In a news release issued by the Financial Accounting Standards Board (FASB) on August 20, 2018; a proposed Accounting Standard Update (ASU) was announced that would amend the proposed transition period and scope of the credit losses standard (ASU 2016-13).

The proposed update would simplify the transition period for non-public entities to require implementation for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Under the issued proposal January 1, 2022 (for businesses with a December 31st year end) would be the all in date for implementation of CECL for all reporting purposes.
How is the update different from the current standard as issued? Under the current requirements of CECL, for non-public entities, the standard goes in effect for fiscal years beginning after December 15, 2020 and for interim periods within fiscal years beginning after December 15, 2021. This implementation timeline would result in year-end financials issued for 2021 reported under CECL while call reports and all other required interim reports would be reported under the current credit loss standards. This results in the need to track the allowance for loan losses under two methods during 2021 for proper reporting throughout the period. Under the issued proposal, January 1, 2022 (for businesses with a December 31st year end) would be the effective date for implementation of CECL for all reporting purposes. Note however, that this proposed update will not change the implementation date requirements for SEC and Public Business Entities, which still must implement the standard for fiscal years beginning after December 15, 2019 (SEC) and December 15, 2020 (PBEs) and interim periods within those fiscal years.

A secondary update proposed would clarify that receivables arising from operating leases are not within the scope of CECL, but rather, accounted for under the scope of standards for leases.
The news release from the FASB can be access through the following link: FASB News Release 8/20/2018