When did Benihana implement ASU 2016-13, concerning financial instruments and credit losses?

According to Benihana's 2024 Franchise Disclosure Document, the company implemented ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), effective January 1, 2023. This accounting standards update requires companies to measure credit losses using a methodology that reflects expected credit losses and consider a broader range of information to estimate these losses. Benihana did not expect that the implementation had a material impact on the company's financial statements.

For a prospective franchisee, this information provides insight into Benihana's financial practices and how they account for potential credit losses. Knowing that the implementation of ASU 2016-13 did not have a material impact suggests that Benihana's existing practices were already aligned with the standard or that the potential credit losses were not significant enough to cause a major change in their financial reporting.

It's also worth noting that the document mentions other accounting pronouncements, such as ASU No. 2023-07 and ASU No. 2023-09, which relate to segment reporting and income tax disclosures, respectively. These updates are part of the ongoing evolution of financial reporting standards and provide additional context for understanding Benihana's financial disclosures.