The Financial Accounting Standards Board (FASB) on Thursday, August 15th has issued a proposed Accounting Standards Update (ASU) that provides at least 2 years of relief to small public banks, privately held banks, and credit unions for varying accounting standards. This update covers the standards on current expected credit losses (CECL), leases, and hedging.
Also included in the communications from FASB is a “FASB In Focus” document which provides readers with more context on why FASB is issuing the proposed ASU, how it will improve the transition to major FASB standards, what effective dates would be changing, who would be affected by the amendments, and when those amendments will start.
Resources:
There is a 30-day comment period for stakeholders to review the proposed changes and provide input. ALLL.com will continue to monitor news pertaining to this update.