At its April 8, 2020, meeting, the FASB discussed (1) effective date considerations as a result of the
COVID-19 disruptions and (2) other COVID-19 related matters.
The Board decided to add to its technical agenda a project to amend the effective
date of (1) ASC 606, Revenue From Contracts With Customers, for franchisors
that are not public business entities and (2) ASC 842, Leases, for private
companies, private not-for-profit (NFP) entities, and NFP entities that issue, or
are a conduit bond obligor for, securities that are traded, listed, or quoted on an
exchange or over-the-counter market. The Board directed its staff to draft a
proposed ASU — with a 15-day comment period — for vote by written ballot.
The Board also discussed feedback on technical inquiries related to the effects of
COVID-19 on the accounting for leases, interest income, derivatives and hedging, and
fair value measurement.