In July 2019, the Financial Accounting Standards Board (FASB) voted to delay ASC 842, Leases, for privately held companies and nonprofit organizations. With the deferral, private companies are required to adopt for annual financial reporting periods beginning after December 15, 2021, which is 2022 for calendar year-end companies. Early adoption is permitted.
With the calendar year 2020 behind us, the Leases standard is on the horizon. GBQ is proactively advising existing clients and new clients to start the implementation process as soon as possible.
Get up to speed on the latest ASC 842 updates and learn how GBQ can help customize a lease solution for you by joining us for a webinar on February 9th, 2021.
To download GBQ’s Lease Accounting-FASC 842 overview, click here.