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FASB Proposes Delay to Effective Date of Leases Standard

The FASB has proposed to delay the effective date of the Leases standard by one year, from calendar 2020 (fiscal years ending in 2021) to calendar 2021 (fiscal years ending in 2022). The proposed delay applies only to private companies and nonpublic not-for-profit entities. The effective date for public entities will not chance. After the exposure draft period ends in September 2019, the FASV plans to quickly issue a final standard, which will make the chance to the effective date final.

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