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BP Blast: Lease Accounting Standard Postponed


The Financial Accounting Standards Board (FASB) has approved a delay in the effective date of ASU 2016-02 – Leases for private companies, according to the Journal of Accountancy.

The new lease standard, previously effective for annual reporting periods after December 15, 2019, will now be effective for periods beginning after December 15, 2020.

With private companies recently implementing the new revenue recognition guidance, FASB determined that a one-year delay of the lease standard would provide private companies with the necessary time to understand the guidance and prepare for implementation.

If you have any questions about the standard or the impacts of this delay, please reach out to your Berntson Porter representative.


     

New Name, Same People and Service You’ve Known for Years.

Berntson Porter is excited to announce that we are now part of CBIZ & MHM (Mayer Hoffman McCann P.C.). Together, CBIZ & MHM are one of the nation’s Top Ten accounting providers, and Berntson Porter is honored to be joining them. We are pleased to be able to offer the same people and the same service you’ve known for years under a new name: CBIZ Berntson Porter. Please click here for more information.