FASB Extends New Lease Accounting Standard Adoption to January 2022
7/1/2020Articles & Podcasts
Did you know that your leases will be accounted for differently due to the new lease accounting standard?
As expected, the Financial Accounting Standards Board (FASB) has officially delayed the implementation date of the new lease accounting standard. The new effective date is now January 1, 2022 for calendar year-end private companies, small public companies, and not-for-profit organizations.
We encourage you to use this extra time to determine your implementation and compliance plans, before you have the pressure of the deadline—and DGC’s Technical Accounting Advisory team is here to help. We will utilize specialized lease accounting software instead of Excel to ensure reporting accuracy, while managing the initial adoption, implementation, and ongoing reporting. Our CPAs cost-effectively remove the stress and burden of implementation. Visit dgccpa.com/leaseaccounting for additional information and to download our list of “First Steps.”
If you would like to discuss how DGC can help you develop and implement a lease accounting compliance plan, contact a member of your DGC client service team or Donny Butler, CPA at 781-937-5137 / email@example.com.
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