The Financial Accounting Standards Board’s (FASB’s) new lease accounting standard will become effective for private companies and not-for-profits beginning with fiscal years that start after December 15, 2021. The 2022 calendar year will be the first most companies that issue financial statements under U.S. generally accepted accounting principles (GAAP) will have to adopt the new guidance.
In February of 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases. The standard,…
