FASB issued an update Wednesday, June 3, that delays the effective dates of its revenue recognition and lease accounting standards for certain entities in response to the coronavirus pandemic.
The Accounting Standards Update permits private companies and not-for-profits that have not yet applied its new revenue recognition standard to implement the new rules for annual reporting periods beginning after Dec. 15, 2019, and interim reporting periods within annual reporting periods beginning after Dec. 15, 2020. Learn more.