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 COVID-19.
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 COVID-19.
Read “Proposed Accounting Standards Update—Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities”:
Comments are due May 6. Interested parties may submit comments in one of three ways:
- Use the electronic feedback form available on the FASB website at Exposure Documents Open for Comment
- Email comments to email@example.com, File Reference No. 2020-300
- Send a letter to “Technical Director, File Reference No. 2020-300, FASB, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116.”
What questions do you have? Send your questions to firstname.lastname@example.org.
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SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. Melisa was a speaker on audit topics at SCACPA’s 2019 Fall Fest and Spring Splash accounting conferences. She also takes part in many SCACPA seminars and rebroadcasts.
With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.
Read the latest Melisa Galasso A&A Interview: Private Company Council Member Jeremy Dillard and Standard-Setting Advocacy