In a regulatory filing, Hibbett Sports Inc. said it will be unable to file its quarterly report for the quarter ended May 4, 2019 with the Securities & Exchange Commission within the prescribed time period due to the company’s need to further review its recent adoption of the Financial Accounting Standards Board’s Accounting Standards Update (ASU) regarding leases.
Hibbett said the adoption replaced previous lease accounting guidance in GAAP and requires, among other things, lessees to recognize right-of-use assets and corresponding lease liabilities on the balance sheet for certain leases with a
term of greater than 12 months.
The company intends to file the Form 10-Q as soon as practicable following completion of its review.
