Perspectives

FASB changes some effective dates for certain new accounting standards

This Heads Up discusses the recent issuance of FASB Accounting Standards Update (ASU) No. 2019-10, "Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates."

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Introduction

On November 15, 2019, the FASB issued ASU 2019-10, which (1) provides a framework to stagger effective dates for future major accounting standards and (2) amends the effective dates for certain major new accounting standards to give implementation relief to certain types of entities. Specifically, ASU 2019-10 changes some effective dates for certain new standards on the following topics in the FASB Accounting Standards Codification (ASC):

  • Derivatives and Hedging (ASC 815).
  • Leases (ASC 842).
  • Financial Instruments — Credit Losses (ASC 326).
  • Intangibles — Goodwill and Other (ASC 350).

 

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Volume 26, Issue 23 | November 19, 2019

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Heads Up is a periodic newsletter that analyzes important accounting developments, such as new FASB and IASB pronouncements or exposure drafts.

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