ELFA Submits Comment Letter to FASB

ELFA submitted a comment letter to the Financial Accounting Standards Board 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. The proposal is intended to provide some relief for certain companies and organizations focused on the COVID-19 crisis. The deferral would be limited to private companies, private not-for-profit organizations, and public not-for-profit organizations that have not yet issued their financial statements. Read ELFA's letter and the FASB proposal.