ELFA submitted a comment letter to the FASB
on May 5 in support of their proposal to grant a one-year effective date delay for certain stakeholders applying leases and revenue recognition guidance. Read ELFA's letter
and the FASB proposal
The FASB has developed a Q&A to respond to frequently asked questions about accounting for lease concessions related to the effects of the COVID-19 pandemic. Read more
- Given the severity of the broad COVID-19 impacts on the economy, industries and individual businesses, the major accounting firms have been publishing guidance on some of the accounting and reporting implications that companies need to consider in 2020. Read more
FASB to Delay Lease Accounting Standard for Some Private Companies & Non-Profits - The Journal of Accountancy
reported that, as a result of the coronavirus pandemic, FASB voted on April 8 to propose delaying the effective dates of its lease accounting standard for certain entities.