FASB voted Wednesday, April 8, to add a project to its technical agenda to propose delaying the effective dates of its standards on revenue recognition and lease accounting for certain entities because of challenges related to COVID-19.
The board voted unanimously to consider amending the effective date of FASB’s Revenue From Contracts With Customers (Topic 606), including subsequent amendments, for franchisors that are not public business entities.
FASB also voted unanimously to consider amending the effective date of Leases (Topic 842), including subsequent amendments, for private companies, private not-for-profit entities and any not-for-profit that has issued or is a conduit bond obligor for securities traded, listed or quoted on an exchange or an over-the-counter market that has not yet issued financial statements.
Learn more here.