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No additional ASC 842 deferral for private entities

Defining Issues | November 2021

FASB decides not to further defer the effective date of ASC 842 for private companies and private not-for-profits.

Following the November 10, 2021 FASB rejection of a stakeholder request to further defer the effective date, private companies and private not-for-profits must adopt the new leases standard.

Applicability

  • Private companies and private not-for-profit entities1
1 Not-for-profit entities that are not public not-for-profit entities (see table below).

Relevant dates

Effective datePublic business entities and certain other entities*Public not-for-profits**Private companies and private not-for-profit entities

Annual periods – Fiscal years beginning after                  

Dec 15, 2018

Dec 15, 2019

Dec 15, 2021

Interim periods – In fiscal years beginning after   

Dec 15, 2018

Dec 15, 2019

Dec 15, 2022

Early adoption allowed?

N/A

Yes

Yes

* (1) public business entities; (2) not-for-profits that have issued, or are conduit bond obligors for, securities that are traded, listed or quoted on an exchange or an over-the-counter market; (3) employee benefit plans that file financial statements with the SEC.

** That had not issued GAAP-compliant financial statements reflecting the adoption of ASC 842 before June 3, 2020.

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Scott Muir
Partner, Dept. of Professional Practice, KPMG US

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