FASB Approves Proposed Effective Date Delays at October 16 Meeting
Norwalk, CT, October 18, 2019—Earlier this week, the Financial Accounting Standards Board (FASB) approved its August 2019 proposal to grant private companies, not-for-profit organizations, and certain small public companies various effective date delays on its credit losses (CECL), leases, and hedging standards.
The FASB also approved its proposal to delay effective dates of its long-duration insurance standard for all insurance companies that issue long-duration contracts, such as life insurance and annuities.
The FASB expects to issue two final Accounting Standards Updates (ASUs) containing these decisions in mid-November.
The chart below details how effective dates will change. (A complete overview of all FASB decisions reached at the October 16 meeting is also available on the FASB website.)