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.