Bloomberg Tax
April 21, 2020, 4:53 PMUpdated: April 21, 2020, 8:09 PM

Private Companies May Get More Time on Lease Accounting Move (1)

Nicola M. White
Nicola M. White

Privately held companies may get more breathing room to comply with two significant accounting standards as they grapple with business challenges from the coronavirus pandemic.

The Financial Accounting Standards Board released a proposal Tuesday that gives private companies an extra year to follow major new lease accounting rules. The board also offered an extension to privately held franchisers facing the new rules to tally their revenues.

The lease accounting standard, published as ASC 842 in 2016, requires companies to report rented assets like storefronts, heavy equipment, and fleets of trucks on their balance sheets for the first time. ...

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