On October 16, the Financial Accounting Standards Board (FASB) formally approved, for certain entities, new effective dates for four major accounting standards covering Current Expected Credit Loss (CECL), leases, derivatives and hedging, and insurance. Without further amendments, the FASB approved the proposed changes announced in July. In short, the board officially adopted a two-bucket approach to stagger the effective dates of the four standards.
In this Flash Report, we summarize the FASB’s approved changes to these four accounting standards, including an explanation of the new effective dates.