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