On Wednesday, October 16th, the FASB officially approved the delay of the lease accounting standard, ASU 2016-02 Leases (Topic 842), for Private companies and Nonprofit organizations to December 31, 2021 (delayed to 2022 for fiscal year-ends).
No changes were made for Public entities, which have a December 31, 2019 implementation date. Although delayed, the impact of the lease standard will be significant to the financial statements of many organizations and it’s never too early to begin this analysis.
Christianson PLLP is here to assist in the transition process for your organization, and has developed tools and templates to assist in the implementation of the lease accounting standard. Give us a call or email Sara DeRoo today!