Q: When a new standard is implemented midyear and there is an action required on an annual basis, when is the action expected to be completed?
A: When a new standard with an annual reporting or measurement requirement is implemented midyear, it is expected that the requirement be met no later than one year from the implementation dates , e.g., effective date 7/1/XX, the associated annual requirement would be due by every 6/30/XX.
If an organization wishes to establish another timing cycle during the year for the requirements after the first year requirement is met, then it would be necessary to meet the requirement on a shortened cycle and then annually thereafter, e.g., effective date 7/1/05, the first associated annual requirement would be due by 6/30/06. To change to a 12/31 due date the organization would meet the first 6/30/06 date, meet a second 12/31/06 date and then every 12/31 thereafter.