Featured Product

    FASB Delays Effective Dates for CECL, Leases, and Hedging Standards

    FASB issued two Accounting Standards Updates finalizing the delays in effective dates for standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.

    Accounting Standards Update No. 2019-10 on Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842).This update finalizes various effective date delays for private companies, not-for-profit organizations, and certain smaller reporting companies applying the credit losses (CECL), leases, and hedging standards. There is no change in effective dates for public business entities for standards on hedging and leases. Also, for the Credit Losses Standard, there is no change in the effective date for public business entities that are SEC filers. The table below details the revised effective dates.

    Accounting Standards Update No. 2019-09 on Financial Services—Insurance (Topic 944).This update finalizes the delays in the effective dates for the standard for all insurance companies that issue long-duration contracts, such as life insurance and annuities. The table below details the revised effective dates.

     

    Revised Effective Dates

    Standard

    Public Business Entities

    Private and All Others

    SEC Filers

    All other Public Business Entities

    Hedging

    January 2019

    January 2019

    January 2021

    Leases

    January 2019

    January 2019

    January 2021

    CECL

    January 2020 (Excluding smaller reporting companies, as defined by SEC)

    January 2023 (Includes smaller reporting companies, as defined by SEC)

    January 2023

    Insurance

    January 2022 (excludes smaller reporting companies, as defined by SEC)

    January 2024 (Includes smaller reporting companies, as defined by SEC)

    January 2024

     

    Related Links

    Keywords: Americas, US, Banking, Accounting, Insurance, Accounting Standards Update, CECL, Derivatives and Hedging, Leases, IFRS 9, IFRS 16, IFRS 17, Reporting, SEC, FASB

    Featured Experts
    Related Articles
    News

    IAIS on Package for 2020 Data Collection on ICS and Aggregation Method

    IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.

    June 30, 2020 WebPage Regulatory News
    News

    BIS to Establish More Innovation Hubs in Europe and North America

    BIS announced that it will establish new Innovation Hub centers across Europe and in North America in cooperation with member central banks.

    June 30, 2020 WebPage Regulatory News
    News

    FED Updates Form FR 2052a for LCR Reporting by Banks

    FED updated the reporting form for FR 2052a, which is used to monitor the overall liquidity profile of certain supervised institutions.

    June 30, 2020 WebPage Regulatory News
    News

    PRA Statement on Changes to CRR in Response to COVID-19 Crisis

    PRA published a statement that sets out its views on certain amendments made to Capital Requirements Regulations (CRR and CRR2) via EU Regulation 2020/873 (CRR "Quick Fix"), including some guidance for firms.

    June 30, 2020 WebPage Regulatory News
    News

    CFRF Publishes Guide for Addressing Climate-Related Financial Risks

    The Climate Financial Risk Forum (CFRF), which is a joint climate risk forum of FCA and PRA, published a guide written by the industry for the industry to help firms approach and address climate-related financial risks.

    June 29, 2020 WebPage Regulatory News
    News

    IAIS Paper Provides Guidance on Liquidity Risk Management for Insurers

    IAIS published an application paper on liquidity risk management for insurers.

    June 29, 2020 WebPage Regulatory News
    News

    EBA Responds to EC Consultation on Digital Finance Strategy for Europe

    EBA published its response to the EC consultation on a new Digital Finance Strategy for Europe.

    June 29, 2020 WebPage Regulatory News
    News

    EIOPA Responds to EC Consultation on Digital Finance Strategy

    EIOPA responded to the EC consultation on a new digital finance strategy for Europe.

    June 29, 2020 WebPage Regulatory News
    News

    ESMA Responds to EC Consultation on Digital Finance Strategy

    ESMA published its response to the EC consultation on the new digital finance strategy for EU.

    June 29, 2020 WebPage Regulatory News
    News

    FSB Report Identifies Gaps in Too-Big-To-Fail Reforms

    FSB published, for consultation, a report on evaluation of the too-big-to-fail (TBTF) reforms for systemically important banks.

    June 28, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5404