As of Nov. 15, 2019, the Financial Accounting Standards Board (FASB) has updated the effective date of the CECL standard for certain small public companies and other private companies. The effective dates of the standard are now as follows.
1 As defined by the FASB Accounting Standards Codification Master Glossary. The FASB’s decisions maintain the current effective date for Accounting Standards Update (ASU) 2016-13 for Securities and Exchange Commission (SEC) filers other than SRCs but would provide SRCs and all other entities with an extra year to adopt ASU 2016-13.
2 Includes all other public business entities (PBEs), including SRCs, private companies, not-for-profit organizations, employee benefit plans, and emerging growth companies that have elected to adopt new accounting standards using private company effective dates. To determine if an entity qualifies as an SRC, the entity would use its status as of its most recent testing date under SEC guidance upon issuance of the codification change.
The FASB reaffirmed its decision to permit early adoption for all entities for fiscal years beginning after Dec. 15, 2018, including interim periods within those fiscal years.
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