The FASB Board issued an exposure draft for public comment regarding the effective dates of several different standards as they apply to each type of reporting entity. Under the proposal, as it applies to credit unions, the plan would:
- Delay CECL until 1/2023
- Delay leasing until 1/2021
- Delay hedging until 1/2021
In addition, the proposal would change the current three bucket effective date structure of CECL to a two bucket structure. Currently, the standard differentiates between public business entities that are SEC filers, public business entities that are not SEC filers, and non-public business entities (which includes credit unions). The new approach would differentiate between SEC filers except for SRCs (smaller reporting companies – as defined by the SEC), and all others (which would include credit unions). The charts below shows the current vs proposed effective dates.
Comments are due to FASB by Sept. 16. Visit CUNA’s Comment Call. Read the full Washington Wire here.
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