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CECL News Update

Updated: Oct 10, 2019

The FASB (Financial Accounting Standards Board) is proposing an extension of effective dates for the CECL requirements for some entities:



“… All other entities, including entities eligible to be SRCs (note: smaller reporting companies under the SEC’s definition), all other public business entities, and all nonpublic business entities (private companies, not-for-profit organizations, and employee benefit plans) would compose bucket two. For those entities, it is anticipated that the Board will consider requiring an effective date staggered at least two years after bucket one for major Updates. Generally, it is expected that early application would continue to be permitted for all entities.”

    ---- PROPOSED ACCOUNTING STANDARDS UPDATE  



The proposed effective date is December 15, 2022 and public comments are due by September 16, 2019.



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