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Extended Deadlines for New Revenue Recognition and Lease Accounting Standards
Citing the global COVID-19 pandemic, the Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) Effective Dates for Certain Entities.
ASU 2020-05 extends the effective date of the new revenue recognition and lease accounting standards for private companies and not-for-profit organizations as follows:
  • Revenue from Contracts with Customers (Topic 606):
    • The effective date for Topic 606 is deferred for certain entities that have not yet issued their financial statements or made financial statements available for issuance. These entities can elect to adopt Topic 606 for annual reporting periods beginning after December 15, 2019 and for interim reporting periods within annual reporting periods beginning after December 15, 2020.
    • Public business entities are not subject to this deferral.
  • FASB ASC 842, Leases:
    • For public not-for-profit organizations that have not yet issued or made available to issue financial statements reflecting the new lease accounting guidance, they may apply the standard for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.
This delay is intended to relieve some of the pressure that businesses and non-profits are under due to the ongoing pandemic.
For additional information or guidance on this deferral, the lease and/or revenue recognition standards, please contact Gray, Gray & Gray at (781) 407-0300.
Upcoming Webinars:
Get Back to Business as (Not) Usual
TODAY! Tuesday, June 9
1:00 - 2:00 pm EDT

Gray, Gray & Gray's Director of Strategic Planning, Bryan Pearce, provides a look at how business leaders will need to adapt in the months ahead - from full or partial remote work as the way of the future, to managing a remote workforce, the impact of technology on business operations, business finance in transition, seizing opportunities, and more. Joining Bryan for this important discussion are Bobby Garret, Director of IT at Gray, Gray & Gray, and SPECIAL GUEST Ahmed Fadili, VP, Managed IT Services at Focus Technology, to discuss overcoming the challenges of the remote working environment and changing business landscape from an IT perspective.

Helping Energy Companies Plan for What Comes Next
Thursday, June 11
1:00 - 2:00 pm EDT

Join us for the first in Gray, Gray & Gray's new "Fueling Your Future" energy webinar series.  During this special one-hour session, Gray, Gray & Gray Partner Joe Ciccarello, CPA, MST, and Director/Energy Practice Chair Marty Kirshner, CPA, MSA, along with Warm Thoughts Communications President Rich Goldberg and VP of Marketing Services Ben Gutkin, will review important factors that should impact your plans now.

Gray, Gray & Gray is the energy industry's leading accounting and business advisory firm. Warm Thoughts is the nation's premier marketing firm specializing in the propane and heating oil industries.

Reprieve! Making the Most of the PPP Flexibility Act
Monday, June 15
1:00 - 2:00 pm EDT

Gray, Gray & Gray's  Jim DeLeo Kelly Berardi Brad Carlson  and  Derek Rawls  will explain the new guidelines and offer practical advice on how to reallocate PPP funds to potentially maximize value for your business within the new loan forgiveness constraints. Among the topics to be covered in this one-hour webinar:
  • Expansion of the covered period from 8 weeks to 24 weeks
  • Increase of non-payroll spending from 25% to 40%
  • "Bright line" on payroll spending for loan forgiveness
  • Removal of loan forgiveness limits for non-returning employees
  • Allowance of a separate payroll tax deferral, currently prohibited to prevent "double dipping"
  • Extension of deadline for loan forgiveness application from six month to 10 months
The New Approach to Succession Planning for Energy Companies
Thursday, June 25
11:00 am - 12:00 pm EDT

The coronavirus pandemic and subsequent economic disruption has had a broad impact across all industries, including energy marketers. The impact extends to a key management component for many fuel oil and propane retailers:  succession planning. How can you plan for a future that is unpredictable? What effect will the financial crisis have on business transition to the next generation, to employees or to an outside party? How should you account for pressing environmental demands? How will you finance the transition? Are there alternatives that should be considered?This special panel webinar is designed to provide advice and guidance on these issues from the energy industry's leading experts on fuel oil and propane company management. Join Gray, Gray & Gray's Marty Kirshner and Joe Ciccarello, Federated Insurance's Bob Butkus, and Robinson & Cole's Earl Phillips and Brian Freeman as they tackle these pressing concerns.

Stay tuned for additional webinars coming soon!
Gray, Gray & Gray Coronavirus Response and Resource Page

As Coronavirus continues to impact our daily lives, including the way in which we conduct business, here you will find ongoing updates on Gray, Gray & Gray's response to the outbreak as well as important resources. At Gray, Gray & Gray, we remain committed to helping our clients and friends successfully manage their businesses and individual finances during this challenging time.

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