FASB Plans to Address Standard-Setting Issues During the Coronavirus

The FASB is monitoring and responding to the COVID-19 (coronavirus) pandemic situation and is committed to supporting and assisting its stakeholders during this difficult time. At its meeting on April 8, 2020, the FASB is expected to discuss plans to support stakeholders as they navigate the impact of the pandemic. Discussion will include:

Responses to pervasive questions on urgent accounting issues
The FASB will help its stakeholders interpret guidance related to priority issues, including troubled debt restructurings and lease modifications. The FASB continues to work in close collaboration with the SEC staff, the AICPA, banking regulators, and other stakeholders.

Agenda requests for deferral of standards
The FASB will discuss effective date deferral requests for significant standards not yet effective. The FASB will also discuss the sunset date for reference rate reform.
Impact on other standard-setting activities
The FASB will discuss the potential impact to current project deliberations and standard setting as a result of the COVID-19 pandemic.

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