FASAB defers lease accounting standard date

June 25, 2020

Federal government entities will have extra time to implement a new lease accounting standard after the Federal Accounting Standards Advisory Board (FASAB) announced Friday, June 19, that it is delaying the standard’s effective date.

Statement of Federal Financial Accounting Standards (SFFAS) 58 delays the lease accounting standard’s effective date to reporting periods beginning after Sept. 30, 2023. Early implementation is not permitted. Learn more.

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