The Financial Accounting Standards Board announced that it plans to issue a final standard on the recognition and measurement of financial instruments in the first week of 2016.

The final Accounting Standards Update will take effect for public companies for fiscal years beginning after Dec. 15, 2017, including interim periods within those fiscal years. For private companies, the standard becomes effective for fiscal years beginning after Dec. 15, 2018, and for interim periods within fiscal years beginning after Dec. 15, 2019.

Companies will be able to adopt the guidance on presentation of liability’s credit risk upon issuance of the ASU in financial statements of annual or interim reporting periods that have not yet been issued or, for private companies, have not yet been made available for issuance. 

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