The new leasing standard expected soon from the International Accounting Standards Board will take effect on Jan. 1, 2019, for companies following International Financial Reporting Standards.
The IASB is wrapping up its effort to rewrite the accounting rules in International Financial Reporting Standards for how companies should reflect leases in their financial statements, most notably to bring them on to corporate balance sheets. An IASB spokesman says the board decided this week to require entities to apply the new standard for periods beginning on or after Jan. 1, 2019. The board is also expected to allow early adoption.
