FASB approves proposed effective date delays at Oct. 16 meeting

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Written on Oct 31, 2019

FASB has 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.
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.
FASB expects to issue two final Accounting Standards Updates (ASUs) containing these decisions in mid-November.

A complete overview of all FASB decisions reached at the Oct. 16 meeting is available on the FASB website.