New accounting standards may be pushed back 1 year

Private businesses may get an extra year to implement new accounting standards that will alter how leases are presented on financial statements, after a regulatory board proposed a delay.

This will affect all industries and should be welcome in the construction sector, with businesses leasing all manner of equipment, real estate and other assets. It’s surprisingly easy, without steadfast bookkeeping, to lose track of how certain assets are classified.

It’s a good time for business owners and their financial and legal partners to review the new standards and make a plan to apply them moving forward.

Read more here.

– Josh Lorenz, Meyer, Unkovic & Scott, jrl@muslaw.com