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.
