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FASB chair dismisses any delay of lease rules

Tammy Whitehouse | December 12, 2018

Amid technology challenges and minor changes to the rules, companies staring down the Jan. 1 effective date for new lease accounting rules are asking the Financial Accounting Standards Board if it will delay implementation.

“No,” said FASB Chairman Russ Golden at a year-end conference of the American Institute of Certified Public Accountants. “We think the system is ready to implement and have a quality implementation at the beginning of next year.”

The board plans to continue to monitor implementation and is willing and prepared to consider further tweaks to the standard as necessary to see companies through the process, said Golden. “At this time, we’re anticipating an on-time implementation,” he said.

Accounting Standards Codification Topic 842 takes effect Jan. 1 for...

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