The Financial Accounting Standards Board plans to propose delaying effective dates for four key standards for certain groups of financial statement preparers after a series of votes taken at a board meeting last week, according to the Journal of Accountancy.

The plan to delay effective dates for certain companies for accounting for leases, credit losses, hedging, and long-duration insurance contracts is FASB’s response to the burden placed on preparers by the board’s ambitious standard-setting activities, the journal reported.

FASB’s proposal plans include changes for:

• Lease accounting: The new effective date for calendar-year-end preparers that are not public business entities would be Jan. 1, 2021. The effective date for calendar-year-end public business entities, employee benefit plans, and not-for-profit conduit bond obligors is Jan. 1, 2019, and would remain unchanged.
• Accounting for credit losses: The effective date for calendar-year-end SEC filers, excluding smaller reporting companies as defined by the SEC, would remain Jan. 1, 2020. The new effective date for all other calendar-year-end entities would be Jan. 1, 2023.

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