KPMG reports on ASU 2016-07, which amends ASC 323. The FASB issued the ASU to eliminate the requirement to retroactively apply the equity method when an investment becomes an equity method investee.
Mandatory effective dates and early adoption provisions:
Effective date: |
All entities |
Annual periods – Fiscal years beginning after |
Dec. 15, 2016 |
Interim periods – In fiscal years beginning after |
Dec. 15, 2016 |
Early adoption allowed? |
Immediately |
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