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FASB issues ASUs to defer effective dates of certain major standards

  • FASB (US Financial Accounting Standards Board) (lt blue) Image

Nov 15, 2019

On November 15, 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Updates (ASUs) 2019-09 and 2019-10, which delay certain effective dates of four major standards.

ASU 2019-09 gives all insurance entities that issue long-duration insurance contracts (e.g., life insurance and annuities) additional time to implement ASU 2018-12 (codified in ASC 944).

ASU 2019-10 gives private companies, not-for-profit entities, and certain small public companies additional time to implement the Board’s standards on current expected credit losses (ASC 326), derivatives and hedging (ASC 815), and leases (ASC 842).

Review the press release on the FASB’s website.

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