Elliott Nolan, CPA, Supervisor, Assurance Services

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New rules on the way for leases and contractors

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-02, Leases (Topic 842), which made significant changes to lease accounting. These new rules are in effect for private companies with fiscal years beginning after December 15, 2019, in other words, 2020 for companies with a calendar year end. While publicly traded business entities are already using the new standard, it’s worth noting that there has been strong support from the AICPA to delay the implementation date at least one year, meaning that private business entities with a calendar year-end would not have to adopt the new standard until 2021, though any potential delays are still pending. The FASB discussed this delay in their July 17, 2019 board meeting, with an exposure draft being released on August 15, 2019. Exposure drafts have a comment period of 30 days, which ended September 16, 2019; therefore we are currently awaiting the results of that comment period.

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Topics: Construction, Lease

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