FASB Proposes Improvements to the Leases Standard
The FASB proposes an Accounting Standards Update (ASU) intended to improve three areas of the leases standard. Stakeholders are encouraged to review and provide comments…
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FASB Offers Limited Effective Date Delays on Revenue Recognition and Leases Standards
The FASB issues an Accounting Standards Update (ASU) that offers limited effective date delays on revenue recognition and leases standards. It grants a one-year effective…
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FASB Decides to Extend Effective Date of Revenue Recognition and Leases Standards for Certain Entities
The FASB met on Wednesday, May 20, 2020 and voted to extend the effective date of Topics 606, Revenue from Contracts with Customers, and 842,…
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IASB Proposes Guidance on COVID-19 Rent Concessions
The International Accounting Standards Board (IASB) has issued the Exposure Draft, Covid-19-Related Rent Concessions. The comment deadline is May 8, 2020. The Exposure Draft proposes…
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GASB Proposes Delaying Effective Dates of Certain Pronouncements
The Governmental Accounting Standards Board (GASB) has issued the Exposure Draft, Postponement of the Effective Dates of Certain Authoritative Guidance. This exposure draft proposes postponement…
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IASB to Propose Amendments to IFRS 16
The International Accounting Standards Board (IASB) held a supplementary meeting on April 17, 2020, to discuss COVID-19 related matters. At that meeting, the IASB decided…
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FASB Proposes Delay for Leases and Revenue Recognition
The FASB issues a proposed Accounting Standards Update (ASU) that grants a one-year effective date delay for certain stakeholders applying the leases and revenue recognition…
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FASB Issues Staff Q&A on Accounting for Leases
The FASB issues Staff Q&A document addressing stakeholder questions on the application of the lease accounting guidance for lease concessions. The Staff Q&A is related to the…
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FASB Held a Public Meeting on Accounting Relief During Covid-19 Pandemic
The FASB held a public meeting to approve measures intended to provide stakeholders with accounting relief and clarity during the COVID-19 crisis. When the FASB held a…
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FASB Adds SAB Topic No. 119 to Codification Topic 326
The FASB has issued Accounting Standards Update (ASU) No. 2020-02, Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to…
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