Effective dates delayed for SEC, public, and private filers
FASB voted to delay the effective dates for its standards on accounting for leases, credit losses, hedge accounting, and long-term insurance contracts, giving preparers with limited resources an advantage to learn from large public companies.
SEC filters
1. Hedge accounting and lease accounting -> Fiscal years beginning after Dec. 15, 2018
2. Credit loss -> Fiscal years beginning after Dec. 15, 2019
Smaller reporting companies are extended to fiscal years beginning after Dec. 15, 2022
All other public business entities
1.Hedge accounting and lease account -> Fiscal years beginning after Dec. 15, 2018
*Applies to employee benefit plans in financial statements with or to the SEC
*Not-for-profit entities issued bond obligors for securities
2. Credit loss -> Fiscal years beginning after Dec. 15, 2020 to Dec. 15, 2022
Private companies and others
- Hedge accounting and lease account -> Delayed one year to fiscal years beginning after Dec. 15, 2020
- Credit loss -> Delayed two years to fiscal years beginning after Dec. 15, 2022
Long-term insurance contracts
Excluding eligible smaller reporting companies,
- fiscal years beginning after Dec. 15, 2021
- Interim periods within those fiscal years
Other entities
- fiscal years beginning after Dec. 15, 2023
- Interim periods within fiscal years beginning Dec. 15, 2024