FASB Delays Effective Date of New Lease Standard

FASB Delays Effective Date of New Lease Standard

On July 17, 2019, Financial Accounting Standards Board (FASB) approved a proposal to defer the effective date of the new lease standard, under FASB Codification 842, for one more year for nonpublic entities. The new effective date for the standard will be for periods beginning after December 15, 2020. Please keep in mind that this is a proposal; however, once FASB approves proposals, there are only administrative issues before it becomes an actual update. 

To learn more about this new proposal, please click here .

Source: Financial Accounting Standards Board (FASB)

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