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ARTICLE · 23 AUGUST 2019

Changes In Effective Dates Of Upcoming GAAP Accounting Standards

Eide Bailly LLP
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Businesses looking to implement four new accounting standards will have a brief reprieve. During July 2019, the Financial Accounting Standards Board

United StatesAccounting and Audit
Scot Phillips
Scot Phillips

Businesses looking to implement four new accounting standards will have a brief reprieve. During July 2019, the Financial Accounting Standards Board (FASB) voted to propose delaying the effective dates of four upcoming standards. This was a result of the large burden placed on preparers in relation to the new standards.

The new standards, which focused on lease accounting, derivatives and hedging, long-duration insurance contracts and accounting for credit losses, were significant in nature. The impact and implementation of these new standards represented a major shift in accounting methods for several organizations.

New Dates for Accounting Standard Implementation
The FASB's proposal is as follows (all effective dates noted below are based on calendar-year-end entities):

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