Professional Orgs to FASB: We’re Not Ready for New Lease Accounting Rules

The Wall Street Journal reported that the American Institute of Certified Public Accountants and the Associated General Contractors of America have asked FASB to delay implementing the new lease accounting rules for private companies by one year.

According to the Journal, the requests reflect the difficulty private businesses face trying to comprehend and prepare for the complex rules.

“Many private companies still need to expend significant resources to adopt the new revenue standard,” the AICPA stated in its letter to FASB, adding that public companies have struggled with adoption despite having additional resources available.

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