An important decision around lease accounting for privately-held companies recently took place. FASB voted unanimously on July 17, 2019 to propose delaying the effective date of ASC-842 for privately-held companies, nonprofits, and small reporting companies.
What it Means - The delay allows for an additional year – until January 2021 - for privately-held companies to integrate the rules into their accounting practice. The lease accounting standards for public companies went into effect in January 2019.