FASB Extends Deadline for New Accounting Rules

The Wall Street Journal reported that the FASB extended the time to implement new lease accounting and revenue recognition rules for some private companies and non-profits at its meeting on May 20.

A one-year deferral of the mandate to add operating leases to balance sheets is another option for private companies and non-profits, according to the Journal.

The Journal noted that private companies and non-profits will delay implementation of the leasing standard implementation until fiscal years starting after Dec. 15, 2019.

In June, FASB will issue official documents announcing these changes, according to the report.




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