The Financial Accounting Standards Board voted to add a project to its agenda which would delay the implementation of the new lease accounting standard for one year because of the COVID-19 pandemic. Under this proposal, the effective date of the new lease accounting standard for private companies and certain not-for-profit entities would be delayed to fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Please note that the current effective date is for fiscal years beginning after December 15, 2020 for private companies and certain not-for-profit entities. 

Lease accounting standard resources and information can be found at dgccpa.com/leaseaccounting. DGC’s Technical Accounting Advisory team is prepared to guide you through the lease accounting standard process. For additional information, please contact a member of your DGC client service team or Donald Butler, CPA, CISA at 781-937-5137 / dbutler@dgccpa.com. Also, be sure to review DGC’s list of recommended first steps when creating your plan for the adoption of the new lease accounting standard.

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