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FASB Defers Effective Dates for New Standards

The FASB deferred certain effective dates for its new standards on credit losses, hedging, and leases, and all of the effective dates for its new standard on long-duration insurance contracts.

Credit Losses Standard

The credit losses standard is now effective for all entities except SEC filers that are not smaller reporting companies for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Board also decided to align the effective dates of ASU 2017-04 on goodwill impairment with the amended credit losses effective dates.

Hedging and Leases Standards

The hedging and leases standards are effective for entities that are not public business entities for fiscal years beginning after December 15, 2020, and interim periods in the following fiscal year. For the leases standard, this also applies to entities that are not NFP entities that have issued, or are conduit bond obligors for, certain securities and not EBPs that file or furnish financial statements with or to the SEC.

Insurance Standard

The insurance standard is effective for SEC filers that are not smaller reporting companies for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, and for all other entities for fiscal years beginning after December 15, 2023, and interim periods a year later.

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On February 10, 2020, the Financial Accounting Standards Board (FASB) issued a Proposed Accounting Standards Update (ASU) “Presentation and Disclosure by Not-for-Profit Entities for Contributed Nonfinancial Assets” designed to improve transparency in how not-for-profit organizations present and disclose contributed nonfinancial assets. Also known as gifts-in-kind, contributed nonfinancial assets include fixed assets such as land, buildings, and […]

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