FASB Proposes Accounting Standard Implementation Delay

Aug 15, 2019
The Financial Accounting Standards Board issued a request for comment on a proposal to grant private companies, nonprofits, and certain small public companies additional time to implement FASB standards on current expected credit losses, leases and hedging.

The proposal would push back CECL’s implementation date until January 2023 for most community banks, three years after the mandate for larger banks and FASB’s leases and hedging implementation by two years to January 2021.  

ICBA has worked with FASB officials since 2011 to achieve several substantive improvements to CECL and will continue advocating a more flexible CECL environment for community banks as noted in an interactive timeline on ICBA's website. The comment period on the proposal closes Sept. 16, 2019.

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