CECL Effective Date Determined
Yesterday the FASB determined the effective date of CECL. While the final standard has not yet been published, FASB determined that CECL will be effective as follows:
- SEC filers: fiscal years beginning after December 15, 2018
- Public Business Entities (other than SEC filers): fiscal years beginning after December 15, 2019
- All others: fiscal years beginning after December 15, 2019
In addition, the FASB determined the effective date of two other significant accounting standard updates that are in process. The “Classification and Measurement” standard will become effective for public business entities in fiscal years beginning after December 15, 2017 and for all other entities in fiscal years beginning after December 15, 2018. The “Lease” standard will become effective for fiscal years beginning after December 15, 2018 for public business entities and years beginning after December 15, 2019 for all others.
In an unusual move, the FASB decided to provide the effective date of these standards prior to their issuance because of the significance of their impact to affected entities.
For any questions, please contact Jeff Skaggs or your BNN advisor.
Disclaimer of Liability: This publication is intended to provide general information to our clients and friends. It does not constitute accounting, tax, investment, or legal advice; nor is it intended to convey a thorough treatment of the subject matter.