Potential Extension of Lease Accounting & CECL Implementation

Up to this point, U.S. Generally Accepted Accounting Principles (GAAP) new lease accounting rules for non-public filers were to be applied for annual periods, beginning after Dec. 15, 2019. But OMA Connections Partner Clark Schaefer Hackett reports that the Financial Accounting Standards Board (FASB) voted this week to extend the non-public company implementation date for the new lease accounting rules for one additional year. Read more about this from CSH here. 7/18/2019