Ryan Smith, CPA is the controller of a privately held company. His corporations' fiscal year end is September 30, 2021. In July 2021 FASB issued new authoriative guidance. Ryan is unsure of when the company has to follow the new guidance that was recently issued by FASB. The transition guidance states the following: "For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2021. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023." What is the first fiscal year that the company will include the new guidance in the financial statements? Question 25 options: a) January 1, 2021-December 31, 2021 b) October 1, 2022-September 30, 2023 c) October 1, 2023 - September 30, 2023 d) October 1, 2024 - September 30, 2024
Ryan Smith, CPA is the controller of a privately held company. His corporations' fiscal year end is September 30, 2021. In July 2021 FASB issued new authoriative guidance. Ryan is unsure of when the company has to follow the new guidance that was recently issued by FASB. The transition guidance states the following:
"For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2021. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023."
What is the first fiscal year that the company will include the new guidance in the financial statements?
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