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ARTICLE · 20 JUNE 2016

FASB Votes To Proceed With The Final CECL Standard

Baker Newman Noyes
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On April 27, 2016, the FASB met and voted to proceed with the issuance of CECL and they expect the final ASU to be published in June 2016.

United StatesAccounting and Audit
Nickolas Ireland
Nickolas Ireland

On April 27, 2016, the FASB met and voted to proceed with the issuance of CECL and they expect the final ASU to be published in June 2016. At the meeting, the FASB also decided to defer the original effective dates by one year to the following:

  • SEC filers; fiscal years (and interim periods within those fiscal years) beginning after December 15, 2019.
  • Public Business Entities (other than SEC filers); fiscal years beginning after December 15, 2020, including interim periods within those fiscal years.
  • All others; fiscal years beginning after December 15, 2020.
  • Early adoption will be permitted for all organizations for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.

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