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FASB Proposes Limited Deferral of Effective Dates for Accounting Standards Updates

The SEC Financial Accounting Standards Board ("FASB") proposed the limited deferral of its effective dates for certain accounting standards updates due to COVID-19. Specifically, the accounting standards updates pertain to (i) "Revenue from Contracts with Customers (Topic 606)" and (ii) "Leases (Topic 842)." The FASB noted that proposed updates would not make any changes to the U.S. GAAP Financial Reporting Taxonomy.

Comments on the proposed deferrals must be submitted by May 6, 2020.

Primary Sources

  1. SEC FASB Exposure Draft: Proposed Accounting Standards Update
  2. SEC Press Release: No Proposed Update to U.S. GAAP Financial Reporting Taxonomy for Revenue from Contracts with Customers and Leases - Effective Dates for Certain Entities

Tags

Regulated Activities
Accounting and Audit Business Continuity
Sub-Activity
Coronavirus
Regulated Entities
Issuers of Securities
Sub-Entity
SEC-Registered Issuers
Body of Law
Accounting Matters Securities Law
Jurisdiction
US - Federal
Organization
SEC