Critical Compliance: Private Companies and The New Lease Accounting Standard

Critical Compliance: Private Companies and The New Lease Accounting Standard


April 2020

Private companies in the U.S. are facing an important deadline of the first fiscal year starting after December 15, 2020 (or January 1, 2021 for calendar-year entities), and too few of them are paying attention. As of this writing, that’s the date when the new lease accounting standard (ASC 842) from the Financial Accounting Standards Board (FASB) takes effect for them. Given the uncertainty surrounding COVID-19, companies face longer lead times for implementation.

Keywords: Accounting Standards, CRE, MRI, Compliance


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