On Oct. 16, the Financial Accounting Standards Board (FASB) approved the delayed effective dates included in its earlier proposed Accounting Standards Updates (ASU) which will delay the effective dates of ASU No. 2016-02, Leases (Topic 842); ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) (CECL); ASU No. 2017-12, Derivatives and Hedging (Topic 815), ASU No. 2018-12, Financial Services—Insurance (Topic 944), and ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350). FASB expects to issue final ASUs related to the approved delays by mid-November 2019.
For private companies, the effective dates will change as follows:
For Security and Exchange Commission (SEC) filers, excluding entities defined as smaller reporting companies (SRCs) by the SEC, the effective dates will not change, other than for:
For all other public business entities (including SRCs), the following effective dates will change:
* For not-for-profit conduit bond obligors and employee benefit plans that file or furnish financial statements with or to the SEC, the lease standard effective date will not change (i.e., will continue to be fiscal years beginning after Dec. 15, 2018).