GASB Delays Nine Standards

GASB Delays Nine Standards

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!).

This Week in A & A

This Week in A & A

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...
Two Proposals to Delay Effective Dates for Private Entities

Two Proposals to Delay Effective Dates for Private Entities

This blog addresses two proposed ASUs that will delay effective dates for private companies. Now that private companies have started to implement revenue recognition, we know that it takes more effort for private companies to go through the adoption process. In addition, private companies struggle with the back to back nature of these major changes and have to triage each standard. As a result, the FASB is proposing delaying the CECL, hedging and leases standard for private companies. During this process, the Board also updated its framework for effective dates for private companies. In addition, to the three standards, FASB issued a separate exposure draft delaying the effective date of long-duration contracts for all entities. 

GASB Leases – Proposed Implementation Guide

GASB Leases – Proposed Implementation Guide

GASB has issued a Proposed Implementation Guide for Leases. The 49 pages include 80 new questions and 3 illustrations. GASB 87 is effective for reporting periods beginning after December 15, 2019. The standard will bring significant changes to financial statements....
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