Financial Accounting Standards Board
to Defer Various Effective Dates
(Including Current Expected Credit Loss & Leases)

At its meeting on October 16, 2019, the Financial Accounting Standards Board (FASB) decided to move forward with finalizing its proposals to defer the effective dates for the following Accounting Standards Codifications (ASCs) for certain entities:

  • ASC 842, Leases
  • Amendments to ASC 815, Derivatives and Hedging
  • ASC 326, Financial Instruments—Credit Losses
  • Amendments to ASC 944, Financial Services—Insurance

The FASB also decided to defer the effective date of Accounting Standards Update (ASU) 2017-04, Intangibles - Goodwill and Other (Topic 350) : Simplifying the Test for Goodwill Impairment .

In order for these effective date deferrals to take place, the FASB must issue the final ASU(s), which is expected to occur sometime in November.
Contact your ACT representative to discuss how these changes might affect you.