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.

Non-public organizations

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.

Impact

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.

One year FREE access to ProNexus Lease Software

To help keep the momentum with our clients, ProNexus is offering one year free access to our Lease Software.

  • Simply commit by December 31, 2020
  • Pay for the first year
  • Get the second year at no cost

For those of you who are unfamiliar with our lease accounting software and services surrounding the lease accounting implementation we would be happy to chat more: info@pronexusllc.com

Post by Kaitlin Alfvin

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