FASB Proposes Lease Standard Deferral

By Freed Maxick on April, 8 2020
Back to main Blog
Freed Maxick

Freed Maxick provides accounting, auditing, tax and consulting services and serves public and private companies, not-for-profits and municipalities to enhance profitability, save taxes, improve accountability and preserve wealth.

FASB Update-2

The standard would be effective for fiscal years beginning after December 15, 2021.

On April 8, 2020, the FASB issued a proposal to defer the effective date for ASU 2016-02, Leases, and its subsequent amendments. For private companies and private not-for-profits, the standard would be effective for fiscal years beginning after December 15, 2021. For public not-for-profits (i.e. those that have issued, or are conduit bond obligors for, public debt) the standard would be effective for fiscal years beginning after December 15, 2019, so long as the entity has not yet issued financial statements. After the 15 day comment period expires, it is expected that this proposal will be  adopted. Stay tuned for further updates.

Blog Sign Up

Stay up to date