FASB voted to delay the effective date of the lease accounting standard. For private companies, the effective date will be fiscal years beginning after December 15, 2020. This is a one-year extension.
FASB is now drafting an Accounting Standards Update (ASU) that will change the effective date. The formal ballot for this ASU is expected in November.
The ASU will result in effective dates as follows:
Early adoption options remain the same.
Additionally, FASB voted to delay the effective dates for hedging and the credit loss standard. The Journal of Accountancy provides details on these extensions.
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Charles Hall is a practicing CPA and Certified Fraud Examiner. For the last thirty years, he has primarily audited governments, nonprofits, and small businesses. He is the author of The Little Book of Local Government Fraud Prevention and Preparation of Financial Statements & Compilation Engagements. He frequently speaks at continuing education events. Charles is the quality control partner for McNair, McLemore, Middlebrooks & Co. where he provides daily audit and accounting assistance to over 65 CPAs. In addition, he consults with other CPA firms, assisting them with auditing and accounting issues.
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