Question: FASB recently issued an ASU with an effective date(s) as follows: Public: Fiscal years beginning after December 15, 2025 Nonpublic: Fiscal years beginning after December

FASB recently issued an ASU with an effective date(s) as follows: Public: Fiscal years beginning after December 15, 2025 Nonpublic: Fiscal years beginning after December 15, 2027. 27. Assume that Chicago Corporation has a March 31st fiscal year end and is a publicly traded corporation. What will be the first fiscal year that Chicago Corporation will use the new guidance? (Include the start and end date... for example January 1, 2010 - December 31, 2010.) Answer: 28. Assume that Illinois Corporation has an August 31st fiscal year end and is a privately held company. What will be the first fiscal year that Illinois Corporation will use the new guidance? (Include the start and end date... for example January 1, 2010 - December 31, 2010.)

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