Relief is Here!
After several months of review, the FASB unanimously voted to delay the implementation deadline for the following Accounting Standards Updates (ASUs), which allows additional time for necessary education before undertaking the significant changes that will be required.
The ASUs that defer the effective dates are expected to be issued in mid-November. Early adoption is still permitted for any of the above standards. These delays provide much needed relief for entities still grappling with the implementation of other significant ASUs related to revenue recognition and financial instruments in the current year.