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The FASB deferred certain effective dates for its new standards on credit losses, hedging and leases and all of the effective dates for its new standard on long-duration insurance contracts. The credit losses standard is now effective for all entities except SEC filers that are not smaller reporting companies for fiscal years beginning after 15 December 2022, including interim periods within those fiscal years. The Board also decided to align the effective dates of ASU 2017-04 on goodwill impairment with the amended credit losses effective dates. The hedging and leases standards are effective for entities that are not public business entities (and for the leases standard, for entities that are not NFP entities that have issued, or are conduit bond obligors for, certain securities and not EBPs that file or furnish financial statements with or to the SEC) for fiscal years beginning after 15 December 2020 and interim periods in the following fiscal year. The insurance standard is effective for SEC filers that are not smaller reporting companies for fiscal years beginning after 15 December 2021, including interim periods within those fiscal years, and for all other entities for fiscal years beginning after 15 December 2023 and interim periods a year later.