The Financial Accounting Standards Board (FASB) voted in its October 16, 2019, board meeting to affirm the proposed two-bucket approach and the proposed amended effective dates for the recently issued updates related to the Credit Losses, Leases, Hedging, and Insurance standards. The FASB directed the staff to draft a final Accounting Standards Update for vote by written ballot. The final Accounting Standards Updates are expected to be issued in mid-November. For more details see our previous coverage of the proposed updates: New Effective Dates Proposed for Major Accounting Standards and New Effective Dates Proposed for Amendments to Insurance Contracts.
The proposed updated effective dates are to be for fiscal years beginning after the following dates:
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For more information about these major standards and implementation or what these changes might mean for your business, contact your Moss Adams professional.