Hot Topic highlights the implications of ASU 2016-18 for NFPs. The revisions change the presentation of restricted cash and restricted cash equivalents in the statement of cash flows.
The amendments are currently effective for all entities. As a reminder, the effective dates for NFPs are as follows:
Effective date | All entities, except public business entities |
---|---|
Annual periods – Fiscal years beginning after |
December 15, 2018 |
Interim periods – Fiscal years beginning after |
December 15, 2019 |
Transition method |
Entities are required to apply the amendments in the ASU using a retrospective transition method to each period presented |
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