The other proposal would delay the effective date for the long-duration insurance standard for large public, small public and private companies.  The FASB is proposing moving the effective date for SEC filers from January 2021 to January 2022. Small reporting companies, private companies, nonprofits and other public business entities would have until 2024. 

The proposals came shortly after a discussion within the Private Company Council (an advisory body to the FASB) about whether to change the board's broader philosophy toward differing effective dates for private entities. Members discussed, seemingly without coming to broad agreement, whether they should automatically have such effective dates be two years later than those of public entities or if they should stick with the one year that has generally been used, or even if they should abandon having such standardized procedure and apply effective dates on a case-by-case basis. On idea that did receive some general support was having the difference in effective date be determined by whether a standard is broad, narrow or a simplification.