The Financial Accounting Standards Board (FASB) has outlined a new philosophy under which it plans to extend and simplify effective dates for private companies, smaller public companies, not-for-profit organizations, and employee benefit plans. Under this thinking, a major standard would first be effective for larger public companies and then staggered at least two years later for all other entities. Accordingly, it has issued a proposed Accounting Standards Update (ASU) that would grant private companies, not-for-profit organizations, and certain small public companies additional time to implement FASB standards on current expected credit losses (CECL), leases, and hedging. Comments on the proposed ASU are due by September 16.