Washington Wire – Aug. 20, 2019

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 […]

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.

Written by
admin
View all articles

About Us

The League of Southeastern Credit Unions & Affiliates represents 302 credit unions in Alabama, Florida and Georgia, with a combined total of $175 billion in assets and more than 11.6 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

LSCU Mission Statement

To create an environment that enables credit unions to grow and succeed.

LSCU Vision Statement

To be the trusted advocate and preferred source of information for credit unions.

If you need to reach us, e-mail communications@lscu.coop

Social Channels

Follow us on all major social media platforms.