Private Companies Denied Third Extension on Lease Accounting

U.S. accounting rulemakers on Wednesday denied a request for a third extension of the deadline for private companies and not-for-profit organizations to comply with sweeping new lease accounting rules.

These groups must follow the lease accounting standard on time in 2022, a unanimous Financial Accounting Standards Board voted.

“As a person who has the potential to procrastinate in their own life, I love deferrals, but it doesn’t help me,” FASB Vice Chair James Kroeker said. “It’s time to move on.”

• FASB published the leases standard in 2016 after years of debate about the best ways to ...