AICPA Requests Delaying Private Companies Implementation of New Lease Accounting Standards
With the new lease accounting standards scheduled to go into effect in January 2020 for private companies, the American Institute of CPAs (AICPA) issued a request to the Financial Accounting Standards Board to delay this implementation date by one year.
In a letter from the AICPA’s Technical Issues Committee (TIC), the organization outlined concerns about effective date of ASC Topic 842, Leases, for private companies, especially it being just one year after the ASC 606, Revenue from Contracts with Customers, implementation. Additionally, TIC believes they should be given special consideration due to the substantial changes being made, and the significant amount of time and resources required to adopt them.
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