Proposed Accounting Standard Update Would Delay Private Company Effective Dates for Leases, Current Expected Credit Losses (CECL) and Hedging Updates by One Year

On 2019年7月17日, the 金融 Accounting Standards Board (FASB) voted unanimously to move forward with delaying the effective start date for recent accounting changes to leases, CECL 和对冲 by one year for most non-SEC filers.  The FASB directed its staff to draft a Proposed Accounting Standards Update (PASU) for formal vote and finalization at a future meeting.

This decision comes after the FASB discussed a change in philosophy on establishing effective dates for major projects for private companies, not-for-profit organizations and smaller public companies.  与持份者协商后, the FASB considered various challenges and related costs encountered by these entities when transitioning to a major standard, 包括资源的可用性, 教育的时间和来源, ability to learn from the implementations of larger public companies, development of sufficient IT system changes and other such concerns. 

This new philosophy would introduce a two-bucket approach to stagger effective dates for major accounting standard updates.

• 桶一-包括SEC文件, but excludes smaller reporting companies (SRC) as currently defined by the SEC.
• 桶二-包括所有其他实体

展望未来, entities within Bucket Two would be afforded an effective date of at least two years after the effective date established for Bucket One on new major standards.

The FASB will continue re搜索ing this new two-bucket philosophy, but will also move forward with the PASU delaying the effective date of leases, CECL, 和对冲.  This PASU will include a 30-day comment period before the FASB formally votes on the delay.  Schneider Downs will continue to keep you informed of ongoing developments related to these changes. 如有其他问题，请提问 联系施耐德·唐斯.