- ASU 2016-02, “Leases (Topic 842)”
- ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”
- ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”
The FASB also voted to delay the effective date of ASU 2018-12, “Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts,” for all entities.
The FASB’s decisions result from recent constituent feedback suggesting that, due to the significant number of accounting changes occurring over the next few years accompanied by related resource constraints and implementation challenges, certain entities would benefit from additional time to adopt some of the more recently issued major accounting standards.
Exhibits 1 and 2 outline the tentative decisions reached by the FASB on delayed effective dates, including which entities would qualify for the delayed effective dates for each relevant accounting standard.