More Time In Store For Loan Loss, Lease, Hedge Accounting Changes

Small public banks, privately held businesses, and credit unions could get extra time to implement three major changes to accounting standards.

The Financial Accounting Standards Board Aug. 15 issued a much-anticipated plan that would delay the date by which many businesses have to follow new accounting rules for reporting leases, recording losses on loans, and using hedge accounting.

If finalized, credit unions and banks that meet the Securities and Exchange Commission’s definition of a smaller reporting company would have until 2023 to comply with the current expected credit losses (CECL) accounting standard, a post-financial-crisis accounting rule that will force ...