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Reports: FASB Votes to Delay Effective Dates for Leases, CECL

October 17, 2019, 07:20 AM
Filed Under: Regulatory News

The Financial Accounting Standards Board has extended the implementation deadline for several accounting standards, giving many U.S. companies additional time to prepare, the Wall Street Journal reported.

FASB on Wednesday approved its proposals for companies—mostly private businesses and nonprofits—that have not yet had to implement new rules on lease and hedge accounting.

Effective dates will be delayed for private companies and certain other entities for FASB’s standards on accounting for leases, credit losses (known as CECL) and hedging after a unanimous vote Wednesday by FASB, the Journal of Accountancy reported.

The FASB, which voted in July for proposals to delay the effective dates by a range of one to three years, said it plans to issue documents on the changes in mid-November.

The Wall Street Journal explained private companies and nonprofits will have to implement the hedging and leasing standards for the fiscal year and interim periods beginning after Dec. 15, 2020. Small public lenders, public lenders that don’t file with the Securities and Exchange Commission, and private and nonprofit lenders will have to implement the credit-loss standard, known as CECL, for the fiscal year and interim periods beginning after Dec. 15, 2022.

For more see the Wall Street Journal article here.

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