FASB Issued Final Accounting Standards Updates
Earlier this month, the Financial Accounting Standards Board (FASB) issued final accounting standards updates, ASU-2019-09, Financial Services – Insurance (Topic 944), and ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), which serve to delay the effective dates of long-duration insurance contract accounting standards as well as standards for credit loss accounting, derivative and hedging accounting, and lease accounting. This was the final step in a deliberation process that began in July when FASB proposed a delay in the implementation of these accounting standards in an effort driven by FASB’s philosophy that non-public companies should have additional time to prepare for major accounting changes. Below is a table that summarizes the change in effective dates as a result of these ASUs:
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by Greg Rogers