In case you missed it, last week the Financial Accounting Standards Board (FASB) reached a conclusion that they will defer the effective date for the leasing standard by an additional year (official Accounting Standard Update will be issued next month). The leasing standard will be adopted by calendar year-end organizations for the year ending 2021 and fiscal year-end organizations for the year ending 2022.
The purpose for the delay is to provide private companies and nonprofit organizations extra time to implement this complex, new standard as well as to learn from public companies and their challenges in adopting.
For more information on the deferral of the leasing standard as well as the deferral of several other standards, see the following:
You can also reach out to our team with any questions by contacting Janice Snyder, Partner & Director of Assurance Services at firstname.lastname@example.org.