FASB Issues Change In Effective Date Philosophy And Delay In Effective Dates Of Four ASUs For Certain Entities
The FASB recently approved delays of the effective dates for several of
its recent standards that provide at least an additional year to
companies that have not yet adopted the standards in ASU 2019-09, Financial
Services – Insurance (Topic 944): Effective Date and ASU 2019-10,
Financial Instruments – Credit Losses (Topic 326), Derivatives and
Hedging (Topic 815), and Leases (Topic 842): Effective Dates. The deferral of implementation is a result of outreach with stakeholders and monitoring of implementation.