The Wall Street Journal reported that the Financial Accounting Standards Board has proposed to extend the implementation deadline of the current expected credit losses (CECL) standard for small public lenders, private lenders and nonprofits to fiscal year 2022.
According to the WSJ, large lenders would still be required to implement the new standards beginning December 15, 2019.
The WSJ also reported the FASB voted to provide additional relief to U.S. companies adjusting to the move away from LIBOR.
Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!