The FASB announced that it plans to issue its final standard on the recognition and measurement of financial instruments during the first week of January 2016. The final Accounting Standards Update (ASU) 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.