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FASB finalizes scope and effective date of the credit losses standard

Defining Issues | November 2018

In ASU 2018-19, the FASB clarifies the scope of the standard and the effective date for non-public business entities.

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The FASB has issued ASU 2018-19 related to credit losses. The amendment addresses the effective date for nonpublic business entities and whether operating lease receivables are in scope.

Applicability

  • Companies with operating lease receivables accounted for under Topic 842
  • Non-public business entities

Key Impacts:

  • Operating lease receivables are not in the scope of the credit losses standard
  • Effective date for non-public business entities is annual and interim periods for fiscal years beginning after December 15, 2021

Relevant dates

Mandatory effective dates and early adoption provisions:

Effective date:

Public business entities that are SEC filers

Public business entities that are not SEC filers

All other entities

Annual periods – Fiscal years beginning after

December 15, 2019

December 15, 2020

December 15, 2020

Interim periods – In fiscal years beginning after

December 15, 2019


December 15, 2020
December 15, 2021

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