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FASB Sets Effective Date for New Lease Accounting Rules!!!
The Financial Accounting Standards Board (FASB) today (11/11/2015) voted to proceed with a new accounting standard that would require companies and other organizations to include lease obligations on their balance sheets.
The Final Accounting Standards Update (ASU) is expected to be published in early 2016. (It was previously expected to be issued in December 2015).
The Board decided that for public companies, the upcoming standard will be effective for fiscal years (and interim periods within those fiscal years) beginning after December 15, 2018; for private companies, the standard will be effective for annual periods beginning after December 15, 2019. Early adoption will be permitted for all companies and organizations upon issuance of the standard.