FASB proposes another delay for lease standard implementation amid COVID-19 crisis
The FASB (Financial Accounting Standards Board) has made official a one-year delay regarding the implementation of the new Lease Accounting Standard, allowing organizations to focus on getting through the pandemic.
The new effective date for non-public organizations will be the fiscal year starting after 12/15/21.
Public non-profit entities
The new effective date for public non-profit entities will be the fiscal year starting after 12/15/20.
The delay in the new lease accounting standards mainly affects private companies and nonprofits. These organizations were scheduled to put the standards in place at the end of this year. Public companies have been implementing the new standards since the end of last year.
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