At its May 20, 2020, meeting, the FASB (1) discussed its limited effective-date
delays for guidance on revenue and leases and (2) held an open discussion on (a)
technical inquiries and (b) the post-implementation review (PIR) process.
Revenue From Contracts With Customers and Leases: Effective Dates for
The Board discussed comments received on its proposed
ASU, Revenue From Contracts With Customers (Topic 606) and Leases
(Topic 842): Effective Dates for Certain Entities, and decided to extend by
one year the effective dates of the revenue and leasing standards as follows:
Revenue recognition standard — For all nonpublic entities that have
not yet issued their financial statements.
Leasing standard —
For private companies and private not-for-profit (NFP)
For the NFP conduit bond obligate that have not yet
issued their financial statements.
Early application will continue to be permitted. The Board directed its staff to
begin drafting a final ASU for a vote by written ballot.
The Board discussed the following technical inquiries:
Paycheck Protection Program loans — The FASB staff is assisting the
AICPA with the “development of illustrations and reasonable expectations of
GAAP” to help stakeholders address the accounting for commonly encountered
situations related to Paycheck Protection Program loans.
Disclosure of government assistance — The Board briefly discussed the
project on its agenda related to specific disclosures of certain types of
government assistance and highlighted existing GAAP in ASC 235 under which
disclosure of significant accounting policies is required.
The Board also noted that the FAF board of trustees approved a change to the post-
PIR process under which this process is allowed to be embedded within the