COVID-19 Crisis Drives FASB to Propose Delays to Effective Dates of Revenue Recognition and Lease Accounting Standards for Certain Entities

At its April 8 meeting, the Financial Accounting Standards Board (FASB) proposed delaying, for certain entities, the effective dates of its accounting standards for revenue recognition (Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606)) and lease accounting (Accounting Standards Update No. 2016-02, Leases (Topic 842)). The board proposed these revised effective dates in response to disruptions in the market caused by the COVID-19 global pandemic. A summary of the FASB’s April 8 board meeting can be found here.

Protiviti has issued a Flash Report summarizing the proposed changes. You can read or download it here.