FASB Proposes to Delay New Lease Accounting Standard for Privately Owned Companies
7/18/2019Articles & Podcasts
The Financial Accounting Standards Board (FASB) voted on July 17th to delay the effective date of the new lease accounting standard. If the delay is approved after a period of public comment, the new effective date for compliance by private companies, small public companies, and not-for-profit organizations would be January of 2021. FASB says more details are expected to be released in mid-August. We will continue to keep you updated as new information becomes available.
This delay is not finalized so it is important to continue operating under the current deadlines. If the effective date is extended, we encourage you to use this extra time to work with us to systematically discuss your implementation and compliance plan, without the pressure of the deadline.
If you have questions about this proposed delay or want to discuss the impact of the new lease accounting standard, contact a member of your DGC client service team or Jon Butler, CPA at 781-937-5369 / email@example.com or Donny Butler, CPA at 781-937-5137 / firstname.lastname@example.org.