Recent Accounting Developments

Government Assistance
In November 2021, the FASB issued ASC 832, Government Assistance, which requires entities to disclose the nature of government assistance, accounting policies used to account for those transactions, and the effect of the transaction on entities’ financial statements.  This guidance is effective for fiscal years beginning after December 15, 2021 with early adoption permitted.  We early adopted this guidance for the year ended December 31, 2021.  Our early adoption of this guidance did not have a material impact on our Consolidated Financial Statements and disclosures.
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Historical Timeline

Fiscal YearFiled
2021Feb 28, 2022Showing above
2020Mar 1, 2021
2019Feb 28, 2020
2018Mar 1, 2019
2017Feb 28, 2018
2016Feb 24, 2017
2015Feb 26, 2016

About New Standards Disclosures

New accounting standards disclosures describe recently adopted pronouncements and those not yet effective, along with management's assessment of their expected impact. This section provides an early warning system for upcoming changes to how a company reports its financial results, often years before the new rules take effect.

Key signals: when management describes a not-yet-adopted standard's impact as "material" or "still being evaluated," it signals potential significant changes to reported metrics upon adoption. Watch for standards that affect a company's core operations — for example, revenue recognition changes for software companies or lease accounting changes for retailers with large store footprints. The transition method chosen (full retrospective versus modified retrospective) affects comparability with prior periods. Companies that delay adoption to the latest permitted date may be struggling with implementation complexity. Compare the disclosed impact assessments against peers in the same industry to gauge whether management's expectations are reasonable.