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FASB Seeks Deadline Extension for Hedging, Leases and CECL

2 minute read
August 19, 2019

The Financial Accounting Standards Board (FASB) is proposing review and comment to allow private companies, not-for-profit organizations and certain small public companies more time to apply FASB standards for leases, hedging and current expected credit losses (CECL). Stakeholders should provide comments on ASU Topic 326, Topic 815 and Topic 842 by September 16, 2019.

The Proposed Accounting Standards Update

The proposed ASU describes the FASB’s new philosophy that extends and simplifies how effective dates for major standards are staggered between larger public companies and all other entities. Other entities include private companies, smaller public companies, not-for-profit organizations and employee benefit plans. Under the new philosophy, a major standard would first be effective for larger public companies. For all other entities, the Board would consider staggering the effective date for least two years later. It is generally expected that early application would continue to be permitted for all entities.

Effective Dates

Under the new approach, FASB’s proposal would modify the effective dates for hedging, leases and CECL as follows:

ASU blog table

* Also includes Employee Benefit Plans and Not-for-Profit Conduit Bond Obligors that file or furnish financial statements with or to the SEC.

For more information on the proposed ASU, contact a Weaver professional to understand how your company may be affected. The proposed ASU and a FASB In Focus overview documents are available at