how entities should determine the appropriate guidance to apply when accounting for the issuance of profits interest units and similar types of awards. The ASU is effective for public business entities for interim and annual periods for fiscal years beginning after December 15, 2024. For all other entities, the guidance is effective for fiscal years beginning after December 15, 2025, and the interim periods therein. Early adoption is permitted.
ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concept Statements
ASU 2024-02 removes various references to the FASB’s Concepts Statements from the FASB’s Accounting Standards Codification (Codification or GAAP). The Concepts Statements are non-authoritative guidance issued by the FASB that provide the objectives, qualitative characteristics and other concepts that govern the development of accounting principles by the FASB. The amendments in ASU 2024-02 are effective for public business entities for fiscal years beginning after December 15, 2024. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2025. Early adoption is permitted.
ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregatuon of Income Statement Expenses
ASU 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40); Clarifying the Effective Date
This ASU will require public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items. The FASB believes that the enhanced disclosure requirements will provide investors with the information needed to allow them to:
- Better understand the components of an entity's expenses,
- More accurately forecast expenses, and
- Better assess the entity's prospects for future cash flows.
ASU 2024-03 applies only to public business entities and ASU 2025-01 clarified that it is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted.
ASU 2024-04, Debt – Debt with Conversion abd Other Options (Subtopic 470-20): Induced Coversions of Convertible Debt Instruments
This ASU clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The ASU is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity.
ASU 2025-02, Liabilities (405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122
This Accounting Standards Update amends an SEC paragraph pursuant to the
issuance of SEC Staff Accounting Bulletin No. 122.
ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a variable Interest Entity
This ASU amends existing guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a variable interest entity (VIE) that meets the definition of a business. The amendments require an entity to consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. The amendments in ASU 2025-03 are effective for all entities for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods. . Early adoptiong is permitted.
ASU 2025-04, Compensation – Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer
This ASU clarifies the accounting for share-based consideration payable to a customer in conjunction with selling goods or services. The amendments in ASU 2025-04 are effective for all entities for annual reporting periods beginning after December 15, 2026, including interim periods within those annual reporting periods. Early adoption is permitted.
PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD
PCAOB Release No. 2023-008, The Auditor’s Use of Confirmation, and Other Amendments to PCAOB Standards
The PCAOB is replacing its auditing standard related to an auditor’s use of confirmation, AS 2310, The Confirmation Process, with a new standard, AS 2310, The Auditor’s Use of Confirmation, and making conforming amendments to certain related PCAOB auditing standards. The new standard is designed to improve the quality of audits when confirmation is used by the auditor and to reflect changes in the means of communication and in business practice since the standard was originally issued. The new standard and related amendments are effective for audits of financial statements for fiscal years ending on or after June 15, 2025.
PCAOB Release No. 2024-011, Constructive Requests to Withdraw from Registration
The PCAOB is adopting an amendment to an existing rule related to its registration program. New paragraph (h), Constructive Withdrawal Requests, of existing PCAOB Rule 2107, Withdrawal from Registration, permits the Board, under specified conditions, to treat a registered firm’s failures both to file annual reports and to pay annual fees for at least two consecutive reporting years as a constructive request for leave to withdraw from registration and to deem the firm’s registration withdrawn. The rule and related amendments were approved by the SEC on January 2, 2025, and will be effective initially for annual reports and annual fees that are due in 2025.
PCAOB Release No. 2024-004, General Responsibilities of the Auditor in Conducting an Audit and Amendments to PCAOB Standards
The PCAOB is adopting a new auditing standard, AS 1000, General Responsibilities of the Auditor in Conducting an Audit, and rescinding and amending other related PCAOB standards. The new auditing standard addresses the general responsibilities of the auditor, such as due professional care and professional skepticism, when conducting an audit in accordance with the standards of the PCAOB. The amendments include accelerating the documentation completion date from 45 days to 14 days. The new standard and related amendments are effective for audits of financial statements for fiscal years beginning on or after December 15, 2024, except that, for registered public accounting firms that provide audit opinions for 100 or fewer issuers, the amendment relating to the documentation completion date will take effect for audits of financial statements for fiscal years beginning on or after December 15, 2025.
