The Financial Accounting Standards Board (FASB) issued Accounting Standards Updates (ASU) 2019-10 deferring the effective date of the following ASUs.
- ASU 2016-13, Financial Instruments—Credit losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Now effective for period beginning after December 15, 2019 for public business entities excluding smaller reporting companies, and December 15, 2022 for all other entities.
- ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. Now effective dates aligned with ASU 2016-13 above.
- No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. Public business entities already adopted. Now effective for periods beginning after December 15, 2020 for all other entities.
- ASU 2016-02, Leases (Topic 842). Public business entities already adopted. Now effective for periods beginning after December 15, 2020 for all other entities.
Our team is here to help your organization navigate these updates. For more information about this or other related issues, contact Mark Robins or one of our specialists at 301.231.6200.