Lease Accounting Implementation Date Delayed? – Dennis Gardiner, Managing Partner, CPA
Don't get too excited, there’s no word yet. But, on May 13, 2019, an AICPA committee asked FASB to delay the private company implementation date of its new lease accounting standard, citing overload for private company financial statement preparers. In the meantime, we are continuing to research this topic, its implementation and canvas third-party software vendors to ensure we can provide you proper guidance. ASC 842, requiring organizations to include lease assets and liabilities on their balance sheets is scheduled to go into effect for those entities with fiscal years beginning after December 15, 2019. We will keep you posted.