On April 8, 2020, the Financial Accounting Standards Board voted to delay the effective date of ASC 842, Leases, an additional year. The leasing standard for private companies and not-for-profit entities is now effective for fiscal years beginning after December 15, 2021 and interim periods beginning after December 15, 2022. The delay of the ASC 842 effective date comes as a relief for private companies and not-for-profit entities struggling with the recent COVID-19 outbreak. Early adoption will continue to be allowed.
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