The Financial Accounting Standards Board (FASB) recently issued revised implementation dates for two major accounting standards changes. These major changes will undoubtedly bring challenges to private companies, smaller public companies, and nonprofit organizations in terms of transition and amount of time needed for execution. New lease accounting rules will go into effect at the end of 2021 and forward, while new Current Expected Credit Losses (CECL) rules will be implemented at the end of 2023 and forward.
If you have questions about how this will impact you, please contact any of your Cerini & Associates team members. To view the original FASB Accounting Standards Update, please click here.
Matthew Burke, CPA, CFE
Matt specializes in providing Cerini and Associates’ diverse array of midsized business clientele and nonprofit organizations with valuable consulting and assurance services. He prides himself on value-added, responsive, and innovative service to his clients; with a focus on forward-thinking and creative solutions. Matt joined the firm in 2002 and has years of experience with many types of complex accounting, auditing, compliance, and general business matters that impact entrepreneurial, established, and nonprofit businesses.