At its meeting on April 8, 2020, the Financial Accounting Standards Board (FASB) decided to propose the following effective date deferrals due to the coronavirus pandemic:
- Proposal to defer the effective date of Topic 606, Revenue from Contracts with Customers, of the FASB’s Accounting Standards Codification (ASC) by one year for franchisors that are not public business entities (as defined in the Master Glossary of the ASC).
- Proposal to defer the effective date of ASC 842, Leases, for all of the following entities by one year: (a) private companies, (b) not-for-profit entities that have issued, or are conduit bond obligors for, securities that are traded, listed or quoted on an exchange or an over-the-counter market (i.e., public not-for-profit entities) that have not yet issued financial statements and (c) private not-for-profit entities (i.e., not-for-profit entities other than those considered public).
For additional information about these deferrals to be proposed by the FASB, refer to the RSM our article, FASB to provide limited deferrals for ASC 606 and ASC 842.
Please contact Paul Esche, CPA at firstname.lastname@example.org for more information.