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No delay in lease accounting standard effective date, Golden says
FASB will not be providing a last-minute reprieve on its lease accounting standard effective date, despite the concerns of financial statement preparers about the difficulty of implementing the new rules.
“At this point, we’re anticipating an on-time implementation,” FASB Chairman Russell Golden said Wednesday at the AICPA Conference on Current SEC and PCAOB Developments.
The lease accounting standard takes effect for public companies in 2019 and for most other entities in 2020. It is designed to provide investors with more information by bringing lease assets and obligations onto lessee balance sheets.
Preparers have had difficulty implementing the standard for several reasons:
In a recent PwC survey, 87% of respondents said that the combined difficulty of adopting recent accounting changes was somewhat or very difficult. Respondents cited the tremendous time and expense that implementation requires, and their limited internal resources to handle the job.
Golden said FASB understands these challenges and has been in extensive consultation with preparers at organizations of all sizes. After issuing the revenue recognition and lease accounting standards as well as a credit loss accounting standard with huge implications for financial institutions, FASB has taken a pause in pursuing changes to high-impact standards.
The board has increased its focus on education and made minor changes to the lease accounting standard to help ease the transition. But unlike with the revenue recognition standard, whose effective date was delayed by a year, FASB will not push back the implementation date of the lease accounting standard.
“We think the system is ready to have a quality implementation as of the beginning of next year,” Golden said.
Although FASB doesn’t have immediate plans to issue any other high-impact accounting standards, a few projects on its technical agenda may be worth monitoring as potential important standards for issuance in the next three to five years:
FASB is staying on the sidelines right now in the discussion about accounting for cryptocurrency, Golden said. He said the board is monitoring the work of an AICPA task force on accounting and auditing for cryptocurrency to see if FASB needs to weigh in on the topic.
Technology in general, though, is a major focus for FASB as it looks ahead to the future. The board is studying how its standards may need to be adapted to accommodate technological advances to continue providing investors with the most useful information possible.
“We need to ask what these changes in the business environment mean to investors, companies, and auditors in the future — and what the potential impacts of those changes will be on accounting standards and disclosures,” Golden said.
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA‘s editorial director.
Research & References of No delay in lease accounting standard effective date, Golden says|A&C Accounting And Tax Services
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