Accounting Standard Updates

FASB Officially Delays Long-Duration Insurance Standard (& More)

Hot Take:

Hot Take

As expected, FASB approved the delay of the effective date for its long-duration insurance standard for all insurance companies that issue long-duration contracts. Private companies, not-for-profit organizations, and certain small public companies were also given delays on the effective dates for credit losses (CECL), leases, and hedging standards. See the chart below for the detailed dates by entity.

Full Article

Updated Effective Dates for CECL, Leases, Hedging & Long-Duration Insurance (for calendar-year-end reporting):

FASB Chart Source

Update: After many delays in the implementation dates for the long-duration insurance accounting standard, now slated for January 2024, the AICPA has drafted guidance and is seeking feedback from preparers of financial statements, practitioners, and other interested parties by April 10, 2020. You can read more here.