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January/February 2023 » Pluto~Charon Inc., or Where the...
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Stephen Franciosa, CPA, and Guy DeSanctis, CPA
On February 25, 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (ASC Topic 842) to “increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the Balance Sheet.” Due to the COVID-19 pandemic and the introduction of other standards that were considered burdensome, FASB pushed back the effective date of the lease standard: For public entities, the effective date remained the same (fiscal years beginning after Dec. 15, 2018). For public not-for-profit (NFP) entities, the effective date was deferred to fiscal years beginning after Dec. 15, 2019; for private companies and private NFPs, the effective date was deferred to fiscal years beginning after Dec. 15, 2021. The later effective date, given the complexities of implementation, was welcomed.
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