COVID-19 Impacts Financial Accounting Standards Boards Implementation Dates
On April 8, 2020, the Financial Accounting Standards Board (FASB), proposed the deferral of certain significant accounting literature due to the current impact of the Coronavirus pandemic:

  • The deferral of Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers, of the FASB’s Accounting Standards Codification (ASC) by one year for franchisors that are not public entities

  • The deferral of ASC 842, Leases, for private, not-for-profit entities, that hold conduit bond obligations that have not yet issued financial statements including the implementation and all other not-for-profits
For additional information about these deferrals proposed by the FASB or any other accounting consultation or implementation items, please contact , or contact your ACT representative.