FASB Delays Effective Dates for Credit Losses, Leases, Other Standards



The Financial Accounting Standards Board issued two Accounting Standards Updates (ASUs) that finalize various effective date delays for standards on current expected credit losses (CECL), leases, hedging and long-duration insurance contracts.

The two updates are:

  • ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, which finalizes various effective date delays for private companies, not-for-profit organizations, and certain smaller reporting companies applying the CECL, leases, and hedging standards.
  • ASU No. 2019-09, Financial Services—Insurance (Topic 944): Effective Date, which finalizes insurance standard effective date delays for all insurance companies that issue long-duration contracts, such as life insurance and annuities.

The chart below details all effective date changes:

Both ASUs are available at www.fasb.org.

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