FASB votes to delay effective dates for 3 major standards: A separate standard for insurance contract accounting also was delayed.

 
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Effective dates were set to be delayed for private companies and certain other entities for FASB's standards on accounting for leases, credit losses (known as CECL), and hedging after a unanimous vote by FASB.

In a separate project, FASB voted to delay the effective date of its standard for accounting for insurance companies issuing long-term insurance contracts.

Under a Proposed Accounting Standards Update (ASU), the effective dates will be as follows:

* SEC filers: The hedge accounting and lease accounting effective dates would remain for fiscal years beginning after Dec. 15, 2018, and the credit loss effective date would remain for fiscal years beginning after Dec. 15, 2019, except for smaller reporting companies, whose credit loss effective date would be extended to fiscal years beginning after Dec. 15, 2022.

* All other public business entities: The hedge accounting and lease accounting effective dates would remain for fiscal years beginning after Dec. 15, 2018, while the credit loss effective date would change from fiscal years beginning after Dec. 15, 2020, to fiscal years beginning after Dec. 15, 2022. The effective date of fiscal years beginning after Dec. 15, 2018, for lease accounting would also apply to employee benefit plans that file or furnish financial statements with or to the SEC as well as not-for-profit entities that have issued or are conduit bond obligors for securities that are traded...

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