The Financial Accounting Standards Board (FASB) released the final version of its updated lease accounting standards. The standards have been under revision for several years, and this week's document is the culmination of a great deal of work by the FASB and input by the business community. NAR has actively participated in the standards revision projects for several years working with several coalition partners from the banking and real estate community.
The new standard on leases will take effect for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other organizations, the new standard will take effect for fiscal years beginning after December 15, 2019, and for interim periods within fiscal years beginning after December 15, 2020.
For more information, please visit the FASB web site.
Read a brief summary on the issue from FASB.
Learn more about NAR's engagement on the issue.