Home / Articles / Lease Accounting and CECL Implementation Dates Extended

Lease Accounting and CECL Implementation Dates Extended

July 18, 2019

Up to this point, US GAAP’s new lease accounting rules for non-public filers were to be applied for annual periods beginning after December 15, 2019. Yesterday, however, the FASB voted to extend the non-public company implementation date for the new lease accounting rules for one additional year.  This would make the new standard effective for annual periods beginning after December 15, 2020.

In addition, the FASB also voted to extend the implementation date for the Current Expected Credit Loss (CECL) standard for all non-SEC registered institutions by one year. This would make the new standard effective for annual periods beginning after December 15, 2022.

For clarity, while the FASB has voted to extend the implementation dates, it is important to note that the results of the votes have to be released for public comment before finalizing them.

All content provided in this article is for informational purposes only. Matters discussed in this article are subject to change. For up-to-date information on this subject please contact a Clark Schaefer Hackett professional. Clark Schaefer Hackett will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.

Guidance

Related Articles

Article

2 Min Read

Revenue from Contracts with Customers and Leases Implementation Deadlines Extended

Article

1 Min Read

Infographic: 7 Steps to Keep You Ahead of the Lease Accounting Curve

Article

10 Min Read

Governments Should Prepare Now for Lease Accounting Changes

Article

8 Min Read

8 Things You Need to Know about the New Lease Accounting Rules

Article

4 Min Read

Examples of New Operating Lease Treatment

Article

2 Min Read

The FASB’s new lease requirement standards could impact your Financial Statements

Get in Touch.

What service are you looking for? We'll match you with an experienced advisor, who will help you find an effective and sustainable solution.
  • Hidden
  • This field is for validation purposes and should be left unchanged.