Finally! FASB Finishes Lease Accounting Marathon, Starts Implementation “Sprint” : Almost a decade after adding lease accounting revisions to its agenda, the FASB released the final standard on February 25, 2016. Originally intended to be a “converged” standard with the IASB, the two standard setters have issued separate standards that overlap in some regards. The new accounting, which will affect practically all U.S. companies in varying degrees, will not be effective until fiscal years and interim periods beginning after December 15, 2018 – nearly another three years. Non-public companies have another year of grace before complying.
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