2016 - 2021

COVID-19 Resources
ELFA issued a Comment Letter on Leases (Topic 842): Discount Rate for Lessees That are Not Public Business Entities (July 16, 2021)
FASB to Delay Lease Accounting Standard for Some Private Companies & Non-Profits - The Journal of Accountancy reported that, as a result of the coronavirus pandemic, FASB voted on April 8 to propose delaying the effective dates of its lease accounting standard for certain entities. (April 8, 2020)
FASB delays implementation of accounting standards for some companies - The Financial Accounting Standards Board voted on Oct. 16 to extend the implementation deadline for several accounting standards, giving many U.S. companies additional time to prepare. The effective dates will be delayed for private companies and certain other entities for FASB’s standards on accounting for leases, credit losses (known as CECL), and hedging. (October 16, 2019)
INSIGHT: Should I Lease or Buy? New Tax and Accounting Rules Add Complexity - In this Bloomberg Tax article, ELFA member Bill Bosco analyzes the reasons companies lease and demonstrates how choosing the right lease product and structure can result in improved financial results. (Oct 16, 2019)
Resources to Prepare for the New Standard

Equipment Leasing and Finance Association - Equipping Business for Success