Loan Loss, Lease, Insurance Accounting Rules Get Deadline Delays

It’s official: U.S. accounting rulemakers gave final approval to delays of deadlines for some companies and organizations to comply with major new accounting standards.

The Financial Accounting Standards Board on Nov. 15 offered extra time for:

• The current expected credit losses (CECL) accounting standard, giving credit unions, privately held businesses, and companies that meet the SEC’s definition of a smaller reporting company until 2023 to overhaul how they must account for losses on loans and other financial instruments.
• The lease accounting standard—but only for privately held businesses, which have an extra year, until 2021, to report ...