Last week, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) No. 2013-04, Liabilities (Topic 405): Obligations Resulting From Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date.

For all except nonpublic entities, the amendments in the ASU are effective for fiscal years (and interim periods within those years) beginning after Dec. 15, 2013. For nonpublic entities, the amendments are effective for fiscal years (and interim periods) ending after Dec. 15, 2014. To download a copy of the new ASU, click here.