Private companies are about to get an extra year to tally up their rented photocopiers, forklifts, and factories and report them on their balance sheets for the first time.
The Financial Accounting Standards Board unanimously agreed Wednesday to offer private companies until 2022 to comply with major new lease accounting rules, ASC 842, they were supposed to follow next year. The proposal will be released for an unusually short 15-day comment period.
The economic turmoil caused by the coronavirus spurred the U.S. accounting rulemaker to take swift action.
“Many of the small businesses impacted by this potential deferral are the ...
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