FASB Proposes Effective Date Delay of Leases, Revenue Recognition Standards for Some Entities

By:
Chris Gaetano
Published Date:
Apr 9, 2020
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The Financial Accounting Standards Board (FASB), at its most recent meeting, said that it would propose pushing back the effective dates by one year for the lease and revenue recognition standards as they apply to nonprofits and private companies. In both cases, early adoption is still permitted. The proposals will have a 15-day comment period.

Further, the FASB will add a project to its research agenda to see if there are opportunities to provide revenue recognition implementation expedients to franchisors.

Beyond that, the FASB decided to temporarily suspend issuance of other public exposure documents. It will also defer work that requires public outreach on other technical agenda projects, including the upcoming May 18, 2020, public leases roundtable meeting, until a later date.

A number of other accounting regulators have issued, or are considering issuing, similar forms of relief, such as the Governmental Accounting Standards Board, the International Accounting Standards Board, the Securities and Exchange Commission, and the Public Company Accounting Oversight Board.

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