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.