Private companies and not-for-profits will not see further relief from the effective date of FASB’s new lease accounting standard, the board recently ruled.
The FASB board unanimously rejected a request for a two-year extension submitted by the Pennsylvania Institute of CPAs.
The current date for nonpublic entities is for fiscal years beginning Dec. 15, 2021, and interim periods within fiscal years beginning after Dec. 15, 2022. Learn more.