ELFA submitted a comment letter to the FASB on Dec. 3 on their new lease accounting proposal. The proposal is intended to improve three areas of its lease accounting guidance.
Read the letter.
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.
Q&A - 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.
Guidance - 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.