The Financial Accounting Standards Board (FASB) on Wednesday declined providing private companies and certain not-for-profit organizations a third effective date delay to its leases standard.
The tentative decision came at a board meeting, where a request from the Pennsylvania Institute of Certified Public Accountants (PICPA) to delay the standard for another two years was deliberated. As a result of the ruling, the effective date for Accounting Standards Codification Topic 842 remains fiscal years beginning after Dec. 15, 2021, and interim periods within fiscal years beginning after Dec. 15, 2022, for nonpublic entities.
