Updated: FASB issues final ASU deferring the effective dates of the leases and revenue standards for certain entities because of COVID-19.
Leases
Calendar year-end private companies | ||
---|---|---|
Previous effective date |
New effective date |
|
Annual periods |
January 1, 2021 |
January 1, 2022 |
Interim periods |
January 1, 2022 |
January 1, 2023 |
Calendar year-end public not-for-profits | ||
Previous effective date |
New effective date |
|
Annual periods | January 1, 2019 |
January 1, 2020 |
Revenue from contracts with customers
Calendar year-end private company franchisors | ||
---|---|---|
Previous effective date |
New effective date |
|
Annual periods |
January 1, 2019 |
January 1, 2020 |
Interim periods |
January 1, 2020 |
January 1, 2021 |
Latest: On June 3, 2020 the FASB issued ASU 2020-05 formally deferring the effective dates of the leases and revenue standards for certain entities that have not already issued (or made available for issuance) their financial statements as of the issuance date.
Previous updates
On May 20, 2020 the FASB voted to affirm and expand its proposal to defer the effective dates of the leases and revenue standards for certain entities, and directed the staff to draft the final ASU.
Additionally, the FASB:
On April 21, 2020 the FASB issued a proposed ASU, formally proposing the effective date deferrals of the new revenue standard and the new leases standard for certain entities (outlined below).
The FASB met on April 8, 2020 to discuss accounting issues arising from the COVID-19 outbreak.
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