Banks, Insurers Could Get Reprieve on Major Accounting Changes

Up ahead: some potential breathing room for U.S. businesses tackling major back-to-back accounting changes over the next three years.

The Financial Accounting Standards Board plans to vote on July 17 to delay by at least a year the deadline for small public banks, credit unions, and privately held banks to comply with the current expected credit losses (CECL) standard, the biggest bank accounting change in recent memory.

FASB also is set to consider delaying the date by which private companies have to follow new rules for tallying obligations from leasing real estate and heavy equipment. Separately, the board plans ...