Accounting update for private companies

This update provides a summary of some of the more important third-quarter 2019 accounting and financial reporting activities for private companies. The content is not meant to be all-inclusive.

Topics include:

• FASB proposes delay in effective dates for certain upcoming accounting standards:
  • Lease accounting (Topic 842)
  • Derivatives and hedging (Topic 815)
  • Accounting for credit losses (Topic 326)
  • Long-duration insurance contracts (Topic 944)
• Accounting guidance issued in third quarter 2019
• Standards issued in 2019
• Standards issued in prior years effective 2019 or after