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FASB approves proposed effective date delays at Oct. 16 meeting

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.