Two professional groups have asked the Financial Accounting Standards Board to delay the private company implementation date for new lease accounting rules by a year, the Wall Street Journal reported.

The American Institute of Certified Public Accountants in a letter on Monday said FASB should consider delaying adoption by a year as private companies are grappling with many complex new accounting rules that are all coming into effect in quick succession, the newspaper reported.

These include new accounting standards for leases, revenue and loan losses, each of which require substantial changes and call for significant time and resources to implement, the letter states.

“Many private companies still need to expend significant resources to adopt the new revenue standard,” the AICPA states in its letter, adding that some public companies also are struggling with adoption, and they tend to have more resources than private firms.

FASB’s new lease accounting standard takes effect for private companies for fiscal years beginning after Dec. 15, 2019. The standard became effective for public companies for fiscal years starting after Dec. 15, 2018.

The Associated General Contractors of America, which represents more than 26,000 contracting businesses, on May 3 requested for a delay to the lease accounting rule implementation date, the Wall Street Journal reported.

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