The Financial Accounting Standards Board voted Wednesday to proceed to issuing a final standard on its long-delayed project for overhauling the accounting for leases and set the dates for when the new standard will take effect.

The final accounting standards update will be published in early 2016. FASB has decided that for public companies, the upcoming standard will be effective for fiscal years (and interim periods within those fiscal years) beginning after Dec. 15, 2018,. For private companies, the standard will be effective for annual periods beginning after December 15, 2019. Early adoption will be permitted for all companies and organizations upon issuance of the standard.

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