The standard would be effective for fiscal years beginning after December 15, 2021.

On April 8, 2020, the FASB issued a proposal to defer the effective date for ASU 2016-02, Leases, and its subsequent amendments. For private companies and private not-for-profits, the standard would be effective for fiscal years beginning after December 15, 2021. For public not-for-profits (i.e. those that have issued, or are conduit bond obligors for, public debt) the standard would be effective for fiscal years beginning after December 15, 2019, so long as the entity has not yet issued financial statements. After the 15 day comment period expires, it is expected that this proposal will be  adopted. Stay tuned for further updates.