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May 25, 2020

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

  1. Hedge accounting and lease account -> Delayed one year to fiscal years beginning after Dec. 15, 2020
  2. 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
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