X
X

Find Your Specialist

X

Contact Us

    Go Back

    FASB Delays Major Upcoming Standards for Private Companies

    On October 16th, the FASB unanimously approved an additional delay for private companies on three major upcoming standards, including Leases (Topic 842), Financial Instruments – Credit Losses (Topic 326), and Derivatives and Hedging (Topic 815).

    While the credit losses and hedging standards significantly affect certain private companies, it is likely that the leasing standard will significantly affect most private companies preparing general purpose financial statements. For a calendar year end private company, the new leases standard will now be effective in 2021 (originally Topic 842 would have been effective in 2020).

    The final Accounting Standards Update on this decision is expected to be released in November 2019.

    Read the FASB tenative decision here.

    Please contact Mike Cheng (mike.cheng@frazierdeeter.com) to see how Frazier & Deeter can help you implement the new leasing standard.

    Related Articles

    Privacy Overview

    When you use or access the Site, we use cookies, device identifiers, and similar technologies such as pixels, web beacons, and local storage to collect information about how you use the Site. We process the information collected through such technologies, which may include Personal Information, to help operate certain features of the Site (e.g., to prevent online poll participants from voting more than once), to enhance your experience through personalization, and to help us better understand the features of the Site that you and other users are most interested in.

    You can enable or disable our use of cookies per category.
    Always Enabled