FASB
The FASB voted to delay the effective dates for the standards on accounting for leases, credit losses (CECL), and hedging, the Journal of Accountancy reports. Under the ASU, effective dates for the lease accounting, hedge accounting, and accounting for credit losses standards will be affected as follows:
SEC filers: The hedge accounting and lease accounting effective dates would remain for fiscal years beginning after Dec. 15, 2018, and the credit loss effective date would remain for fiscal years beginning after Dec. 15, 2019, except for smaller reporting companies, whose credit loss effective date would be extended to fiscal years beginning after Dec. 15, 2022.
All other public business entities: The hedge accounting and lease accounting effective dates would remain for fiscal years beginning after Dec. 15, 2018, while the credit loss effective date would change from fiscal years beginning after Dec. 15, 2020, to fiscal years beginning after Dec. 15, 2022. The effective date of fiscal years beginning after Dec. 15, 2018, for lease accounting would also apply to employee benefit plans that file or furnish financial statements with or to the SEC as well as not-for-profit entities that have issued or are conduit bond obligors for securities that are traded, listed, or quoted on an exchange or over-the-counter market.
Private companies and all others: The hedge accounting and lease accounting effective dates would be delayed one year to fiscal years beginning after Dec. 15, 2020. The credit loss effective date would be delayed two years to fiscal years beginning after Dec. 15, 2022.
In a separate project, FASB voted to delay the effective date of its standard for accounting for insurance companies issuing long-term insurance contracts. The FASB also voted to align the effective date of ASU No. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, with the amended effective dates for the credit loss standard.
Original to the Center for Audit Quality: