The chairman of the Financial Accounting Standards Board crushed any hopes public companies might have that the FASB would delay the Jan. 1, 2019, start date for its new lease accounting standard.
At #AICPA conference, FASB Chairman Russ Golden is asked: Considering system challenges, new guidance, auditor concerns about #internalcontrols, will #FASB delay #leases standard? Straight answer: "No."
— Tammy Whitehouse (@tammywh) December 12, 2018
Golden, who spoke at the AICPA Conference on Current SEC and PCAOB Developments in Washington, DC, on Dec. 12, said, “We think the system is ready to implement and have a quality implementation at the beginning of next year,” according to Tammy Whitehouse of Compliance Week.
The board plans to continue to monitor implementation and is willing and prepared to consider further tweaks to the standard as necessary to see companies through the process, said Golden. “At this time, we’re anticipating an on-time implementation,” he said.
FASB released its lease accounting standard, Accounting Standards Codification Topic 842, on Feb. 25, 2016, which requires companies to report pretty much all lease-related assets and liabilities on their balance sheets.
Private companies have until Jan. 1, 2020, to comply with the new rules.