The FASB unanimously voted on October 16, 2019, to approve an additional delay for private companies on three major upcoming standards, one of which is the new leasing standard. The FASB voted to delay the leases standard effective date for private companies until after December 15, 2020 (January 1, 2021, for calendar year-end companies), and for interim periods within fiscal years beginning after December 15, 2021 (January 1, 2022, for calendar year-end companies). Early adoption will continue to be allowed.
 
The FASB is currently drafting a final Accounting Standards Update that will go to vote by written ballot.

>> Read “Don’t Underestimate the New Leases Standard: How to Be Ready”
 
Contact Marie Brilmyer at mbrilymer@cohencpa.com or a member of your service team to discuss this topic further.

Cohen & Company is not rendering legal, accounting or other professional advice. Information contained in this post is considered accurate as of the date of publishing. Any action taken based on information in this blog should be taken only after a detailed review of the specific facts, circumstances and current law.