Commercial Lease Insights

Money-Saving Advice for Tenants From SVP Ed Muna

Deadline Quickly Approaching for Private Companies to Adopt the New Lease Accounting Standard, ASC 842

on February 06, 2020

We are now in the final stretch for private companies to meet the deadline for the implementation of the new accounting standard, ASC 842. Issued by the Financial Accounting Standards Board (FASB) in 2016, ASC 842 goes into effect in January 2021 for private companies, and requires businesses to record lease obligations that are longer than one year on the balance sheet as a liability and asset. Prior to the change, these obligations were only recorded on the income statement.

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