new lease standard
Late last year, the Financial Accounting Standards Board granted a one-year reprieve from new lease accounting rules to private companies that comply with Generally Accepted Accounting Principles (GAAP). This means that GAAP-compliant construction businesses with a calendar year end now have until 2021 to implement Accounting Standards Codification (ASC) Topic 842, Leases. (Contractors with a…
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It’s been 13 years since the Financial Accounting Standards Board (FASB) started overhauling its lease standard. For some time now, the new rules have been scheduled to take effect for private companies with fiscal years beginning after December 15, 2019 — in other words, 2020 for companies with a calendar year end. (Public business entities…
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