May 20, 2020 | Accounting, Genuine Learning
FASB voted to delay both revenue recognition and leases for private entities at their May 20th meeting. The original proposal was for a delay for private company franchisors to receive a one year delay of revenue recognition. But the Board added all private entities that have not yet issued financials. In addition, both “public” and private nonprofits as well as all private entities receive an extra year (in addition to ASU 2019-10) for leases. ASU to be issued in June!
Apr 23, 2020 | Accounting, Genuine Learning
FASB has proposed a one year delay of revenue recognition for private company franchisors. In addition, public and nonpublic nonprofits will receive a delay along with nonpublic entities. The delay is due to the operational issues associated with COVID19. Originally, nonprofits with conduit debt were scheduled to adopt leases with public business entities but have now been granted a one year delay as many of these entities are hospitals and universities who are most impacted by COVID19.
Apr 16, 2020 | Accounting, Genuine Learning, Government
At it’s teleconference meeting on April 14th GASB voted to delay standards by one year due to COVID 19. On April 15th, what has historically been tax day but due to COVID19 has lost that honor, the exposure draft was issued. Comments are due by the end of April to help GASB have a quick turnaround time for issuing a final standard (especially for those upcoming May and June year ends!).
Apr 9, 2020 | Accounting, Auditing, Genuine Learning, Non-Profit
The second week of April definitely had some major impact on standard setting. The NAC was able to have its first meeting of 2020 which was delayed from March. FASB announced a delay in the leases standard for nonprofit and nonpublic entities and threw in a delay of...
