Private companies are likely to get a year-long reprieve from implementing new standards that will significantly change how leases are presented on financial statements, bringing a sigh of relief for many in the construction industry (and plenty of others) who may have been slow to adhere to the coming, potentially disruptive changes.

The Financial Accounting Standards Board (FASB) voted in July to propose delaying the effective dates for a set of accounting standards, bumping back the effective date for the new lease standards on companies that are not public business entities one year to financial periods beginning after Dec. 15, 2020, (Jan. 1, 2021 for calendar-year-end companies) and for interim periods between fiscal years beginning after Dec. 15, 2021, (Jan 1, 2021 for calendar-year-end companies). Early adoption will be allowed, however.

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