PCAOB Release No. 2024-007, Amendments Related to Aspects of Designing and Performing Audit Procedures that Involve Technology-Assisted Analysis of Information in Electronic Form
The PCAOB is adopting amendments to AS 1105, Audit Evidence, and AS 2301, The Auditor’s Responses to the Risks of Material Misstatement, and adopting conforming amendments to another auditing standard. The amendments are designed to improve audit quality and enhance investor protection by addressing aspects of designing and performing audit procedures that involve technology-assisted analysis of information in electronic form. The amendments are effective for audits of financial statements for fiscal years beginning on or after December 15, 2025.
PCAOB Release No. 2024-005, A Firm's System of Quality Control and Other Amendments to PCAOB Standards, Rules, and Forms
The PCAOB is adopting a new quality control standard, together with other amendments to PCAOB standards, rules, and forms. These would:
- Supersede current PCAOB quality control standards with an integrated, risk-based standard, QC 1000, A Firm’s System of Quality Control, that would apply to all registered public accounting firms.
- Create reporting requirements on quality control matters and a new, non-public reporting form, Form QC;
- Expand the auditor’s responsibility to monitor for and respond to deficiencies on completed engagements under an amended and retitled AS 2901, Responding to Engagement Deficiencies After Issuance of the Auditor’s Report, and related amendments to our attestation standards for broker-dealer engagements;
- Supersede the existing standard ET 102, Integrity and Objectivity, with a new standard, EI 1000, Integrity and Objectivity, to better align our ethics requirements with the scope, approach, and terminology of QC 1000; and
- Make additional changes to PCAOB standards, rules, and forms.
The standard and related amendments were approved by the SEC on September 9, 2024. On August 28, 2025 the PCAOB announced the effective date was postponed to December 25, 2026. The first evaluation period will be for the period beginning on the effective date of the standard (i.e., December 15, 2026) and ending on September 30, 2027. The firm’s first evaluation must be reported to the PCAOB on Form QC no later than November 30, 2027. Early adoption is permitted.
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA)
SSARS 27, Applicability of AR-C Section 70 to Financial Statements Prepared as Part of a Consulting Services Engagement
SSARS No. 27 amends AR-C section 70, Preparation of Financial Statements, to explicitly exclude financial statements prepared as part of a consulting services engagement performed in accordance with CS section 100, Consulting Services: Definitions and Standards, from those engagements in which AR-C section 70 is required to be applied. SSARS No. 27 is effective for the preparation of financial statements for periods ending on or after December 15, 2026.
GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB)
GASB Implementation Guide No. 2025-1, Implementation Guidance Update – 2025
This implementation guidance includes new questions and answers relating to cash flows reporting; basic financial statements and management's discussion and analysis; accounting and financial reporting for leases; accounting and financial reporting for conduit debt obligations; accounting changes and error corrections; accounting and financial reporting for compensated absences; financial reporting model improvements and amendments to previously issued questions and answers.The requirements of this Implementation Guide are effective as follows:
a. Question 4.16 is effective upon issuance of this Implementation Guide
b. Questions 4.1–4.15, 5.1, and 5.2 and the supersession of Question 2.18.2 in Implementation Guide 2015-1 are effective for fiscal years beginning after June 15, 2025
GASB Statement 102, Certain Risk Disclosures
Statement 102 provides users of government financial statements with essential information about risks related to a government’s vulnerabilities due to certain concentrations or constraints. The standard is effective for fiscal years beginning after June 15, 2024, and all reporting periods thereafter.
GASB Statement 103, Financial Reporting Model Improvements
Statement 103 improves key components of the financial reporting model to enhance effectiveness in providing information that is essential for decision making and assessing a government's accountability. Certain application issues are also addressed by this statement. The standard is effective for fiscal years beginning after June 15, 2025, and all reporting periods thereafter.
