FASB UPDATE - Possible Effective-Date Extension for Privately-Held Firms

An important decision around lease accounting for privately-held companies recently took place.  FASB voted unanimously on July 17, 2019 to propose delaying the effective date of ASC-842 for privately-held companies, nonprofits, and small reporting companies.

What it Means - The delay allows for an additional year – until January 2021 - for privately-held companies to integrate the rules into their accounting practice. The lease accounting standards for public companies went into effect January 2019.

Are you “reasonably certain” you have FASB lease requirements solved?

Fischer’s ManagePath™ platform meets and reports on all the FASB lease requirements for:

  • Real Estate Leases

  • Equipment Leases

  • Any Lease or Owned Asset

Additionally, ManagePath™ provides the following solutions for Lease Accounting:

  • Automatically determine lease types

  • Calculate the right-of-use asset and lease liabilities

  • Generate journal entries

  • Easily handle operating and finance lease calculations

  • Execute mass updates to your existing schedules

  • Track one-time and recurring charges for AP and AR

  • Have automatic generation of space allocation for business unit-specific GAAP schedules

  • Automate GAAP reporting and deferred rent process

  • Have dual support for FASB and IASB reporting

Check out our FASB Page for more information.