Effective dates for long-duration insurance contracts, credit losses, derivatives and leases may be delayed

KPMG reports on the FASB’s tentative decision to defer the effective dates for several major accounting standards. Formal proposals are expected shortly.

Applicability

All companies

Key impacts

At its July 17 meeting, the Board voted to issue two proposed ASUs with 30-day comment periods that would defer the effective dates for:

• all companies for the ASU on long-duration insurance contracts;
• certain companies for the ASUs on credit losses, derivatives and hedging, and leases.

The Board also decided to change its general approach for setting effective dates for major, forthcoming accounting standards. 

Report contents

• Applicability
• Key facts and impacts
• Long-duration insurance contracts
• Credit losses
• Derivatives and leases
• Effective dates for future ASUs

Related content

• KPMG’s Handbook: Credit impairment
• KPMG's Handbook: Leases
• KPMG's Handbook: Long-duration contracts
• KPMG's Handbook: Hedging
• FRV article: Effective date deferral for some standards proposed