GASB Statement 104, Disclosure of Certain Capital Assets
Statement 104 provide users of government financial statements with essential information about certain types of capital assets by requiring certain types of capital assets to be disclosed separately in the capital assets note disclosures required by Statement 34. This standard is effective for fiscal years beginning after June 15, 2025, and all reporting periods thereafter.
INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)
INTERNATIONAL AUDITING AND ASSURANCE STANDARDS BOARD (IAASB)
Narrow Scope Amendments to ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements, and ISA 260 (Revised), Communication with Those Charged With Governance, as a Result of the Revisions to the IESBA Code that Require a Firm to Publicly Disclose When a Firm Has Applied the Independence Requirements for Public Interest Entities (PIEs)
These narrow scope amendments to two IAASB standards operationalize changes to the International Ethics Standards Board for Accountants’ (IESBA) International Code of Ethics for Professional Accountants (including International Independence Standards) related to listed and public interest entities. These narrow scope amendments are effective for audits of financial statements for periods beginning on or after December 15, 2024.
ISA 570 (Revised), Going Concern
This revised going concern standard responds to corporate failures that raised questions regarding auditors’ responsibilities by significantly enhancing the auditor’s work in evaluating management’s assessment of an entity’s ability to continue as a going concern. The revised standard will also increase consistency in auditing practices and strengthen transparency through communications and auditor reporting on matters related to going concern in a consistent manner. ISA 570 (Revised 2024), Going Concern, is effective for audits of financial statements for periods beginning on or after December 15, 2026.
ISA 240 (Revised), The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements
ISA 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, has been revised to deliver clearer responsibilities, stronger risk response, and improved transparency. The revised standard clarifies the auditor’s responsibilities, emphasizes a fraud lens in the auditor’s risk assessment and the appropriate responses to identified risks, and provides greater transparency in the auditor’s reports of publicly traded entities. The revisions also align with ISA 570 (Revised 2024), Going Concern, recognizing that fraud and financial distress are often interrelated risks that must be addressed together to bolster corporate transparency and resilience. ISA 240 (Revised) is effective for periods beginning on or after December 15, 2026.
Narrow Scope Amendments to the ISQMs, ISAs, and ISRE 2400 (Revised), as a Result of the Revisions to the Definitions of Listed Entity and Public Interest Entity in the IESBA Code
These narrow scope amendments to IAASB standards revise the definition of listed entity to align with the definition in the International Ethics Standards Board for Accountants’ (IESBA) Code of Ethics for Professional Accountants (including International Independence Standards). The new definition will amend the International Standards on Quality Management and International Standards on Auditing. In addition, amendments to International Standard on Review Engagement 2400 (Revised), Engagements to Review Historical Financial Statements, aims to align with the IESBA Code of Ethics regarding certain public disclosures about the application of independence requirements. These narrow scope amendments are effective for audits of financial statements for periods beginning on or after December 15, 2026.
ISSA 5000, General Requirements for Sustainability Assurance Engagements
The IAASB issued International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements, during November 2024.
With the goal of enhancing the trust and confidence investors, regulators and other stakeholders have in sustainability information, ISSA 5000 will serve as a comprehensive, stand-alone standard suitable for any sustainability assurance engagements. It will apply to sustainability information reported across any sustainability topic and prepared under multiple frameworks. The standard is also profession agnostic, supporting its use by both professional accountant and non-accountant assurance practitioners.
U.S. Securities and Exchange Commission (SEC)
Release No. IC-35308, Final Rule: Form N-PORT and Form N-CEN Reporting; Guidance on Open-End Fund Liquidity Risk
Amendments to reporting requirements on Forms N-PORT and N-CEN that apply to certain registered investment companies, including registered open-end funds, registered closed-end funds, and unit investment trusts. The amendments will require more frequent reporting of monthly portfolio holdings and related information to the Commission and the public, amend certain reporting requirements relating to entity identifiers, and require open-end funds to report information about service providers used to comply with liquidity risk management program requirements. in addition, the Commission provided guidance related to open-end fund liquidity risk management program requirements.
