FASB Proposes to Defer the Effective date of Leases
April 30, 2020
FASB proposes to defer the effective date of ASU 2016-02, Leases:
Defer the effective date for private companies and private nonprofits for one year. The proposed new effective date would be for fiscal years beginning after December 15, 2021. (December 31, 2022 and June 30, 2023 Year Ends)
Defer effective date for public nonprofits (nonprofits that have issued or are conduit bond obligors) for one year. The proposed new effective date would be for fiscal years beginning after December 15, 2019 provided the entity has not already issued financial statements. (December 31, 2020 and June 30, 2021 Year Ends)
There is a 15 day comment period after which FASB is expected to approve the deferment.