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On November 15, 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-10
Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates.
This ASU introduces FASB’s philosophy to extend and simplify how effective dates are staggered for a major ASU between larger public companies and all other entities, including small reporting companies (SRC), private companies, not-for-profit organizations, and employee benefit plans. It is anticipated that the Board will consider requiring an effective date for a major ASU to be staggered by at least two years between these larger public companies and all other entities to help ease the implementation challenges faced by these other entities.
For an entity to be eligible as an SRC, it must be an issuer as defined by the SEC and may not exceed established levels of public float, annual revenue or both as defined by the SEC. According to the SEC definition, the following entities are not eligible for SRC status: investment companies (including business development companies), asset-backed issuers and majority-owned subsidiaries of a parent company that is not an SRC.
This ASU also applies FASB’s new philosophy to defer certain mandatory effective dates of the following major ASUs (including any subsequent amendments to these ASUs) for SRCs, private companies, not-for-profit organizations, and employee benefits plans:
Early application continues to be permitted for all of these ASUs. The following table outlines the resulting changes in mandatory effective dates:
 Effective dates are for fiscal years beginning after dates stated within the table and include interim periods therein, unless otherwise specified. Effective for interim periods within fiscal years beginning after December 15, 2020. Effective for interim periods within fiscal years beginning after December 15, 2021.
To access the full script of ASU No. 2019-10, click
For more information on the financial reporting library, contact a local
MNP Assurance Professional, or
Jody MacKenzie, Director, Assurance Professional Standards.
This communication contains a general overview of the topic and is current as of November 15, 2019. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional, who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person’s use of or reliance upon this material. © MNP LLP 2019. All rights reserved.
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