The Financial Accounting Standards Board (FASB) voted July 17, 2019, to propose delays to the effective dates of the new lease standard for private companies as well as the new credit loss (CECL) standard. Coming on the heels of the implementation of the new revenue recognition standard, this consideration stems from concern over the amount of time given to smaller, private companies and nonprofits to learn and implement these new standards. The proposal to delay would push the effective dates for private companies for the lease standard from 2020 to 2021 and the CECL standard from 2022 to 2023.
For more information, visit https://www.accountingtoday.com/news/fasb-to-propose-delays-in-major-accounting-standards-like-leases-cecl-hedging-and-insurance?brief=00000158-5504-dc42-a1fe-55d7045f0000.
For questions on how the FASB lease or CECL standards will affect your business, contact your account manager or fill out our form.